If the Sum of the Debit Column Equals the Sum

question 21

Multiple Choice

If the sum of the debit column equals the sum of the credit column in a trial balance, it indicates

• A) no errors have been made.
• B) no errors can be discovered.
• C) that all accounts reflect correct balances.
• D) the mathematical equality of the total debits and total credits.

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Definitions:

Debit Entry

An accounting entry that increases an asset or expense account, or decreases a liability, equity, or revenue account.

Credit Entry

An accounting entry that increases a liability or equity account or decreases an asset or expense account.

Service Revenue

Income earned by a company for services provided to customers or clients.

Credit Side

Refers to the right side of a ledger account and is where increases in liabilities, equity, and revenue are recorded.