How is the balance sheet derived from the trial balance

Reference no: EM133654580

Discussion Post

In Chapters 1 and 2 of the Wild, J., & Shaw, K. (2022) text, you learned about double entry accounting and preparation of financial statements. View the following YouTube videos.

YouTube Video: Double Entry Accounting and t-accounts (Debits and Credits). (n.d.).

YouTube Video: The Finance Storyteller. (2020). Trial balance vs balance sheet.

After viewing the videos, develop your own recorded video with the following scenario in mind:

You have been hired by a small business to help with accounting records. A group of non-accounting professionals within your organization approach you with questions they have about these records. How would you train them on the following?

1) Brief summary of major concepts found.
2) What is a trial balance and what is its purpose?
3) How is the balance sheet derived from the trial balance?

Reference no: EM133654580

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