A journal entry for a $50 payment for rent expense was posted as a debit to Salaries Expense and a credit to Cash. Which of the following statements correctly states the effect of the error on the trial balance?
A) The sum of the credits will equal the sum of the debits.
B) The sum of the debits will exceed the sum of the credits by $50.
C) The sum of the debits will exceed the sum of the credits by $100.
D) The sum of the credits will exceed the sum of the debits by $100.
A
You might also like to view...
Workers' compensation insurance provides insurance for employees who may be injured either on or off the job
Indicate whether the statement is true or false
Department manager Tim rewards the group as a whole for a good job, and thereby tends to violate basic rules for applying positive reinforcement
Indicate whether the statement is true or false.
A fee simple absolute is an estate or interest in land with no limits in terms of disposition or duration.
Answer the following statement true (T) or false (F)
In cellular technology, the carrier antenna and equipment to which mobile customers connect directly is called a(n) ________
A) cell B) cellsite C) MTSO D) wireline carrier