Trial balance : Trial balance is the list of accounts and their debit and credit balances at a given time. It usually prepare at end of the accounting period. Debit balances are listed in left column and credit balances are listed in right column. The totals of debit and credit column should be equal. Trial balance is useful in the preparation of financial statement. Balancing of trial balance: Trial balance may balance even when any of the following errors occurs: 1) a transaction is not journalized, 2) a correct journal entry is not posted in the ledger, 3) a journal entry is posted twice, 4) incorrect accounts are used in journalizing or posting, or 5) Compensating errors are made To determine: whethereach of the following transaction would prevent the trial balance from balancing or not.

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Answer 1

Question

Chapter 3, Problem 22Q

(a)

To determine

Trial balance:

Trial balance is the list of accounts and their debit and credit balances at a given time. It usually prepare at end of the accounting period. Debit balances are listed in left column and credit balances are listed in right column. The totals of debit and credit column should be equal. Trial balance is useful in the preparation of financial statement.

Balancing of trial balance:

Trial balance may balance even when any of the following errors occurs:

1) a transaction is not journalized,

2) a correct journal entry is not posted in the ledger,

3) a journal entry is posted twice,

4) incorrect accounts are used in journalizing or posting, or

5) Compensating errors are made

To determine: whethereach of the following transaction would prevent the trial balance from balancing or not.

(b)

To determine

To determine: whethereach of the following transaction would prevent the trial balance from balancing or not.

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Answer 2

Question

Chapter 3, Problem 22Q

(a)

To determine

Trial balance:

Trial balance is the list of accounts and their debit and credit balances at a given time. It usually prepare at end of the accounting period. Debit balances are listed in left column and credit balances are listed in right column. The totals of debit and credit column should be equal. Trial balance is useful in the preparation of financial statement.

Balancing of trial balance:

Trial balance may balance even when any of the following errors occurs:

1) a transaction is not journalized,

2) a correct journal entry is not posted in the ledger,

3) a journal entry is posted twice,

4) incorrect accounts are used in journalizing or posting, or

5) Compensating errors are made

To determine: whethereach of the following transaction would prevent the trial balance from balancing or not.

(b)

To determine

To determine: whethereach of the following transaction would prevent the trial balance from balancing or not.

Expert Solution & Answer

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Answer 3

Question

Chapter 3, Problem 22Q

(a)

To determine

Trial balance:

Trial balance is the list of accounts and their debit and credit balances at a given time. It usually prepare at end of the accounting period. Debit balances are listed in left column and credit balances are listed in right column. The totals of debit and credit column should be equal. Trial balance is useful in the preparation of financial statement.

Balancing of trial balance:

Trial balance may balance even when any of the following errors occurs:

1) a transaction is not journalized,

2) a correct journal entry is not posted in the ledger,

3) a journal entry is posted twice,

4) incorrect accounts are used in journalizing or posting, or

5) Compensating errors are made

To determine: whethereach of the following transaction would prevent the trial balance from balancing or not.

(b)

To determine

To determine: whethereach of the following transaction would prevent the trial balance from balancing or not.

Expert Solution & Answer

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Answer 4

Question

Chapter 3, Problem 22Q

(a)

To determine

Trial balance:

Trial balance is the list of accounts and their debit and credit balances at a given time. It usually prepare at end of the accounting period. Debit balances are listed in left column and credit balances are listed in right column. The totals of debit and credit column should be equal. Trial balance is useful in the preparation of financial statement.

Balancing of trial balance:

Trial balance may balance even when any of the following errors occurs:

1) a transaction is not journalized,

2) a correct journal entry is not posted in the ledger,

3) a journal entry is posted twice,

4) incorrect accounts are used in journalizing or posting, or

5) Compensating errors are made

To determine: whethereach of the following transaction would prevent the trial balance from balancing or not.

(b)

To determine

To determine: whethereach of the following transaction would prevent the trial balance from balancing or not.

Expert Solution & Answer

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Answer 5

Chapter 3, Problem 22Q

(a)

To determine

Trial balance:

Trial balance is the list of accounts and their debit and credit balances at a given time. It usually prepare at end of the accounting period. Debit balances are listed in left column and credit balances are listed in right column. The totals of debit and credit column should be equal. Trial balance is useful in the preparation of financial statement.

Balancing of trial balance:

Trial balance may balance even when any of the following errors occurs:

1) a transaction is not journalized,

2) a correct journal entry is not posted in the ledger,

3) a journal entry is posted twice,

4) incorrect accounts are used in journalizing or posting, or

5) Compensating errors are made

To determine: whethereach of the following transaction would prevent the trial balance from balancing or not.

(b)

To determine

To determine: whethereach of the following transaction would prevent the trial balance from balancing or not.

Answer 6

Chapter 3, Problem 22Q

(a)

To determine

Trial balance:

Trial balance is the list of accounts and their debit and credit balances at a given time. It usually prepare at end of the accounting period. Debit balances are listed in left column and credit balances are listed in right column. The totals of debit and credit column should be equal. Trial balance is useful in the preparation of financial statement.

Balancing of trial balance:

Trial balance may balance even when any of the following errors occurs:

1) a transaction is not journalized,

2) a correct journal entry is not posted in the ledger,

3) a journal entry is posted twice,

4) incorrect accounts are used in journalizing or posting, or

5) Compensating errors are made

To determine: whethereach of the following transaction would prevent the trial balance from balancing or not.

Answer 7

Chapter 3, Problem 22Q

(a)

To determine

Trial balance:

Trial balance is the list of accounts and their debit and credit balances at a given time. It usually prepare at end of the accounting period. Debit balances are listed in left column and credit balances are listed in right column. The totals of debit and credit column should be equal. Trial balance is useful in the preparation of financial statement.

Balancing of trial balance:

Trial balance may balance even when any of the following errors occurs:

1) a transaction is not journalized,

2) a correct journal entry is not posted in the ledger,

3) a journal entry is posted twice,

4) incorrect accounts are used in journalizing or posting, or

5) Compensating errors are made

To determine: whethereach of the following transaction would prevent the trial balance from balancing or not.

Answer 8

(b)

To determine

To determine: whethereach of the following transaction would prevent the trial balance from balancing or not.

Answer 9

(b)

To determine

To determine: whethereach of the following transaction would prevent the trial balance from balancing or not.

Answer 10

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Answer 11

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Answer 12

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Answer 13

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Solution Summary: The author explains that trial balance is the list of accounts and their debit and credit balances at a given time.

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To determine: whethereach of the following transaction would prevent the trial balance from balancing or not.

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