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Accounting (Text Only)
Assume that a trial balance is prepared with an account balance of $8,900 listed as $9,800 and an account balance of $1,000 listed as $100. Identify the transposition and the slide.
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.
Transposition error:
At the time of posting a transaction when two digits of numbers are transposed, in such case the transposition error occurs.
Slide error:
A slide error occurs, when the decimal point of an amount has been misplaced.
To identify: Whether the errors made is a transposition error or a slide error.
- The account balance recorded as $9,800 instead of $8,900 is a transposition error. Since the two digits of the numbers are transposed...
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