John Adams owns and manages a bowling center called Strike Lanes. He also maintains his own accounting

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John Adams owns and manages a bowling center called Strike Lanes. He also maintains his own accounting records and was about to prepare financial statements for the year 1999. When he prepared the trial balance from the ledger accounts, the total of the debits column was \(\$ 435,000\), and the total of the credits column was \(\$ 425,000\). What are the possible reasons why the totals of the debits and credits are out of balance? How would you normally proceed to find an error if the two trial balance columns do not agree?

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Financial Accounting A Business Perspective

ISBN: 9780072289985

7th Edition

Authors: Roger H. Hermanson, James Don Edwards

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