trial balance
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:
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.
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