0
Want this question answered?
Be notified when an answer is posted
Add your answer:
Earn +20 pts
An accounting record that includes a list of accounts and their balances at a given time is called a?
An accounting record that includes a list of accounts and their balances at a given time is called a trial balance.
Is a list of all of the accounts in the ledger with balances at a point in time?
Trial Balance
How do you verify balances on the trial balance?
verify the balances of all ledger accounts
Why do expense accounts have debit balances?
20333
What report lists accounts and their balances in which the total debit balances should equal the total credit balances?
Trial Balance
What is the purpose of closing entries?
The purpose of closing entries is to transfer the balances of temporary accounts to permanent accounts. These entries are used via the adjusted trial balances.
Why may a control account carries both debit and credit balances?
A control account summarizes a set of subsidiary accounts. For example, Accounts receivable may have a control account, representing total Accounts receivable, and also may have a set of subsidiary accounts, representing the amount of Accounts receivable owed by each customer/debtor. The total of all subsidiary accounts must equal the balance of the control account. Control accounts will have debit or credit balances depending on the nature of those accounts. Control accounts for assets, such as Accounts receivable or Fixed assets, will have native debit balances. Control accounts for liabilities, such as Accounts payable, will have native credit balances.
What are accounts payable on a trial balance?
debit balances
WHAT is normal balance of accounts payable?
credit balances
What do balances do?
Accounts that are subject to bank service charges.
What are the accounts payable on the trial balance?
debit balances
On a trial balance what Are the accounts payable?
debit balances
