Question
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
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 $8,750 is posted from the journal to the ledger with an $8,750 debit to Automobiles and another $8,750 debit to Accounts Payable. The Automobiles account has a debit balance of $20,738 on the trial balance. Answer each of the following questions and compute the dollar amount of any misstatement.
e. If the debit column total of the trial balance is $183,750 before correcting the error, what is the total of the credit column before correction?
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