A trial balance prepared 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 Answer of A trial balance prepared 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.

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