Do you see the mnemonic memory device, DEAD COIL? Name of Account D ebit C redit Accounts with typical debit balances are? Accounts with typical credit balances are? An account’s balance is usually on the side that increases the account. It is referred to as the “ Normal Balance.”
Define The Trial Balance What is the Trial Balance used for?
The Example Company Trial Balance December 31, 2006 Debits Credits Cash $ 21 Accounts Receivable 15 Inventory 12 Land 200 Accounts Payable $ 30 Capital Stock 150 Retained Earnings 24 Sales Revenue 919 Cost of Goods Sold 850 Advertising Expense 10 Miscellaneous Expenses 15 ______ Total $ 1,123 $ 1,123 Sample Trial Balance