Accounting Questions?
Accounting Questions?
For each error situation, state whether the trial balance will not be out of balance, or if it is out of balance, by how much?
1. An account balance of 140 dollars was sent to the wrong side of the trial balance.
2. A payment of 495 dollars to a creditor was recorded as a debit to A/P of 495 and a credit to the bank of 495 dollars.
3. An amount of 50 dollars was debited to supplies, but should have been debited to Equipment.
Answers:
Chosen Answer
Yarcofin: 1. Out of balance by 280 (double) 2. I don't think this is an error 3. No change in balance
2008-03-30 14:23:34
Yarcofin: 1. Out of balance by 280 (double) 2. I don't think this is an error 3. No change in balance
2008-03-30 14:23:34