Can you explain why D is the correct answer? but hasbeen correctly entered in the supplier's account.Which of the following statements about the trial balance would be correct?The credit side to be $48 more than the debit sideThe debit side to be $48 more than the credit sideThe credit side to be $96 more than the debit sideThe debit side to be $96 more than the credit sidedos ai noilosansSas nwomC

Trial balance: A financial statement which integrates all the balance of ledger accounts is termed…

Answered: Can you explain why D is the correct…

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Can you explain why D is the correct answer?

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter2: T Accounts, Debits And Credits, Trial Balance, And Financial Statements

Section: Chapter Questions

Problem 8E: Would the following errors cause the trial balance to have equal or unequal totals? As a result of...

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Which of the following errors would cause a trial balance to have unequal totals? Explain your answers. a.A payment to a creditor was recorded as a debit to Accounts Payable for $129 and as a credit to Cash for $102. b.A payment of $150 to a creditor for an account payable was debited to Accounts Receivable and credited to Cash. c.A purchase of office supplies of $420 was recorded as a debit to Office Supplies for $42 and as a credit to Cash for $42. d.A purchase of equipment for $450 was recorded as a debit to Supplies for $450 and as a credit to Cash for $450.
Help me answer the 3 question 18. Which of the following situations will cause total debit balance to be greater than the total credit balance? Select one: a. The amount extracted from a creditor’s account is posted to the wrong side of the trial balance. b. Sales of goods are recorded as purchases of goods in the ledger accounts. c. The amount extracted from the account of a debtor, Mr. Lee is posted as P1,000 instead of P1,100 in the trial balance. d. The purchase of fixture is recorded in the furniture account. 19. Which of the following statements regarding a trial balance is incorrect? Select one: a. A trial balance proves that no errors of any kind have been made in the account during the accounting period. b. A trial balance is a list of all of the open accounts in the ledger with their balances as of a given date. c. A trial balance helps to localize errors within an identifiable time period. d. A trial balance is a test of the equality of the debit…
4-After preparing the trial balance, the accountant finds that the total of debit side is OMR 125,600 and Total of Credit Side OMR 126,500. This difference should be treated before rectification of errors was a. Debit Suspense account OMR 125,600 and Credit Trial Balance OMR 126,500 b. Debit Suspense account with OMR 900 c. Suspense account should be cancelled with OMR 1800 d. Credit Suspense account with OMR 900
Which of the following is incorrect? Group of answer choices A. In a double-entry accounting system every transaction will affect at least two accounts. B. Across all accounts, the total amount of debits must always equal the total amount of credits. C. A debit can be recorded on either side of the t-account depending on the type of account. D. The difference between the total debit and credit amounts for an account is called the account balance.
I got to find if my general ledger is complete. So, In the general ledger, I add all the debits side and the credit side got a matching balance between the debit and credit in the general ledger. However, in the trial balance the total balance for the debit and credit does not match also differ from the general ledger. I will state that is not a complete because of those reasons. Let me know if I am correct or not. Please do example your reasoning?
The bookkeeper for Nevado Company has prepared the following trial balance: The bookkeeper has asked for your help. In examining the companys journal and ledger, you discover the following errors. Use this information to construct a corrected trial balance. a. The debits to the Cash account total 8,000, and the credits total 3,300. b. A 500 payment to a creditor was entered in the journal correctly but was not posted to the Accounts Payable account. c. The first two numbers in the balance of the Accounts Receivable account were transposed when the balance was copied from the ledger to the trial balance. d. The 1,500 amount withdrawn by the owner for personal use was debited to Miscellaneous Expense by mistakeit was correctly credited to Cash.
Which of these transactions requires a credit entry to Revenue? A. received cash from services performed this month B. collected balance due from customers C. received cash from bank loan D. refunded a customer for a defective product
Would the following errors cause the trial balance to have equal or unequal totals? As a result of the errors, which accounts are overstated (by how much) or understated (by how much)? a. A purchase of office equipment for 380 was recorded as a debit to Office Equipment for 38 and a credit to Cash for 38. b. A payment of 280 to a creditor was debited to Accounts Receivable and credited to Cash for 280 each. c. A purchase of supplies for 245 was recorded as a debit to Equipment for 245 and a credit to Cash for 245. d. A payment of 76 to a creditor was recorded as a debit to Accounts Payable for 76 and a credit to Cash for 67.
When preparing a trial balance, which of the following is correct? a. The purpose of the trial balance is to prove that the total of all debit balances equals the total of all credit balances. b. Advertising Expense would normally be recorded as a credit. c. The trial balance is considered to be a financial statement. d. Supplies would normally be recorded as a credit.
Which of the following errors, each considered individually, would cause the trial balance totals to be unequal? Question 14 options: A payment of $248 to a creditor was posted as a debit of $248 to Accounts Payable and a debit of $248 to Accounts Receivable Cash received from customers on account was posted as a debit of $450 to Cash and a credit of $450 to Accounts Payable. A payment of $79 for supplies was posted as a debit of $97 to Supplies and a credit of $97 to Cash A transaction was not posted.
You are told the column totals in a trial balance are not equal. After careful analysis, you discover only one error. Specifically, a correctly journalized credit purchase of an automobile for $18,950 is posted from the journal to the ledger with an $18,950 debit to Automobiles and another $18,950 debit to Accounts Payable. The Automobiles account has a debit balance of $37,100 on the trial balance. (1) Answer each of the following questions and (2) compute the dollar amount of any misstatement for parts a through d. a. Is the Debit column total of the trial balance overstated, understated, or correctly stated? b. Is the Credit column total of the trial balance overstated, understated, or correctly stated? c. Is the Automobiles account balance overstated, understated, or correctly stated in the trial balance? d. Is the Accounts Payable account balance overstated, understated, or correctly stated in the trial balance? e. If the Debit column total of the trial balance is $200,000 before…
You are told the column totals in a trial balance are not equal. After careful analysis, you discover only one error. Specifically, a correctly journalized credit purchase of an automobile for $18,950 is posted from the journal to the ledger with an $18,950 debit to Automobiles and another $18,950 debit to Accounts Payable. The Automobiles account has a debit balance of $37,100 on the trial balance. (1) Answer each of the following questions and (2) compute the dollar amount of any misstatement for parts a through d.