the total debit balances agreed to the total credit balances on the trial balance. this means...
Homework Answers
Solution:
False
Explanation:
If the total debits equals to the total credits, the trial balance is considered to be balanced That does not means there are no errors in the general ledger. It means there is no mathematical errors in the ledgers.
Some of the errors which does not affect the trial balance:
Error of omission: It means the full transaction is omitted from the books of accounts
Error of commission: It means entered the correct amount but in wrong personal accounts
Error of priciple: It is a type of error takes place when an item is entered in wrong head or class of accounts.
Error of compensation are the errors which cancel the effects of each other.
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total debit balances agreed to the total credit balances on the
trial balance. this means...
2.8. Unearned revenue normally has a credit balance 2.9. Consulting revenue normally has a debit balance...
2.8. Unearned revenue normally has a credit balance 2.9. Consulting revenue normally has a debit balance 2.10. Sales revenue normally has a credit balance 2.11. Owner's withdrawals normally have a credit balance 2.12. Owner's capital normally has a credit balance 2.13. Equipment normally has a credit balance 2.14. Office supplies normally has a debit balance 2.15. Insurance expense normally has a debit balance a) False a) False a) False b) True b) True b) True a) False b) True a)...
Eva's Laundry Trial Balance May 31, 2019 Unadjusted Adjusted Debit Credit Balances Credit Balances Debit Balances...
Eva's Laundry Trial Balance May 31, 2019 Unadjusted Adjusted Debit Credit Balances Credit Balances Debit Balances Balances Cash 8.860 8,860 Accounts Receivable Laundry Supplies 21,500 4,300 25,800 6,320 6,120 1,650 209.400 216,490 Prepaid Insurance Laundry Equipment Accumulated Depreciation-Laundry Equipment Accounts Payable Wages Payable Eva Baldwin, Capital 56,700 11.340 56,700 11,340 1,420 130,300 Eva Baldwin, Drawing 130,300 33,900 Laundry Revenue 33.900 206,840 206,840 58,110 58.110 30,230 30,230 21.090 Wages Expense Rent Expense Uitles Expense Depreciation Expense Laundry Supplies Expense Insurance Expense...
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
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,
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,
Trial Balance May 31, 2019 Unadjusted Debit Credit Balances Adjusted Debit Credit Balances Balances Balances Cash...
Trial Balance May 31, 2019 Unadjusted Debit Credit Balances Adjusted Debit Credit Balances Balances Balances Cash 8,850 21,500 8,860 25,800 6,320 6.120 1,650 216,490 209,400 56,700 56,700 11.340 11,340 Accounts Receivable Laundry Supplies Prepaid brance Laundry Equipment Accumulated Depreciation Laundry Equipment Accounts Payable Wapes Payable Eva Baldwin, Capital Baldwin, Drawing Laundry Revenue Wages Expense Rent Expense Use Expense 1,420 130,300 130,300 33.900 33,900 200, 140 206,840 58.110 58.110 30,230 30,230 21.890 21.00 7,050 2,010 Depreciation Expense Laundry Supplies tense Insurance...
When preparing the trial balance, record the balances of the accounts in the order in which...
When preparing the trial balance, record the balances of the accounts in the order in which they appear in the general ledger. Select one: True False
Question 12 1 pts A trial balance is prepared directly from a company's general ledger O...
Question 12 1 pts A trial balance is prepared directly from a company's general ledger O True O False Question 13 1 pts When a trial balance balances it means that the ending balances in the various accounts are correct. O True O False
16.5. The trial balance lists the balances for all general ledger accounts. If all activities have...
16.5. The trial balance lists the balances for all general ledger accounts. If all activities have been properly recorded, the total of all debit balances in various accounts should equal the total of all credit balances; if not, a posting error has occurred. How can one detect such an error?
Trial Balance Adjustments Adj. Trial Balance Income Statement Balance Sheet Debit Credit Debit Credit Debit Credit...
Trial Balance Adjustments Adj. Trial Balance Income Statement Balance Sheet Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit Larkin, Drawing 600 600 600 Cash 3,000 2000 FORMULA FORMULA Salary Exp. 500 120 FORMULA FORMULA Rent Exp. 400 100 FORMULA FORMULA Supplies Exp. 0 200 FORMULA FORMULA Dep. Exp. 0 200 FORMULA FORMULA Insurance Exp. 0 150 FORMULA FORMULA Misc. Exp. 300 FORMULA FORMULA Total 10,300 10,300 2,770 2,770 FORMULA FORMULA FORMULA...
2.8. Unearned revenue normally has a credit balance 2.9. Consulting revenue normally has a debit balance 2.10. Sales revenue normally has a credit balance 2.11. Owner's withdrawals normally have a credit balance 2.12. Owner's capital normally has a credit balance 2.13. Equipment normally has a credit balance 2.14. Office supplies normally has a debit balance 2.15. Insurance expense normally has a debit balance a) False a) False a) False b) True b) True b) True a) False b) True a)...
Eva's Laundry Trial Balance May 31, 2019 Unadjusted Adjusted Debit Credit Balances Credit Balances Debit Balances Balances Cash 8.860 8,860 Accounts Receivable Laundry Supplies 21,500 4,300 25,800 6,320 6,120 1,650 209.400 216,490 Prepaid Insurance Laundry Equipment Accumulated Depreciation-Laundry Equipment Accounts Payable Wages Payable Eva Baldwin, Capital 56,700 11.340 56,700 11,340 1,420 130,300 Eva Baldwin, Drawing 130,300 33,900 Laundry Revenue 33.900 206,840 206,840 58,110 58.110 30,230 30,230 21.090 Wages Expense Rent Expense Uitles Expense Depreciation Expense Laundry Supplies Expense Insurance Expense...
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
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,
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,
Trial Balance May 31, 2019 Unadjusted Debit Credit Balances Adjusted Debit Credit Balances Balances Balances Cash 8,850 21,500 8,860 25,800 6,320 6.120 1,650 216,490 209,400 56,700 56,700 11.340 11,340 Accounts Receivable Laundry Supplies Prepaid brance Laundry Equipment Accumulated Depreciation Laundry Equipment Accounts Payable Wapes Payable Eva Baldwin, Capital Baldwin, Drawing Laundry Revenue Wages Expense Rent Expense Use Expense 1,420 130,300 130,300 33.900 33,900 200, 140 206,840 58.110 58.110 30,230 30,230 21.890 21.00 7,050 2,010 Depreciation Expense Laundry Supplies tense Insurance...
Question 12 1 pts A trial balance is prepared directly from a company's general ledger O True O False Question 13 1 pts When a trial balance balances it means that the ending balances in the various accounts are correct. O True O False
16.5. The trial balance lists the balances for all general ledger accounts. If all activities have been properly recorded, the total of all debit balances in various accounts should equal the total of all credit balances; if not, a posting error has occurred. How can one detect such an error?
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