A $100 collection on account was posted as a debit to cash and a credit to accounts payable. This error will cause:
A)the trial balance to be in balance.
B)the sum of the credits to exceed the sum of the debits by $100.
C)the sum of the debits to exceed the sum of the credits by $100.
D)accounts receivable account to be too low by $100.

Question

Quizplus · Accepted Answer

The error does not affect the balance of the trial balance because both the debit and credit were recorded, just to the wrong accounts.

A $100 Collection on Account Was Posted as a Debit