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I NEED ANSWERS IN DETAILS AS MUCH AS YOU CAN OF ALL FIVES 1. Some...

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Accounting

I NEED ANSWERS IN DETAILS AS MUCH AS YOU CAN OF ALL FIVES

1. Some accounts have a normal debit balance, and some accounts have a normal credit balance. What do you mean by a normal debit or a normal credit balance of an account?

2. Identify two accounts on the balance sheet and income statement that have a normal debit balance, and two accounts on the income statement that have a normal credit balance.

3. How can a trial balance be useful when preparing financial statements?

4. How is it possible that a trial balance not be error free, even when the total debits equal the total credits?

5. If you worked for a financial institution's loan department, how could you use the debt ratio as part of your analysis to determine whether to initially accept the loan applicant, and as a tool for servicing the loan over the life of the loan?

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