When a trial balance is in balance,

Multiple Choice

• the company has earned a net income.

• the debit account balances equal the credit account balances.

• adjusting entries are not required.

the general ledger is free of errors.

A postclosing trial balance could include all of the following except the ______ account.

Multiple Choice

• Cash

• Supplies

• Owner's Drawing

• Accounts Receivable

The Accumulated Depreciation account is a contra asset and has a normal credit balance.

true or false