Trial balance : A trial balance is the summary of all the ledger accounts. The trial balance is prepared to check the total balance of the debit column with the total of the balance of the credit column, which must be equal. The trial balance is usually prepared to check accuracy of ledger balances, and before the preparation of financial statements. Case Summary: In this case, Person G prepared a trial balance for college at the end of the current month. The credit side of the trial balance exceeds the debit side of the trial balance. In order to compensate the balance, he decides to add the balance in the miscellaneous expenses to complete the preparation of the trial balance. This is because he had a deadline of 5 o’clock and also he decides to check the difference amount next week. To Discuss: Whether Person G is behaving in an ethical manner.

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Answer 1

Question

Chapter 2, Problem 2.1CP

To determine

Trial balance:

A trial balance is the summary of all the ledger accounts. The trial balance is prepared to check the total balance of the debit column with the total of the balance of the credit column, which must be equal. The trial balance is usually prepared to check accuracy of ledger balances, and before the preparation of financial statements.

Case Summary:

In this case, Person G prepared a trial balance for college at the end of the current month. The credit side of the trial balance exceeds the debit side of the trial balance. In order to compensate the balance, he decides to add the balance in the miscellaneous expenses to complete the preparation of the trial balance. This is because he had a deadline of 5 o’clock and also he decides to check the difference amount next week.

To Discuss: Whether Person G is behaving in an ethical manner.

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Answer 2

Question

Chapter 2, Problem 2.1CP

To determine

Trial balance:

A trial balance is the summary of all the ledger accounts. The trial balance is prepared to check the total balance of the debit column with the total of the balance of the credit column, which must be equal. The trial balance is usually prepared to check accuracy of ledger balances, and before the preparation of financial statements.

Case Summary:

In this case, Person G prepared a trial balance for college at the end of the current month. The credit side of the trial balance exceeds the debit side of the trial balance. In order to compensate the balance, he decides to add the balance in the miscellaneous expenses to complete the preparation of the trial balance. This is because he had a deadline of 5 o’clock and also he decides to check the difference amount next week.

To Discuss: Whether Person G is behaving in an ethical manner.

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Answer 3

Question

Chapter 2, Problem 2.1CP

To determine

Trial balance:

A trial balance is the summary of all the ledger accounts. The trial balance is prepared to check the total balance of the debit column with the total of the balance of the credit column, which must be equal. The trial balance is usually prepared to check accuracy of ledger balances, and before the preparation of financial statements.

Case Summary:

In this case, Person G prepared a trial balance for college at the end of the current month. The credit side of the trial balance exceeds the debit side of the trial balance. In order to compensate the balance, he decides to add the balance in the miscellaneous expenses to complete the preparation of the trial balance. This is because he had a deadline of 5 o’clock and also he decides to check the difference amount next week.

To Discuss: Whether Person G is behaving in an ethical manner.

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Answer 4

Question

Chapter 2, Problem 2.1CP

To determine

Trial balance:

A trial balance is the summary of all the ledger accounts. The trial balance is prepared to check the total balance of the debit column with the total of the balance of the credit column, which must be equal. The trial balance is usually prepared to check accuracy of ledger balances, and before the preparation of financial statements.

Case Summary:

In this case, Person G prepared a trial balance for college at the end of the current month. The credit side of the trial balance exceeds the debit side of the trial balance. In order to compensate the balance, he decides to add the balance in the miscellaneous expenses to complete the preparation of the trial balance. This is because he had a deadline of 5 o’clock and also he decides to check the difference amount next week.

To Discuss: Whether Person G is behaving in an ethical manner.

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Answer 5

Chapter 2, Problem 2.1CP

To determine

Trial balance:

A trial balance is the summary of all the ledger accounts. The trial balance is prepared to check the total balance of the debit column with the total of the balance of the credit column, which must be equal. The trial balance is usually prepared to check accuracy of ledger balances, and before the preparation of financial statements.

Case Summary:

In this case, Person G prepared a trial balance for college at the end of the current month. The credit side of the trial balance exceeds the debit side of the trial balance. In order to compensate the balance, he decides to add the balance in the miscellaneous expenses to complete the preparation of the trial balance. This is because he had a deadline of 5 o’clock and also he decides to check the difference amount next week.

To Discuss: Whether Person G is behaving in an ethical manner.

Answer 6

Chapter 2, Problem 2.1CP

To determine

Trial balance:

A trial balance is the summary of all the ledger accounts. The trial balance is prepared to check the total balance of the debit column with the total of the balance of the credit column, which must be equal. The trial balance is usually prepared to check accuracy of ledger balances, and before the preparation of financial statements.

Case Summary:

In this case, Person G prepared a trial balance for college at the end of the current month. The credit side of the trial balance exceeds the debit side of the trial balance. In order to compensate the balance, he decides to add the balance in the miscellaneous expenses to complete the preparation of the trial balance. This is because he had a deadline of 5 o’clock and also he decides to check the difference amount next week.

To Discuss: Whether Person G is behaving in an ethical manner.

Answer 7

Chapter 2, Problem 2.1CP

To determine

Trial balance:

A trial balance is the summary of all the ledger accounts. The trial balance is prepared to check the total balance of the debit column with the total of the balance of the credit column, which must be equal. The trial balance is usually prepared to check accuracy of ledger balances, and before the preparation of financial statements.

Case Summary:

In this case, Person G prepared a trial balance for college at the end of the current month. The credit side of the trial balance exceeds the debit side of the trial balance. In order to compensate the balance, he decides to add the balance in the miscellaneous expenses to complete the preparation of the trial balance. This is because he had a deadline of 5 o’clock and also he decides to check the difference amount next week.

To Discuss: Whether Person G is behaving in an ethical manner.

Answer 8

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Answer 10

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Answer 11

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Solution Summary: The author explains that a trial balance is the summary of all the ledger accounts. It is prepared to check the total balance of the debit column and credit column, and before the preparation of financial statements.

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