Accounting – 2.1 The double entry system of book-keeping | e-Consult
2.1 The double entry system of book-keeping (1 questions)
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Answer 3
Trial Balance as at 31st December 2023
| Account Name | Debit (£) | Credit (£) |
| Equipment | 10,000 | |
| Cash | 2,000 | |
| Debtors | 3,000 | |
| Creditors | 1,500 | |
| Revenue | 8,000 | |
| Rent Expense | 1,000 |
Explanation: The trial balance lists all ledger accounts with their debit and credit balances. The total debits must equal the total credits. This ensures that the accounting equation (Assets = Liabilities + Equity) is balanced.