A company purchased a truck for $800 on credit. The journal entry to record this transaction, however, was a debit to 'Truck' for $700 and a credit to 'Account Payable' for $700. What will the effect be on the trial balance?
A) Debits will be $100 less than credits.
B) Debits will be $100 more than credits.
C) The trial balance will still balance.
D) None of the above
Correct Answer:
Verified
Q142: Anthoney Inc's trial balance contains the following
Q143: The trial balance:
A)lists only the accounts, with
Q144: The purpose of the trial balance is
Q145: A $375 purchase of supplies on account
Q146: A company purchased supplies on account; however,
Q148: A cash payment was made to pay
Q149: A company accidentally records the rent payment
Q150: The sequence of steps used to record
Q151: Only the _ accounts from the trial
Q152: The columns on a trial balance represent:
A)revenues
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