On a trial balance, if the Debit and Credit column totals are equal, then:
A) All entries from the journal have been posted to the ledger correctly.
B) The balance sheet would be correct.
C) All ledger account balances are correct.
D) Equal debits and credits have been recorded for transactions.
E) All transactions have been recorded correctly.

Question

Quizplus · Accepted Answer

The equality of Debit and Credit column totals on the trial balance indicates that equal debits and credits have been recorded for transactions. It does not necessarily mean that all transactions have been recorded correctly or all entries from the journal have been posted to the ledger correctly. It also does not guarantee that all ledger account balances are correct or that the balance sheet would be correct.

On a Trial Balance, If the Debit and Credit Column