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Why does the recordkeeper make a trial balance

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Reference no: EM132821241

Question 1: What is the difference between a note payable and an account payable?

Question 2: Are debits or credits typically listed first in general journal entries? Are the debits or the credits indented? What do believe is the reasoning behind this?

Question 3: If assets are valuable resources and asset accounts have debit balances, why do expense accounts also have debit balances?

Question 4: Why does the recordkeeper make a trial balance?

Question 5: If an incorrect amount is journalized and posted to the accounts, how should the error be corrected?

Reference no: EM132821241

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