Assume That a Company Using a Purchases Journal Made an Error

question 155

Multiple Choice

Assume that a company using a purchases journal made an error in totaling the journal's accounts payable column. The error should be discovered:

• A) When the creditors receive their payments.
• B) When the sum of the vendor accounts does not equal the balance in the Purchases journal.
• C) When the purchases journal is posted to the general ledger.
• D) When the financial statements are prepared.
• E) When the total of the schedule of accounts payable is compared with the balance of the Accounts Payable account.

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