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You are reviewing the journal prepared by your accounting clerk. You notice that a payment for the $350 phone bill was recorded as debit to
You are reviewing the journal prepared by your accounting clerk. You notice that a payment for the $350 phone bill was recorded as debit to Cash of $530 and credit to Phone Expense of $530. Would the trial balance indicate that the ledger is in balance? Why? a. Yes, even though the accounts are reversed, the debit and credit amounts are equal. b. No, because the debit and credit accounts are reversed. c. No, because the debit and credit accounts are reversed and the amounts are equal but incorrect. d. Yes, because the transaction was recorded properly
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