Ask Question
9 January, 19:01

In this problem, you will be given three errors that may or may not affect the trial balance. You are to determine the following: (1) As a result of each error, will the trial balance still balance? Consider each error separately. If you determine that the trial balance will not balance as a result of the error, then answer the following questions: (2) What is the amount of the difference between the two columns of the trial balance? (3) Which trial balance column (debit or credit) will have the larger total? A. A payment of $490 on account for supplies previously purchased was recorded as a debit to Supplies Expense and a credit to Cash for $490B. A payment of $150 on account for supplies previously purchased was recorded as a debit to Accounts Payable for $150 and a credit to Cash for $510C. The $875 balance in Service Revenue was listed as a debit.

+3
Answers (1)
  1. 9 January, 19:29
    0
    1) This error will not effect balancing of trial.

    2) Total difference in both columns will be of $500 and credit side of trial balance will have larger balance.

    3) Total difference in both columns will be of $1,750 and debit side will exceed from credit side.
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “In this problem, you will be given three errors that may or may not affect the trial balance. You are to determine the following: (1) As a ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers