21) If the trial balance is in balance, it proves that all transactions were properly recorded.


22) Correctly posting a transaction twice will cause the trial balance totals to be unequal.


23) A slide is an error that results when zeros have been added or deleted when writing an amount. Example: 30,000 is written as 3,000.


24) The order of the flow of accounting data is to (1) record in a journal, (2) post in a ledger, (3) prepare a trial balance.

25) The dollar amount of the debits must be equal to the dollar amount of the credits for each transaction.


26) All nine transactions for Ross Realty for June, the first month of operation, are recorded in the following T accounts:



Prepare a trial balance, listing the accounts and their balance in proper order.

27) The following trial balance has been improperly completed. All the accounts have normal balances. Prepare a corrected trial balance in good form.


Danielson Online Company

Trial Balance

March 31, 200x


Salaries Expense200

Rent Expense250

Accounts Receivable40


Danielson, Capital1,800

Danielson, Withdrawals900

Service Fees2050

Accounts Payable2,000




28) Julie, a new employee, is not sure of the effect the following unrelated situations would have on the accuracy of the financial statements. Identify the account(s) that are affected and if the trial balance would balance.

a. Equipment was purchased for $1,000 cash. The debit was recorded properly, but the credit was omitted.

b. A debit to Cash for $250 was posted as $2,500; the credit was posted correctly.

c. A purchase of supplies on account for $50 was posted as a debit to Supplies and a credit to Cash.




Source link

Leave a Reply

Your email address will not be published. Required fields are marked *