Trial Balance Errors For each of the following errors, considered individually, indicate whether the error would cause the trial balance totals to be unequal. If the error would cause the trial balance totals to be unequal, indicate whether the debit or credit total is higher and by how much. If the debit and credit totals would be equal, enter zero ("0") in the amount box. a. The payment of an insurance premium of $5,610 for a three-year policy was debited to Prepaid Insurance for $6,510 and credited to Cash for $5,610. Which of the following is true? The debit and credit totals of the trial balance would be equal. If the totals on the trial balance are not equal, by how much is one column higher than the other? $ b. A payment of $2,200 on account was debited to Accounts Payable for $2,750 and credited to Cash for $2,750. Which of the following is true? If the totals on the trial balance are not equal, by how much is one column higher than the other? $ c. A purchase of supplies on account for $4,860 was debited to Supplies for $4,860 and debited to Accounts Payable for $4,860. Which of the following is true? If the totals on the trial balance are not equal, by how much is one column higher than the other?
For each of the following errors, considered individually, indicate whether the error would cause the trial balance totals to be unequal. If the error would cause the trial balance totals to be unequal, indicate whether the debit or credit total is higher and by how much. If the debit and credit totals would be equal, enter zero ("0") in the amount box.
a. The payment of an insurance premium of $5,610 for a three-year policy was debited to Prepaid Insurance for $6,510 and credited to Cash for $5,610.
Which of the following is true?
The debit and credit totals of the trial balance would be equal.
If the totals on the trial balance are not equal, by how much is one column higher than the other?
$
b. A payment of $2,200 on account was debited to Accounts Payable for $2,750 and credited to Cash for $2,750.
Which of the following is true?
If the totals on the trial balance are not equal, by how much is one column higher than the other?
$
c. A purchase of supplies on account for $4,860 was debited to Supplies for $4,860 and debited to Accounts Payable for $4,860.
Which of the following is true?
If the totals on the trial balance are not equal, by how much is one column higher than the other?
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