Answer the following as true or false, then select the correct corresponding mul
ID: 2334869 • Letter: A
Question
Answer the following as true or false, then select the correct corresponding multiple- choice answer.
___________ The normal balance of all liability accounts is a credit.
___________ The accounting equation stays in balance after each transaction is recorded.
___________ If debits equal credits in a trial balance, that is proof that no recording errors have been made.
A.) T, T, T
B.) T, T, F
C.) F, T, F
D.) T, F, F
E.) F, F, F
A.) T, T, T
B.) T, T, F
C.) F, T, F
D.) T, F, F
E.) F, F, F
Explanation / Answer
_True_ The normal balance of all liability accounts is a credit. All liability and income have the credit balance.
True_The accounting equation stays in balance after each transaction is recorded.
False_ If debits equal credits in a trial balance, that is proof that no recording errors have been made. The wrong posting etc. could be found.
Option B. T,T,F is correct answer.
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