Question

Which of the following errors, each considered individually, would cause the trial balance totals to be...

Which of the following errors, each considered individually, would cause the trial balance totals to be unequal?

Cash received from customers on account was posted as a debit of $177 to Cash and a credit of $177 to Accounts Payable.

A payment of $561 to a creditor was posted as a debit of $5,619 to Accounts Payable and a credit of $561 to Cash.

A transaction was not posted.

A payment of $129 for insurance was posted as a debit of $79 to Prepaid Insurance and a credit of $79 to Cash.

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Homework Answers

Answer #1

1)

The trail balance would be equal but would be incorrect since accounts payable is credited instated of accounts receivable

2)

The trail balance would be Unequal because enter wrong amount in accounts payable Leads increase in Debit balances of trail balance compared to credit balances by (5,619-561)=$5,058

3)

The trail balance would be equal

Transaction is omitted altogether the effect of which will be nil on balancing.

4)

The trail balance would be equal

Even though wrong amounts are posted debit and credit are equal in spite of wrong accounts and amount used

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