The dollar amounts listed on the trial balance are obtained from the:
A)beginning balances in the ledger accounts.
B)ending balances in the ledger accounts.
C)last period's balance sheet.
D)last period's income statement.

Question

Quizplus · Accepted Answer

The dollar amounts listed on the trial balance are obtained from the ending balances in the ledger accounts. The trial balance is prepared after all the transactions have been recorded in the ledger accounts and their balances have been determined at the end of the accounting period. Therefore, the amounts listed on the trial balance are the ending balances in the ledger accounts, which are used to prepare financial statements.

The Dollar Amounts Listed on the Trial Balance Are Obtained