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    You Are Told The Column Totals in A Trial Balance

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    M Bilal Saleem
    The column totals in a trial balance are not equal due to one error. A $18,950 credit purchase of an automobile was incorrectly posted with a $18,950 debit to Automobiles and another $18,950 debit to Accounts Payable. As a result, the Automobiles account has a debit balance of $37,100 on the trial balance, overstating it by $18,950. The debit column is overstated by $18,950 and the credit column is understated by $18,950.

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    You Are Told The Column Totals in A Trial Balance

    Uploaded by

    M Bilal Saleem
    15 views1 page
    The column totals in a trial balance are not equal due to one error. A $18,950 credit purchase of an automobile was incorrectly posted with a $18,950 debit to Automobiles and another $18,950 debit to Accounts Payable. As a result, the Automobiles account has a debit balance of $37,100 on the trial balance, overstating it by $18,950. The debit column is overstated by $18,950 and the credit column is understated by $18,950.

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    You Are Told the Column Totals in a Trial Balance

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    The column totals in a trial balance are not equal due to one error. A $18,950 credit purchase of an automobile was incorrectly posted with a $18,950 debit to Automobiles and another $18,950 debit to Accounts Payable. As a result, the Automobiles account has a debit balance of $37,100 on the trial balance, overstating it by $18,950. The debit column is overstated by $18,950 and the credit column is understated by $18,950.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as pdf or txt
    15 views1 page

    You Are Told The Column Totals in A Trial Balance

    Uploaded by

    M Bilal Saleem
    The column totals in a trial balance are not equal due to one error. A $18,950 credit purchase of an automobile was incorrectly posted with a $18,950 debit to Automobiles and another $18,950 debit to Accounts Payable. As a result, the Automobiles account has a debit balance of $37,100 on the trial balance, overstating it by $18,950. The debit column is overstated by $18,950 and the credit column is understated by $18,950.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
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    of 1

    You are told the column totals in a 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
    $18,950 is posted from the journal to the ledger with a $18,950 debit to Automobiles and
    another $18,950 debit to Accounts Payable. The Automobiles account has a debit balance of
    $37,100 on the trial balance. Answer each of the following questions and compute the dollar
    amount of any misstatement.a. Is the debit column total of the trial balance overstated,
    understated, or correctly stated?b. Is the credit column total of the trial balance overstated,
    understated, or correctly stated?c. Is the Automobiles account balance overstated, understated,
    or correctly stated in the trial balance?d. Is the Accounts Payable account balance overstated,
    understated, or correctly stated in the trial balance?e. If the debit column total of the trial
    balance is $200,000 before correcting the error, what is the total of the credit column before
    correction?View Solution:
    You are told the column totals in a trial balance
    SOLUTION-- http://expertanswer.online/downloads/you-are-told-the-column-totals-in-a-trial-
    balance/

    See Answer here expertanswer.online


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