At year-end, a trial balance showed total credits exceeding total debits by $4,950. This difference could have been caused by:

Multiple Choice

• A net income of $4,950.

• The balance of $49,500 in Accounts Payable being entered in the trial balance as $4,950.

• An error in the general journal where a $4,950 increase in Accounts Receivable was recorded as an increase in Cash.

• An error in the general journal where a $4,950 increase in Accounts Payable was recorded as a decrease in Accounts Payable.

• The balance of $5,500 in the Office Equipment account being entered on the trial balance as a debit of $550.