The trial balance is normally prepared to: *

Prove that each account has equal amounts on both the debit and the credit sides

Report the permanent accounts and their balances which will be used in preparing the financial statements

Report the equilibrium between temporary and permanent accounts

None of the above

Land Improvements and Patents are: *

Asset accounts

PPE accounts

Intangible accounts

None of the above

The accounting equation must remain in balance *

Only at the time the trial balance is prepared

Only when formal financial statements are prepared

Throughout each step in the accounting cycle

None of the above

The journal entry to record a payment on account will include: *

A debit to cash

A debit to accounts payable

A credit to accounts payable

None of the above