What document summarizes the total debits and credits made during an accounting period?

The Trial Balance is the correct document that summarizes the total debits and credits made during an accounting period. It serves as a check to ensure that the double-entry bookkeeping system is in balance, meaning that the total debits equal the total credits.

At the end of an accounting period, the trial balance is prepared by listing all accounts from the ledger along with their respective debit and credit balances. The purpose of this document is to verify that all transactions have been recorded accurately and that the accounting equation (Assets = Liabilities + Equity) holds true.

In contrast, the journal records individual transactions in chronological order, while the ledger organizes these transactions by account. Although both of these documents are essential for tracking and managing financial information, neither provides a summary of the overall balances for the entire accounting period like the trial balance does. A financial report, on the other hand, contains broader financial information such as the income statement or balance sheet, which derives from the data summarized in the trial balance. Therefore, the trial balance plays a crucial role in the accounting cycle, ensuring the integrity and accuracy of financial statements prepared thereafter.