trial balance



Accounting: The aggregate of all debit and credit balances at the end of an accounting period that (1) shows if the general ledger is in balance (total debits equal total credits) before making closing entries, (2) serves as a worksheet for making closing entries, and (3) provides the basis for making draft financial statements.

Use trial balance in a sentence

  • To keep a good trial balance you must try and keep great records of all the comings and goings of the money your business has.

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  • I approved of the trial balance as we had performed all of the necessary calculations in our new accounting books.

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  • When you are trying to see how well your business did in the last quarter looking at the trial balance gives a good idea.

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