71) The normal balance of Accounts Receivable is a ________ because it is a(n) ________ account.
A) credit, liability
B) debit, expense
C) credit, shareholders' equity
D) debit, asset
72) The normal balance of the Supplies account is a ________ because it is a(n) ________ account.
A) credit, liability
B) debit, asset
C) credit, expense
D) debit, shareholders' equity
73) The normal balance of the Supplies account is a ________ because it is a(n) ________ account.
A) credit, liability
B) debit, asset
C) credit, expense
D) debit, shareholders' equity
74) The normal balance of the Accounts Payable account is a ________ because it is a(n) ________ account.
A) debit, asset
B) credit, shareholders' equity
C) credit, liability
D) credit, revenue
75) The normal balance of the Common Shares account is a ________ because it increases ________.
A) debit, assets
B) credit, shareholders' equity
C) credit, liabilities
D) debit, expenses
76) The normal balance of an expense account is a ________ because expenses decrease ________.
A) credit, assets
B) debit, shareholders' equity
C) credit, liabilities
D) debit, revenues
77) The normal balance of the Dividends account is a ________ because it decreases ________.
A) debit, shareholders' equity
B) debit, liabilities
C) debit, assets
D) credit, revenues
78) The normal balance of a revenue account is a ________ because revenues increase ________.
A) debit, assets
B) debit, dividends
C) credit, liabilities
D) credit, shareholders' equity
79) A trial balance is:
A) prepared before the posting process is completed
B) a list of income statement accounts with their balances
C) a list of balance sheet accounts with their balances
D) a list of all accounts with their balances
80) A trial balance is a useful device because it provides a check on accuracy by showing whether:
A) total assets equal total liabilities
B) total debits equal total credits
C) total revenues plus gains equal total expenses plus losses
D) total of all the income statement accounts equals the total of all the balance sheet accounts