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copperworm513Lv1

11 Dec 2019

Which of the following statements related to the adjusted trial balance is incorrect?

a. It shows the balance of all accounts at the end of the accounting period.

b. Companies can prepare financial statements directly from the adjusted trial balance.

c. It is prepared before adjusting entries have been made.

d. It proves the equality of the total debit balances and the total credit balances in the ledger.

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Sixta KovacekLv2

26 Mar 2020

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Related questions

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Adjusted trial balance

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peararmadillo281

Effect of Errors on Adjusted Trial Balance

For each of the following errors, considered individually, indicate whether the error would cause the adjusted trial balance totals to be unequal. If the error would cause the adjusted trial balance totals to be unequal, indicate whether the debit or credit total is higher and by how much.

a. The adjustment of $9,800 for accrued fees earned was journalized as a debit to Accounts Receivable for $9,800 and a credit to Fees Earned for $8,900.

Enter the difference between the debit and credit totals. If the totals are equal, enter a zero.
$

b. The adjustment of depreciation of $3,600 was omitted from the end-of-period adjusting entries.

Enter the difference between the debit and credit totals. If the totals are equal, enter a zero.
$

A machine costing $ 45,000 has a life of 8 years. The salvage value is $ 12,000. It was purchased on February 1. The depreciation expense for the calendar yearâ is: (Do not round any intermediary calculations. Round your final answer to the nearestâ dollar.)

A. $ 469

B. $ 3,781

C. $ 344

D. $ 5,156

The adjusted trial balance provesâ that:

A. the balance of the adjusted trial balance is correct.

B. all adjusting entries have been recorded correctly.

C. debit totals equal credit totals.

D. no adjusting entry has been entered twice.

violetmuskrat25

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