ME14 When a trial balance balances, it is an indication that: Page 4|9 a) All journal entries have been posted. b) The account balances are correct. c) Debits equal credits. d) All transactions have been journalized

ME14 When a trial balance balances, it is an indication that: Page 4|9 a) All journal entries have been posted. b) The account balances are correct. c) Debits equal credits. d) All transactions have been journalized

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concept explainers

Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.

Question

ME14
When a trial balance balances, it is an indication that:
Page 4|9

a) All journal entries have been posted. b) The account balances are correct.
c) Debits equal credits.
d) All transactions have been journalized

Definition Definition Method of recording financial transactions in the book of original entry by debiting and crediting the accounts affected by a transaction using the golden rules of accrual accounting.

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