Rent received from a tenant in cash, $450, was entered in the accounts as $460. How will
Question:
Rent received from a tenant in cash, $450, was entered in the accounts as $460.
How will this affect the trial balance?
Transcribed Image Text:
Debit balances in trial balance Credit balances in trial balance A cash overstated no effect B cash overstated rent receivable overstated C no effect rent receivable overstated D rent receivable overstated cash overstated
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Solution The correct option is B Explanation As it is an er...View the full answer
Related Book For
Cambridge IGCSE And O Level Accounting Coursebook
ISBN: 9781316502778
2nd Edition
Authors: Catherine Coucom
Question Posted:
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A trial balance is a list of all the general ledger accounts contained in the ledger of a business. This list will contain the name of each nominal ledger account and the value of that nominal ledger balance. Each nominal ledger account will hold either a debit balance or a credit balance
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