Slide 6 chapter 02: Accounting for Business Transactions Prepare and explain the use of a trial balance. Knowledge Check 03 For each situation listed below, indicate the effect on the debit and credit column of the trial balance: Debit Credit Event Journal entry for sale on account was posted for $3,000 rather than $300 Cash balance was entered in credit column. Total column wasn't added correctly. Debits should have totaled $50,000 but accountant calculated $55,000. Revenue account balance entered in debit column rather than the credit column Accounts Payable balance was entered in wrong column. Account had normal balance. nance ubmit answer & continue