Adjusting Entries Are Not Necessary If the Trial Balance Debit

question 30

True/False

Adjusting entries are not necessary if the trial balance debit and credit column balances are equal.

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Definitions:

Indebted Farmer

An agricultural worker or landowner who owes money, typically as a result of borrowing to finance farming operations or land purchase.

Revolutionary War

A war fought from 1775 to 1783 in which the American colonies successfully gained independence from Great Britain, becoming the United States of America.

Shays's Rebellion

A revolt carried out by American farmers in 1786-1787 against the execution of tax collections and debt judgments by state and local officials.

Thomas Jefferson

The third President of the United States (1801–1809), author of the Declaration of Independence, and a founding father known for his promotion of the ideals of republicanism in the United States.