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Errors in trial balance
Identify the errors in the following trial balance. All accounts have normal balances.
Trial balance:
A trial balance is the summary of all the ledger accounts. The trial balance is prepared to check the total balance of the debit column with the total of the balance of the credit column, which must be equal. The trial balance is usually prepared to check accuracy of ledger balances, and before the preparation of financial statements.
To identify: The errors in the trial balance given.
- The Trial balance should be dated in the format “July 31, 2016” but it is dated as “For the month ending July 31, 2016”.
- The accounts receivable normally shows a debit balance. Hence the accounts receivable should be posted in the debit column, but here it is posted in the credit column.
- Similarly, the accounts payable normally shows a credit balance. Hence the accounts payable should be posted in the credit column, but here it is posted in the debit column.
- The drawings normally show a debit balance. Hence the drawings should be posted in the debit column, but here it is posted in the credit column.
- The advertising expense normally shows a debit balance. Hence the advertising expense should be posted in the debit column, but here it is posted in the credit column.
- The total of the debit balance in the trial balance is incorrect. The sum is $890,700 but it shows a balance of $1,189,300...
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