Author Question: What assurance do you have if you prepare a trial balance and the sum of the debits equals the sum ... (Read 56 times)

audragclark · **on:** Jul 5, 2018

What assurance do you have if you prepare a trial balance and the sum of the debits equals the sum of the credits?

a. that all journal entries have been posted to the ledger accounts
b. that all journal entries have been posted to the correct ledger account
c. that both a. and b. have occurred
d. you cannot be assured that either a. or b. have occurred

Question 2

The difference between the asset account and the contra-asset account is known as the ___________________ _.
Fill in the blank(s) with correct word