Which of the following accounts does not have a normal credit balance?
A) Retained Earnings
B) Common Shares
C) Accounts Payable
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.
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