A trial balance taken at year-end showed total credits exceeding total debits by $4,950.This discrepancy could have been caused by:
A)An error in the general journal where a $4,950 increase in Accounts Receivable was recorded as an increase in Cash
B)A net income of $4,950
C)The balance of $49,500 in Accounts Payable being entered in the trial balance as $4,950
D)The balance of $5,500 in the Office Equipment account being entered on the trial balance as a debit of $550
E)An error in the general journal where a $4,950 increase in Accounts Payable was recorded as a decrease in Accounts Payable

Question

Quizplus · Accepted Answer

The discrepancy could be caused by entering $5,500 as $550, resulting in a $4,950 difference on the debit side.

A Trial Balance Taken at Year-End Showed Total Credits Exceeding