Answered

Welcome to Westonci.ca, the ultimate question and answer platform. Get expert answers to your questions quickly and accurately. Get immediate and reliable solutions to your questions from a community of experienced experts on our Q&A platform. Our platform offers a seamless experience for finding reliable answers from a network of knowledgeable professionals.

1. If the two totals of a trial balance are equal, does it mean that there are no errors in the accounting records? Explain

2. Assume that when a purchase of supplies of $2,650 for cash was recorded, both the debit and the credit were journalized and posted as $2,560. (a) Would this error cause the trial balance to be out of balance? (b) Would the trial balance be out of balance if the $2,650 entry had been journalized correctly but the credit to Cash had been posted as $2,560?

Sagot :

anthougo

1. If the two totals of a trial balance are equal, it does not mean that the accounting records are free of errors.

2a) The error of commission cannot cause the trial balance to be out of balance.

2b) If the $2,650 entry had been journalized correctly but the credit to the Cash had been posted as $2,560, the trial balance would not balance because another account was debited with $2,650.

What are the errors that do not affect the trial balance?

The errors that do not affect the trial balance or cause it to be out of balance include:

  • Errors of principle
  • Errors of original entry
  • Errors of omission
  • Errors of commission
  • Compensating errors.

A trial balance will be out of balance if an error is made on one side of the ledger.

Learn more about the trial balance and accounting errors at https://brainly.com/question/25671660

#SPJ1

We appreciate your time on our site. Don't hesitate to return whenever you have more questions or need further clarification. Thanks for using our service. We're always here to provide accurate and up-to-date answers to all your queries. Westonci.ca is here to provide the answers you seek. Return often for more expert solutions.