When the trial balance is out of balance due to a slide-type error, the difference between total debits and total credits will be evenly divisible by 9.
122) When the trial balance is out of balance due to a transposition error, the difference between total debits and total credits will be evenly divisible by 9.
123) A trial balance is a list of all of a company's accounts with their account numbers.
124) A trial balance is simply a list of all accounts and their balances at a point in time.
125) If a trial balance is in balance, the accountant is assured that no mistakes were made either in recording or posting.
126) The trial balance is used to prepare the income statement.
127) On a trial balance the total of all debits must equal the total of all credits.
128) Accounts payable normally has a debit balance.
129) Accounts receivable normally has a credit balance.
130) The revenue account typically has a credit balance.
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