The Total of the Debit Column of the Trial Balance

question 35

Multiple Choice

The total of the debit column of the trial balance exceeds that of the credit column by $27.Which of the following errors could NOT have caused this?

• A) A credit of $13.50 inadvertently posted to the debit of the account concerned.
• B) An item of $27 debited,but not credited to any account.
• C) Omission of a credit purchase of $27 from the journal.
• D) In posting a transaction to the ledger,the credit was correctly recorded as $36,but the debit was recorded as $63.

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Definitions:

Normal Markup

The standard increase over cost that a business applies to its products or services to determine the selling price.

Common Stock

A form of corporate equity ownership, a type of security that represents ownership in a corporation and a claim on a proportion of its profits.

Gain Recognition

The process of recording increases in asset value, typically when assets are sold for more than their book value.

Consolidated Income Statement

A financial statement that combines the income, expenses, and profits of a parent company and its subsidiaries to present the overall performance.