Homework Answers
Answer:- The correct option is (D);the debit column on the adjusted trial balance.
Explanations:-Trial Balance is a statement summarizing the closing balance of all the ledger accounts. It checks the arithmatical accuracy of the ledger posting. The total of debit balance in trial balance should match with a total of credit balance,then it is said to be arithmatically accurate. Its purpose is to test the equality between debits and credits after adjusting entries are entered in the books of account.
Conclusion:- Thus we can say that option (D) is correct i.e.the total of the credit column of the adjusted trial balance is the same as that of the debit column on the adjusted Trial Balance.
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Q 3.21: The total of the credit column on the adjusted trial balance is the same...
Q 3.21: The total of the credit column on the adjusted trial balance is the same...
Q 3.21: The total of the credit column on the adjusted trial balance is the same as the total of all the assets. the adjusting entries that have been posted to the general ledger. assets minus liabilities. the debit column on the adjusted trial balance,
Which statement is incorrect concerning the adjusted trial balance?
Which statement is incorrect concerning the adjusted trial balance? An adjusted trial balance proves the equality of the total debit balances and the total credit balances in the ledger after all adjustments are made. The adjusted trial balance provides the primary basis for the preparation of financial statements. The adjusted trial balance lists the account balances in order of their magnitude. The adjusted trial balance is prepared after the adjusting entries have been journalized and posted.
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What is the difference between an adjusted trial balance and an unadjusted trial balance?
What is the difference between an adjusted trial balance and an unadjusted trial balance? (Check all that apply.) The unadjusted trial balance is more up to date and should be used to prepare financial statements. The adjusted trial balance is a list of accounts and their balances after adjusting entries have been posted. The adjusted trial balance is used to prepare financial statements. The adjusted trial balance generally has more accounts listed than the unadjusted trial balance.
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 $9,650 is posted from the journal to the ledger with an $9,650 debit to Automobiles and another $9,650 debit to Accounts Payable. The Automobiles account has a debit balance of $22,870 on the trial balance. Answer each of the following questions and compute the dollar amount of any misstatement....
Question 17 0.5 pts A company has the following adjusted trial balance: Debit Credit 700 300...
Question 17 0.5 pts A company has the following adjusted trial balance: Debit Credit 700 300 100 4,000 2,200 300 200 Cash Accounts receivable Prepaid rent Equipment Accumulated depreciation Equipment Accounts payable Unearned service revenue Common stock Retained earnings Service revenue Interest revenue Salaries and wages expense Depreciation expense Rent expense Total 500 1,000 2,500 100 800 500 400 6,800 6,800 After closing entries have been journalized and posted, the post-closing trial balance total for the credit column will be...
Exercise 3-20A Record transactions and prepare adjusting entries, adjusted trial balance, financial statements, and closing entries...
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The balances of the revenue accounts are recorded in the Trial Balance Credit column, the Adjusted...
The balances of the revenue accounts are recorded in the Trial Balance Credit column, the Adjusted Trial Balance Credit column, and the Balance Sheet Credit column of the worksheet True or False True False
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....
The fiscal year-end unadjusted trial balance for Nelson Company is found on the trial balance tab....
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Q 3.21: The total of the credit column on the adjusted trial balance is the same as the total of all the assets. the adjusting entries that have been posted to the general ledger. assets minus liabilities. the debit column on the adjusted trial balance,
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 $9,650 is posted from the journal to the ledger with an $9,650 debit to Automobiles and another $9,650 debit to Accounts Payable. The Automobiles account has a debit balance of $22,870 on the trial balance. Answer each of the following questions and compute the dollar amount of any misstatement....
Question 17 0.5 pts A company has the following adjusted trial balance: Debit Credit 700 300 100 4,000 2,200 300 200 Cash Accounts receivable Prepaid rent Equipment Accumulated depreciation Equipment Accounts payable Unearned service revenue Common stock Retained earnings Service revenue Interest revenue Salaries and wages expense Depreciation expense Rent expense Total 500 1,000 2,500 100 800 500 400 6,800 6,800 After closing entries have been journalized and posted, the post-closing trial balance total for the credit column will be...
Exercise 3-20A Record transactions and prepare adjusting entries, adjusted trial balance, financial statements, and closing entries (LO3-3, 3-4, 3-5, 3-6, 3-7) (GL) On January 1, 2021, Red Flash Photography had the following balances: Cash, $20,000; Supplies, $8,800; Land, $68,000; Deferred Revenue, $5,800; Common Stock $58,000; and Retained Earnings, $33,000. During 2021, the company had the following transactions: 1. February 15 Issue additional shares of common stock, $ 28,000. 2. May 20 Provide services to customers for cash, $ 43,000, and...
The balances of the revenue accounts are recorded in the Trial Balance Credit column, the Adjusted Trial Balance Credit column, and the Balance Sheet Credit column of the worksheet True or False True False
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