The Trial Balance

Question 1

Would the balance brought forward on an asset account be a debit or credit?

Answer 1

The balance brought forward on an asset account would be a debit

Question 2

Would the balance brought forward on a drawings account be a debit or credit?

Answer 2

The balance brought forward on a drawings account would be a debit

Question 3

Where are expenses shown?

Answer 3

In the profit and loss account

Question 4

Are drawings shown in the profit and loss account?

Answer 4

No

Question 5

Would the balance brought forward on a liability be a debit or a credit?

Answer 5

Credit

Question 6

Would the balance brought forward on capital be a credit or a debit?

Answer 6

The balance brought forward would be a debit

Question 7

What impact would crediting the incorrect amount to bank and the correct amount to debtors have ton the trial balance?

Answer 7

Imbalance on the trial balance