A list of account balances in two columns-one labelled "Debit" and one labelled "Credit" is the:
A) trial balance.
B) ledger balance.
C) balance sheet.
D) journal balance.
E) owner's equity statement.

Question

Quizplus · Accepted Answer

A list of account balances in two columns-one labelled "Debit" and one labelled "Credit" is the trial balance. The trial balance is used to ensure that the total debits equal the total credits in the accounting system, and to identify any discrepancies or errors in recording transactions. The ledger balance refers to the balance of an individual account within the accounting system, while the balance sheet and owner's equity statement are financial statements that provide a snapshot of the organization's assets, liabilities, and equity at a specific point in time. The journal balance is not a commonly used term in accounting.

A List of Account Balances in Two Columns-One Labelled "Debit