Ask Experts Questions for FREE Help !
Ask
    damendolare's Avatar
    damendolare Posts: 6, Reputation: 1
    New Member
     
    #1

    Sep 8, 2016, 03:47 PM
    Trial Balance Quiz Question/clarification
    In your trial balance, total debits are $264,000 and total credits are $259,500. You have determined that the error may be a transposition and that you may find the error by investigation accounts with balances or which the difference between the first two digits is 5. Which of the following account balances "could " be the problem?a. accts receivable, with an indicated balance of $1600b. Accts payable, with an indicated balance of $1600c. Land with an indicated balance of $4,900d. Both a & cHere's was my thought process.. Clearly they all have the difference of 5. I chose both a&c due to the wording of "could" and knowing they are both debits... the debit total was higher than the credit total. Of course I got it wrong and still return to the same answer.Any insight would help.thanks
    damendolare's Avatar
    damendolare Posts: 6, Reputation: 1
    New Member
     
    #2

    Sep 8, 2016, 03:49 PM
    Trial balance quiz question/clarification
    In your trial balance, total debits are $264,000 and total credits are $259,500.
    You have determined that the error may be a transposition and that you may find the error by investigation accounts with balances or which the difference between the first two digits is 5.
    Which of the following account balances "could " be the problem?

    a. accts receivable, with an indicated balance of $1600
    b. accts payable, with an indicated balance of $1600
    c. Land with an indicated balance of $4,900
    d. both a & c

    Here's was my thought process..

    Clearly they all have the difference of 5. I chose both a&c due to the wording of "could" and knowing they are both debits... the debit total was higher than the credit total.

    Of course I got it wrong and still return to the same answer.
    Any insight would help.
    Thanks
    damendolare's Avatar
    damendolare Posts: 6, Reputation: 1
    New Member
     
    #3

    Sep 9, 2016, 11:31 AM
    Any one?

Not your question? Ask your question View similar questions

 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Trial Balance Question [ 3 Answers ]

Searches related to At year end, a physical count of office supplies reveals that $7000 of supplies were used up but no adjusting entry was made to account for this.If this error is found, it will most likely be because a. the trial balance would be out of balance by $7000 b. the trial balance...

A single question for journal n leger,p&l a/c,balance sheet,trial balance [ 2 Answers ]

A single question for journal n leger,p&l a/c,balance sheet,trial balance

Trial Balance Question [ 2 Answers ]

My trial balance is not adding up. I was wondering if anyone could help me figure out what I am doing wrong. From the following information I am supposed to create a trial balance: -For the fiscal year of 2011 Jan-1 Acquired additional $20,000 by issuing common stock. Jan-1 Company...

Hi I need help with this trial balance question.. [ 0 Answers ]

Hi I need help with this trial balance question.. this is my first time doing accounts.. my teacher doesn't explain it good so could you explain it for please.. May 6 -Started firm with capital in cash of $250 May 2 - brought goods on credit from the following persons: D.Ellis,$54; C.Mendez,...

One more trial balance question [ 1 Answers ]

never mind I solved it, while asking the question, sorry The Julien Hotel opened for business on May 1, 2007. Here is its trial balance before adjustment on May 31. JULIEN HOTEL Trial Balance May 31, 2007 DEBITS Cash $ 2,500 Prepaid Insurance 1,800 Supplies 2,600


View more questions Search