Question
Required information Exercise 2-23 (Algo) Analyzing a trial balance error LO P1 [The following information applies to the questions displayed below.] You are told
Required information Exercise 2-23 (Algo) Analyzing a trial balance error LO P1 [The following information applies to the questions displayed below.] You are told the column totals in a trial balance are not equal. After careful analysis, you discover only one error. Specifically, a correctly journalized credit purchase of an automobile for $17,450 is posted from the journal to the ledger with an $17,450 debit to Automobiles and another $17,450 debit to Accounts Payable. The Automobiles account has a debit balance of $41,356 on the trial balance. Answer each of the following questions and compute the dollar amount of any misstatement. Exercise 2-23 (Algo) Part e e. If the debit column total of the trial balance is $366,450 before correcting the error, what is the total of the credit column before correction? Total of the credit column
Step by Step Solution
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Step: 1
To solve this problem lets analyze the error first The correct entry for a credit purchase of an aut...Get Instant Access with AI-Powered Solutions
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Step: 2
Step: 3
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