Which general ledger accounts are listed in the trial balance columns of a worksheet?

• A. Only accounts with debit balances
• B. Only revenue and expense accounts
• C. All accounts with balances, including both debit and credit balances
• D. Only asset and liability accounts

Answer: (C)

Verified step by step guidance

1. Understand the purpose of a trial balance: A trial balance is a summary of all general ledger accounts and their balances at a specific point in time. It is used to ensure that total debits equal total credits, which is a fundamental principle of double-entry accounting.
2. Recognize the types of accounts in the general ledger: The general ledger includes all accounts used in the accounting system, such as assets, liabilities, equity, revenues, and expenses.
3. Identify the accounts included in the trial balance: The trial balance lists all accounts with balances, regardless of whether they have debit or credit balances. This includes accounts from all categories (assets, liabilities, equity, revenues, and expenses).
4. Clarify why all accounts are included: Including all accounts ensures that the trial balance reflects the complete financial position of the business and helps verify the accuracy of the accounting records.
5. Note the distinction from other financial statements: Unlike the income statement or balance sheet, which focus on specific types of accounts, the trial balance is comprehensive and includes all accounts with balances.