Which of the following statements is true of a trial balance?
A trial balance is the first step in the accounting cycle.
B. A trial balance is also known as a balance sheet.
C. A trial balance is a list of all accounts with their balances.
D. A trial balance is also known as the chart of accounts.
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The following are the current month's balances for Toys Galore, before preparing the trial balance.What amount should be shown for Jones, Capital on the trial balance?
A. $16,500
B. $8,250
C. $14,500
D. $31,000
The following are the current month's balances for Toys Galore:Calculate the total amount of credits for the trial balance.
A. $24,500
B. $22,750
C. $24,750
D.$32,750
The following are the current month's balances for Toys Galore:What is the net income for Toys Galore for the current month?
A. $10,000
B.$8,250
C.$11,750
D. $15,000
Which of the following accounts has a normal debit balance?
A. Revenue
B. Notes Payable
Cash
D. Accounts Payable