Help me answer the 3 question18.Which of the following situations will cause total debit balance to be greater than the total credit balance?Select one:a.The amount extracted from a creditor’s account is posted to the wrong side of the trial balance.b.Sales of goods are recorded as purchases of goods in the ledger accounts.c.The amount extracted from the account of a debtor, Mr. Lee is posted as P1,000 instead of P1,100 in the trial balance.d.The purchase of fixture is recorded in the furniture account. 19.Which of the following statements regarding a trial balance is incorrect?Select one:a.A trial balance proves that no errors of any kind have been made in the account during the accounting period.b.A trial balance is a list of all of the open accounts in the ledger with their balances as of a given date.c.A trial balance helps to localize errors within an identifiable time period.d.A trial balance is a test of the equality of the debit and credit balances in the ledger. 20.Which of the following transactions does not affect the balance sheet totals?Select one:a.Withdrawal of P80,000 by the firm’s owner.b.Collect P40,000 from customers on account.c.Purchased P50,000 supplies on account.d.Pay a P300,000 note payable.

Answered: trial balance

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Help me answer the 3 question

18.

Which of the following situations will cause total debit balance to be greater than the total credit balance?

Select one:

The amount extracted from a creditor’s account is posted to the wrong side of the trial balance.

Sales of goods are recorded as purchases of goods in the ledger accounts.

The amount extracted from the account of a debtor, Mr. Lee is posted as P1,000 instead of P1,100 in the trial balance.

The purchase of fixture is recorded in the furniture account.

19.

Which of the following statements regarding a trial balance is incorrect?

Select one:

A trial balance proves that no errors of any kind have been made in the account during the accounting period.

A trial balance is a list of all of the open accounts in the ledger with their balances as of a given date.

A trial balance helps to localize errors within an identifiable time period.

A trial balance is a test of the equality of the debit and credit balances in the ledger.

20.

Which of the following transactions does not affect the balance sheet totals?
Select one:

a.
Withdrawal of P80,000 by the firm’s owner.

b.
Collect P40,000 from customers on account.

c.
Purchased P50,000 supplies on account.

d.
Pay a P300,000 note payable.

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

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