Which of the following statements about the unadjusted trial balance is not correct?
You can assume that no errors were made In the recording of transactions if total debits equal total credits on the unadjusted trial balance
A trial balance shows the ending balances obtained from the ledger Isted in either the debit or credit column.
A trial balance lists every account name in one column, usually, in the order of assets, liabilities, stockholders' equity, revenues, and expenses
A trial balance is an internal report used to determine whether total debits equal total credits
Answers
Which of the following statements about the unadjusted trial balance is not correct?
which of the following statements about the unadjusted trial balance is correct Module 1 Exam: Part 2 (Multiple Choice) 0 Help Which of the following statements about the unadjusted trial balance is correct? Multiple Choice L Atrial balance its every account name in one column, usually in the order of assets, liabilities, stockholders equity revenues and expenses You can assume that no errors were made in the recording of transactions if total debits equal total credits on the unadjusted the...
The fiscal year-end unadjusted trial balance for Nelson Company is found on the trial balance tab. Rent expense and salaries expense are equally divided between selling activities and general and administrative activities. Nelson Company uses a perpetual inventory system. Descriptions of items that require adjusting entries on January 31, 2018, follow. Store supplies still available at fiscal year-end amount to $1,750. Expired insurance, an administrative expense, for the fiscal year is $1,400. Depreciation expense on store equipment, a selling expense,...
— 14. A trial balance is prepared to a. discover errors that affect the equality of debits and credits b. prove that no errors were made in posting to the ledger c. prove that each account balance is correct d. prove that there were no errors made in recording transactions into the journal 15. If the two totals of a trial balance are not equal, it could be due to a. an error in determining the account balances, such as...
Below is the unadjusted trial balance for Dawson Designs. Dawson Designs Co. Unadjusted Trial Balance For the Month of January Debits Credits Cash 23,000 Accounts Receivable 49,700 Prepaid Insurance 11,300 Equipment 150,500 Accounts Payable 6,050 Salaries Payable 4,250 Common Stock 110,000 Dividends 18,500 Service Revenue 236,600 Salary Expense 98,930 Miscellaneous Expense 4,970 424,020 424,020 Required: 1. Identify the errors in the above trial balance. All accounts have normal balances. What should the correct balance be for the trial balance in...
Which statement relating to a trial balance is incorrect? Select one: O a. The fact that the sum of the debit column equals the sum of the credit column does not guarantee that no errors have been made in the ledger. b. A trial balance is a list of all the accounts in the ledger with their current balances. O c. A trial balance reports the financial position of a business. O d. A trial balance may be prepared at...
Which of the following statements regarding a trial balance is incorrect? a. A trial balance is a list of all of the open accounts in the ledger with their balances as of a given date. b. A trial balance is a test of the equality of debits and credits in the ledger. c. A trial balance helps to identify the period in which an error has been made. d. A trial balance provides a convenient list of the accounts that...
503570032770252Fims.mneducatio Ch. 4 Saved Which of the following statements about an adjusted trial balance is correct? Multiple Choice Debits should equal credits both before and after adjustments are made Debits will equal credits after adjustments are made but not necessarily before o Debits will equal credits before adjustments are made but not necessary after o Debits do not have to equal credits in the adjusted trial balance but they must be equal in the post closing tral balance Prey 1...
Mastering Correction of Accounting Errors Section 3-FINDING AND CORRECTING ERRORS USING THE UNADJUSTED TRIAL BALANCE I. The unadjusted trial balance shows total debits of $66,000 and total credits of $68,600. If there is only one type of error, which type would you look for? Slide a. b. Transposition Doubling Misclassification с. On a trial balance, there is difference between total debits and total credits divisible by 9. If this is the only error, you can track it down and make...
The unadjusted trial balance of the Contracts Plus Company as of December 31 is found on the trial balance tab. The following Information is required to prepare the necessary adjusting entries for the Contracts Plus Company 1) The balance in Prepaid insurance represents a 24-month policy that went into effect on December 1, Review the unadjusted balance in Prepaid insurance, and prepare the necessary adjusting entry, if any. 2) Based on a physical count, supplies on hand total $3,150. Review...
Alpaca Company presented the following unadjusted trial balance. As you can see, the trial balance is not balanced since the former accountant made several errors. ALPACA CORPORATION TRIAL BALANCE JAN 31, 2020 DEBIT CREDIT Cash $ 10,000 Accounts Receivable 80,000 Equipment 120,000 Accounts Payable $ 48,000 Wages Payable 0 Capital, Moose 123,200 Service Revenues 86,000 Wages Expense 16,200 Rent Expense 14,000 Insurance Expense 12,000 Utilities Expense 3,000 TOTAL $ 255,200 $ 257,200 After reviewing the financial records, you found the...