Answer the following questions in a word processor.

An accounting clerk prepares his trial balance as of June 30, 20-and determines that total debits equal total credits. He breathes a sigh of relief and informs his boss that his ledger is in balance and that therefore the accounts are correct. His boss, a chartered accountant, tells him that this is not necessarily the case. She asks him to prepare a list of four possible errors that could occur and yet not cause the trial balance to be out of balance. Prepare this list as if you were the accounting clerk.

An employee working on her first trial balance discovers that the Furniture and Equipment account has a credit balance of $5 000 and a customer's account has a credit balance of $200. Has the accountant made a mistake in her records or is this situation possible? Explain

You have been employed by Wilson Building Depot as an accounting clerk. Your main duty is to record journal entries daily and post to the general ledger. Your procedure in posting is to post the entries by account order. For example, you first go through all of your journal entries and post all Bank entries. You then proceed to the second account, and so on. Explain the advantage and disadvantage of this method.

Dean Slovodnik posts from the journal to the ledger at the end of each week. Because he prepares a balance sheet once a year, he believes it is necessary to prepare a trial balance only once a year. What are the disadvantages of taking a trial balance only once a year?