The TRIAL BALANCE Explained (Full Example!)
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- čas přidán 5. 07. 2024
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Accounting Basics Lesson 5 - Learn how to prepare a Trial Balance using T Accounts and Journal Entries. The Trial Balance is made easy in this episode of Accounting Stuff - Accounting Basics for Beginners Lesson 5 - you will learn:
▪ What is a Trial Balance in Accounting. I explain it's definition and structure as part of Basic Accounting for Beginners.
▪ Then I explain the purpose of a Trial Balance in Accounting, what a Trial Balance is used for, and why it was originally created.
▪ After that, I'll give you five reasons why a balanced Trial Balance sheet isn't necessary error-free.
▪ Finally, I'll show you how to prepare a Trial Balance sheet from both Journal Entries and T Accounts. We will work through six Trial Balance examples and solutions.
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⏱️TIMESTAMPS
00:00 - Intro
00:41 - What is a Trial Balance?
01:24 - What does a Trial Balance look like?
02:45 - Common Errors in a Trial Balance
03:34 - What is a Working Trial Balance?
04:34 - How to Build a Trial Balance
06:43 - Recap
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Hope you found the video useful. As always, suggestions for future topics are always welcome
Can you please help me with my accounting assignment?
Thank you! Your videos have been enormously helpful!!! I have some ideas for future topics: the closing process, recording closing entries, and post-closing trial balances. I'm having a hard time understanding these from the my textbook...I think I'm spoiled from watching your videos. :)
@@tanyapanfil Hey Tanya, apologies for my late reply. I have only just seen this comment. Cheers for your suggestions, I'd like to cover those at some point
Hi, I'm new to your channel, but find it very helpful. I was wondering if you could do a follow-up video dealing with the type's of errors that can occur within a trial balance and how to correct them. Thanks for all the great videos that you've already produced.
hi, from trial balance can u show how to make income statement and balancesheet
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Me
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These courses don't even teach us anything n we kinda have to self learn most stuff.
its more easy to learn in youtube than how a prof discuss, lol
Whos here before an exam
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Thanks Lakshmi! Glad you're finding the videos useful. All the best!
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Your truly a blessing my guy!!! I was stuck on my homework not having a clue whatsoever I watched the first 5 videos of your series and now I feel extremely confident on how to do these journals plus I finished my homework with no problem. Again thanks a lot!!!!
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Who else is super excited about going through all these tutorials?
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No worries, I'm happy to help!
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Thanks, I'm glad you enjoyed it!
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Seriously, this should be required viewing for all people about to launch into any accounting anything. Thank you for such an accessible and easy to follow training for accounting.
I needed some help to better understand how to do this. 2 hrs of the instructor explaining it - didn't make sense. 8mins of this video - wow, this isn't as difficult as i thought. Thanks for posting this!
No worries Connie, glad it's making sense!
I have been watching your videos over and over again for the past two days because I could NOT grasp the idea of how to complete the financial statements. Your explanation of the Trial Balance sheet was incredible and it unclogged whatever block I had in my brain! The best part of the video (what really helped me at least) was when you took the trial balance sheet and transformed it into the balance sheet. After that, something clicked and I was able to understand how the two sheets are related. From there I was able to complete the income statement and next I am going to try the Statement of Cash Flow and Changes in Equity! THANK YOU for making what I perceived as impossible, Possible! YOu are truly an amazing teacher!!!
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These are way higher production value than any other accounting/finance videos on CZcams. Well done!
Cheers, I'm glad you think so!
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Cheers, I appreciate it!
Agree
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Thanks, yeah they take a while to put together
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Cheers Mortaza!
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Thanks Tini, hope your students are finding them helpful :)
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Thanks for the kind words... I upload once a week and have no plans to stop any time soon
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Fifth video done..!!
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Thanks for your kind words :)
I had forgotten the basics of trial balancing. Thank you for refreshing my memories.
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Nice one, glad it's making sense!
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No worries Raji! All the best
This was so helpful man. I had to create a trial balance as part of a business assignment for my engineering degree. Couldn't wrap my head around it before this video!
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Thanks Erica, I'm happy you're enjoying the videos!
I literally just learnt a whole lot of things in 2 days. Thank you so much
Probably this has been the best and perfectly explained video of trial balance. Your great work is the success to my knowledge 😄😄
Hey Divya, that's great to hear, good luck with your studies!
Your videos are very creative and pretty sure many people appreciate that
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Best of luck with your studies :)
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Thank you so much for this breakdown, I didn’t understand much in my accounting class but your videos are so helpful.
No worries, all the best with your studies!
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Great to hear it's clicking for you
Hello - I want to start out by saying I absolutely LOVE your videos - they are engaging and highly effective at breaking accounting concepts into readily learned tidbits! I'm taking Financial Accounting for my MBA and struggling with one type of quiz question - determining the impact of an error on one of the financial statements. I understand the underlying concepts in the correct answer, but my brain just shuts down when I come across one of these problems:
Which of the following errors on a firm’s adjusted trial balance would cause errors in the firm’s retained earnings statement but would not affect its income statement nor cause its balance sheet or its adjusted trial balance to be out of balance?
A :
understatement of the Unearned Service Revenue amount by $200 and overstatement of the Dividends amount by $200
B :
overstatement of both the Unearned Service Revenue amount by $200 and the Dividends amount by $200
C :
none of these errors would lead to the scenario described above.
D :
overstatement of the Unearned Service Revenue amount by $200 and understatement of the Dividends amount by $200
Especially the questions that pull in all of the financial statements:
Q 4.152: After preparing its financial statements for November, Unique Interiors notices that its income statement shows total expenses that are $200 too high and total revenues that are $300 too low. What effect will these errors have on Unique’s balance sheet for the month, assuming all other account balances listed on that sheet are correct?
A :
These errors mean that the firm’s balance sheet will show a total liabilities and stockholders’ equity amount that is $100 higher than its total assets amount.
B :
These errors mean that the firm’s balance sheet will show a total liabilities and stockholders’ equity amount that is $500 lower than its total assets amount.
C :
These errors mean that the firm’s balance sheet will show a total liabilities and stockholders’ equity amount that is $100 lower than its total assets amount.
D :
These errors mean that the firm’s balance sheet will show a total liabilities and stockholders’ equity amount that is $500 higher than its total assets amount.
Any advice?
Again, thank you for simplifying this!!! Laying it out in a Working TB HELPED me UNDERSTAND how to complete a TB.
No problem, glad you found it useful!
Your videos are a gift to humanity man !!
Cheers Ahmed!
I'm studying bookkeeping, I always check to see if you did a video on the area I'm studying, why? because you thoroughly explain it in a lively fun way, and u keep me from falling asleep. Thanks.
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Thanks Carlene, glad you enjoyed it
I have spent hours working through accounting class, and not grasping a thing. I watched your videos, and now I am starting to make sense of everything. I have literally 13 days to pass my final exam in this class, and these videos are doing more for me than my study guide and textbook.
Great to hear it's clicking for you. 13 days is still a decent amount of time. You've got this!
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Glad you found it useful!
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Thanks for your kind words :)
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Thanks bud :)
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Happy to help!
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Great to hear that it's clicking for you!
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Cheers!
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1:16 PRODUCING..TYPO...excellent stuff James...Thx
Cheers!
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Thanks! Glad you think so
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Thanks Ana and good luck with your studies!
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No problem :)
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Apologies for my late reply! How did it go??
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Thanks, that's great to hear :)
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Thanks!
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How did it go??
@@AccountingStuff I did very well, thank you so much! I struggled the pass that exam the first time but after watching your videos I got a 76%😭🙏🏽❤
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No worries!
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Thanks Zak!
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mate
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Thanks Zhimei!
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Cheers!
Power and useful. Easy to understand
Thanks, that's great to hear
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Thank you for teaching me how to make the trial balance
His teaching lessons are super useful for me.
Thanks Jane, that's great to hear!