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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
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