What is the difference between a trial balance and a balance sheet?

Answer 1

A trial balance is a snap shot on a given day of the balances in every account in your chart of accounts. For example, if you ran a trial balance report as of March 31, 2019 you would see your balances in every account regardless of whether it is a balance sheet account or income statement account.

A balance sheet reports only Assets, Liabilities and Owner's/Stockholder's Equity. You can build your balance sheet (and income statement) using the balances from your trial balance.

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Orlando