Assume that when a purchase of supplies of $2,650 for cash was recorded, both the debit and the credit were journalized and posted as $2,560. (a) Would this error cause the trial balance to be out of balance?(b) Would the trial balance be out of balance if the $2,650 entry had been journalized correctly but the credit to Cash had been posted as $2,560?
Assume that when a purchase of supplies of $2,650 for cash was recorded, both the debit and the credit were journalized and posted as $2,560. (a) Would this error cause the trial balance to be out of balance?(b) Would the trial balance be out of balance if the $2,650 entry had been journalized correctly but the credit to Cash had been posted as $2,560?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Assume that when a purchase of supplies of $2,650 for cash was recorded, both the debit and the credit were journalized and posted as $2,560. (a) Would this error cause the
(b) Would the trial balance be out of balance if the $2,650 entry had been journalized correctly but the credit to Cash had been posted as $2,560?
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