Trial Balance Errors For each of the following errors, considered individually, indicate whether the error would...

Trial Balance Errors

For each of the following errors, considered individually, indicate whether the error would cause the trial balance totals to be unequal. If the error would cause the trial balance totals to be unequal, indicate whether the debit or credit total is higher and by how much. If the debit and credit totals would be equal, enter zero ("0") in the amount box.

a. The payment of an insurance premium of $7,450 for a three-year policy was debited to Prepaid Insurance for $7,540 and credited to Cash for $7,450.

Which of the following is true?
The debit and credit totals of the trial balance would be equal.

If the totals on the trial balance are not equal, by how much is one column higher than the other?
$

b. A payment of $2,575 on account was debited to Accounts Payable for $1,803 and credited to Cash for $1,803.

Which of the following is true?

If the totals on the trial balance are not equal, by how much is one column higher than the other?
$

c. A purchase of supplies on account for $3,000 was debited to Supplies for $3,000 and debited to Accounts Payable for $3,000.

Which of the following is true?

Expert Solution

Trial Balance Errors
Req a	Insurance premium
Option 2	If the totals on the trial balance are not equal, by how much is one column higher than the other?
	Debit is higher by $90

	Prepaid Insurance	7,540	Debit
	Cash	(7,450)	Credit
	Difference	90

Req b	Accounts Payable
Option 1	The debit and credit totals of the trial balance would be equal.
	$0

	Accounts Payable	1,803	Debit
	Cash	(1,803)	Credit
	Difference	-

Req c	Supplies
Option 2	If the totals on the trial balance are not equal, by how much is one column higher than the other?
	Debit is higher by $6,000

	Supplies	3,000	Debit
	Accounts Payable	3,000	Debit
	Difference	6,000

ekkarill92 answered 2 years ago

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