Technical definition
A list of ledger balances used to verify that total debits equal total credits.
How it works
After posting, each account's ending balance is placed in a debit or credit column. Equal totals support the preparation of adjustments and statements, but they are only an arithmetic control.
Everyday example
Cash 10,000 debit and Equipment 5,000 debit balance Capital 12,000 credit and Payables 3,000 credit.
Common pitfall
Omitted transactions, duplicate balanced entries and wrong-account postings may leave the trial balance perfectly balanced.