If an Account Has a Debit Balance of $700 in the Trial

question 23

Multiple Choice

If an account has a debit balance of $700 in the Trial Balance section of a worksheet and there is a debit entry of $200 in the Adjustments section,the account balance in the Adjusted Trial Balance section of the worksheet is a

• A) $900 debit.
• B) $500 debit.
• C) $500 credit.
• D) $900 credit.

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Definitions:

Accounts Receivable Balances

Amounts of money owed to a company by customers for goods or services provided on credit.

QuickBooks Data File

Files created by QuickBooks software to store various types of business and financial information, crucial for generating reports, managing invoices, and other accounting tasks.

Uncategorized Expenses

Uncategorized expenses are expenses that have not been assigned to a specific expense category in the accounting records.

Opening Balance Equity

An account used in accounting software to offset the difference between total assets and total liabilities when setting up a new company file.