The trial balance has been exhibited in a previous chapter. It is simply a list on the one side (left) of debit balances, and on the other (right) of credit balances, the left being called assets and the right, liabilities. The debit and credit balances are taken, of course, after all posting for the day has been completed. It is scarcely correct to apply the word "assets" to all the debit balances of this daily trial balance and the word "liabilities" to all the credit balances, because there are profit and loss items included in both of these balances.