Answered: The debit side of a trial balance…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter7: Accounting Information Systems

Section: Chapter Questions

Problem 18MC: You returned damaged goods to C.C. Rogers Inc. and received a credit memo for $250. Which journal(s)...

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Question

The debit side of a trial balance totals $50 more than the credit side. Which one of the following could

this be due to?

A A purchase of goods for $50 being omitted from the payables control account

B A sale of goods for $50 being omitted from the receivables control account

C An invoice of $25 for electricity being credited to the electricity account

D A receipt for $50 from a customer being omitted from the cash book

Definition Definition Financial journal in which only cash-related transactions are recorded. Cash transactions are posted chronologically in the cash book, which is also called a subsidiary book. All the cash receipts are recorded on the debit side and all the cash payments are recorded on the credit side. An important point to remember is that the cash book never shows a credit balance; only a debit balance is shown in the cash book.

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