Answered step by step
Verified Expert Solution
Link Copied!

Question

00
1 Approved Answer

A journal entry for a $250 payment on account was posted as a $520 debit to account was posted as a $520 debit to Accounts

A journal entry for a $250 payment on account was posted as a $520 debit to account was posted as a $520 debit to Accounts payable and a $250 credit to cash. this error will cause whihc of the following condition on the trial balance?

A. the sum of the credits will exceed the sum of the debits

B. The sum of the debits will exceed the sum of the credits by $270

C. The sum of the debits will exceed the sum of the credits by $250

D. The trial balance will be in balance; the sum of the credits will equal the sum of the debits

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions