ACC/290T Posting Journal Entries and Preparing a Trial Balance Quick Check

A trial balance shows that:

Total debits equals total credits

Which of the following would cause a trial balance to be out of balance?

Only the debit of a transaction was recorded

When Jim was preparing the trial balance, he accidentally recorded a $550 payment of accounts payable twice: he reduced both Cash and Accounts Payable by $550 twice instead of just once. By how much will this cause the trial balance columns to differ?

$0

Which ONE of these accounts typically has a DEBIT balance in the trial balance?

Wage Expense

Which ONE of these accounts typically has a CREDIT balance in the trial balance?

Sales Revenue

The accounting record where all accounts are posted and summarized is the:

General Ledger

When Jim was preparing the trial balance, he accidentally recorded a $300 debit as a credit instead. By how much will this cause the trial balance columns to differ?

$600

Which of the following is not true about a trial balance?

A trial balance and a balance sheet are essentially the same document.

Each account is assigned a number. This systematic listing of all accounts is called a:

Chart of Accounts

After all transactions have been journalized and posted to the accounts, a trial balance will be prepared. The purpose of this is to:

Check that total debits equals total credits