Ask Question
BusinessBusiness
4 June, 10:02

After preparing the firm's trial balance, cole's accounting staff notices that the total of the debit column is $52,500, while the total of the credit column is $40,900. what does this finding suggest?

+2
Answers (1)
  1. 4 June, 13:37
    0
    In this case the total of debit column is more than that of credit column. It can be because of two situations. One situation is that the expenses are recorded twice or more in the books in the account due to which the debit side is coming more than the credit side. Or other way around, the income has been recorded less than what needs to be actually recorded. Hence there is an accounting error committed in this scenario.
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “After preparing the firm's trial balance, cole's accounting staff notices that the total of the debit column is $52,500, while the total of ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers
You Might be Interested in
What shows the quantity demand at specific price on a demand curve?
Answers (1)
If Glass Inc. produces 80 window panes per day at the market price of $60 in a perfectly competitive market, what would happen to price if Glass Inc. increases production to 120 window panes, all else equal?
Answers (1)
Which of these is a reason why outsourcing continues to expand? (A) more reliable transportation (B) increased technological expertise (C) rapid development and deployment of advancements in telecommunications and computers (D) more expensive
Answers (2)
On March 1, Lincoln sold merchandise on account to Amelia Company for $27,300, terms 1/10, net 45. On March 6, Amelia returns merchandise with a sales price of $3,000. On March 11, Lincoln receives payment from Amelia for the balance due.
Answers (1)
Joyce just closed on a condo for $366,900 and put down 20% to obtain an 80% loan and avoid having to pay for private mortgage insurance. How much equity does she have in her condo
Answers (1)
New Questions in Business
An insured purchased an insurance policy 5 years ago. last year, she received a dividend check from the insurance company that was not taxable. this year, she did not receive a check from the insurer.
Answers (1)
An investor shorts 100 shares when the share price is $50 and closes out the position six months later when the share price is $43. The shares pay a dividend of $3 per share during the six months. What is the investor's profit or loss? a.
Answers (1)
Which term refers to the beginning of the constitution?
Answers (1)
The risks of a focus strategy include: a. decisions by focused competitors to use their resources to serve a wider range of customers' needs. b.
Answers (1)
Floyd Industries stock has a beta of 1.30. The company just paid a dividend of $.30, and the dividends are expected to grow at 4 percent per year. The expected return on the market is 13 percent, and Treasury bills are yielding 4.5 percent.
Answers (1)
Home » Business » After preparing the firm's trial balance, cole's accounting staff notices that the total of the debit column is $52,500, while the total of the credit column is $40,900. what does this finding suggest?
Sign Up Forgot Password?