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You are told the column totals in a trial balance are not equal. After careful analysis,...

You are told the column totals in a trial balance are not equal. After careful analysis, you discover only one error. Specifically, a correctly journalized credit purchase of an automobile for $18,800 is posted from the journal to the ledger with an $18,800 debit to Automobiles and another $18,800 debit to Accounts Payable. The Automobiles account has a debit balance of $44,556 on the trial balance. Answer each of the following questions and compute the dollar amount of any misstatement.

If the debit column total of the trial balance is $394,800 before correcting the error, what is the total of the credit column before correction?

     

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Answer #1

The credit column is short by $ 37,600/ that of total debit balance of S 394,800/ Since Accounts Payable posting which needs to be posted correctly as credit with an amount of S 18,800/instead of that accounts payable is posted with a debit of $18,800/ (18800*2). So answer is S 357,.200/. (394800-37600)

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