A trial balance is a report that lists the balances of all general ledger accounts at a specific point in time. It is primarily used to ensure that the total of all debit balances equals the total of all credit balances. This equality is a fundamental principle of double-entry bookkeeping.

Here are the main purposes of a trial balance:

• Verification of Accuracy: It checks the mathematical accuracy of the general ledger. If debits and credits are not equal, it indicates an error in posting or journalizing transactions.
• Error Detection: Helps in identifying errors such as incorrect posting, wrong totaling, or misplaced entries.
• Basis for Financial Statements: Serves as a foundation for preparing financial statements like the balance sheet and income statement.

A trial balance includes the following key components:

• Account Names: A list of all general ledger accounts.
• Debit Column: The debit balance of each account.
• Credit Column: The credit balance of each account.
• Totals: The sum of all debits and the sum of all credits, which should be equal.

More information can be found from the following resource:

• AccountingTools - What is a trial balance?