Question
Quickbooks An accountant is reviewing a trial balance. She knows the Accounts Receivable balance, on the Trial Balance, should be $350. However, the Trial Balance
Quickbooks
An accountant is reviewing a trial balance. She knows the Accounts Receivable balance, on the Trial Balance, should be $350. However, the Trial Balance she is reviewing states the Accounts Receivable balance is $300. The balance is understated. Which of the following might be the cause of the error? Choose all that apply. Group of answer choices
1)The accountant created an invoice twice.
2)The accountant didn't create an Invoice that should have been created.
3)The accountant paid a bill twice.
4)The accountant created an invoice for the wrong amount.
Assuming Accounts Receivable is understated by $50, what will be the effect of the error on other general ledger accounts?Group of answer choices
A)Cash will be understated.
B)Revenue will be understated.
C)Revenue will be overstated.
D)Accounts Payable will be understated.
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