at year end a trial balance showned total credits exceeding total debit by 6050 this difference could have been caused by? A, an error in the general journal where a 6050 increase in accounts receivable was recored as an increase in cash B. a net income of 6050 C. the balance of 60500 in accounts payable being entered in the trial balance as 6060 D. the balance of 6830 in the office equipment accounts being entered on the trial balance as a debit of 770 E. an error in the general journal where a 6050 increase in accounts paybale was recored as a decrease in accounts payable
Bad Debts
At the end of the accounting period, a financial statement is prepared by every company, then at that time while preparing the financial statement, the company determines among its total receivable amount how much portion of receivables is collected by the company during that accounting period.
Accounts Receivable
The word “account receivable” means the payment is yet to be made for the work that is already done. Generally, each and every business sells its goods and services either in cash or in credit. So, when the goods are sold on credit account receivable arise which means the company is going to get the payment from its customer to whom the goods are sold on credit. Usually, the credit period may be for a very short period of time and in some rare cases it takes a year.
at year end a
A, an error in the general journal where a 6050 increase in accounts receivable was recored as an increase in cash
B. a net income of 6050
C. the balance of 60500 in accounts payable being entered in the trial balance as 6060
D. the balance of 6830 in the office equipment accounts being entered on the trial balance as a debit of 770
E. an error in the general journal where a 6050 increase in accounts paybale was recored as a decrease in accounts payable
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