The sum of the debits must equal the sum of the credits on the trial balance.
Correct Answer:
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Q7: Withdrawals of cash and other assets by
Q8: The trial balance is used in preparing
Q9: At least two accounts are affected by
Q10: When debits equal credits for a transaction,the
Q11: The difference between the footings of an
Q13: To debit an account is to enter
Q14: Prepaid Insurance is an asset account.
Q15: The fact that each transaction has a
Q16: A credit increases liabilities and owner's equity.
Q17: Liability accounts normally have debit balances.
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