Answered: Explain why the ledger can still…

Explain why the ledger can still contain errors even though the trial balance is in balance. Give examples of two such types of errors?

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 7E: The following errors were made in journalizing transactions. In each case, calculate the amount of...

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Question

Explain why the ledger can still contain errors even though the trial balance is in balance. Give examples of two such types of errors?

Definition Definition Statement that shows the ending balance of all the ledger accounts of a firm at the end of the accounting period. The trial balance is prepared after all the entries have been posted to the ledger accounts and assists in preparing the final accounts of a firm.

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Explain why the ledger can still contain errors even through the trial balance is in balance. Give examples of two such types of errors
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