Answer true or false to the following statements: For the trial balance to balance the debits must equal the credits. The normal balance of all...

True. The
trial balance uses the double entry system, which means that debits have to balance with the
credits.

False. Liability accounts have credit balances.

True.

True.

False. The trial balance can still
balance even with errors. For example, someone may mistakenly put a credit entry as a debit
entry and vice versa.

False. If a transaction has been recorded twice the
trial balance is not guaranteed to balance; it can go either way.

False. The
transactions are recorded in the journal first.

False. The old rule for
journal entries is to record the debits before the credits.

True.

False. The system uses a numerical system for easy identification.

True.

False. Sometimes the error may be caused by failure to record
a certain transaction. You don't always have to post a transaction to recognize the
error.