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Which of the following accounts does not have a normal credit balance? A) Retained Earni

 Which of the following accounts does not have a normal credit balance?

A) Retained Earnings

B) Common Shares

C) Accounts Payable

D) Inventory

24) The normal balance of an expense account is a ________ while the normal balance of a revenue account is a ________.

A) debit, debit

B) credit, credit

C) credit, debit

D) debit, credit

25) 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.

26) 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.

27) A trial balance is a list of all of a company's accounts with their account numbers.

28) A trial balance is simply a list of all accounts and their balances at a point in time.

29) If a trial balance is in balance, the accountant is assured that no mistakes were made either in recording or posting.

Dec 07 2019 Read more Less More

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