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If a company has a trial balance showing total debits of $150,000 and total cred

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Question: If a company has a trial balance showing total debits of $150,000 and total credits of $145,000, what is the amount of the discrepancy?

Options:

  1. $5,000
  2. $10,000
  3. $15,000
  4. $20,000

Correct Answer: $5,000

Solution: 

Discrepancy = Total Debits - Total Credits = $150,000 - $145,000 = $5,000.

If a company has a trial balance showing total debits of $150,000 and total cred

Practice Questions

Q1
If a company has a trial balance showing total debits of $150,000 and total credits of $145,000, what is the amount of the discrepancy?
  1. $5,000
  2. $10,000
  3. $15,000
  4. $20,000

Questions & Step-by-Step Solutions

If a company has a trial balance showing total debits of $150,000 and total credits of $145,000, what is the amount of the discrepancy?
  • Step 1: Identify the total debits from the trial balance, which is $150,000.
  • Step 2: Identify the total credits from the trial balance, which is $145,000.
  • Step 3: Subtract the total credits from the total debits to find the discrepancy.
  • Step 4: Perform the calculation: $150,000 - $145,000.
  • Step 5: The result of the calculation is $5,000, which is the discrepancy.
  • Trial Balance – A trial balance is a bookkeeping or accounting report that lists the balances in each of an organization's general ledger accounts. It is used to ensure that total debits equal total credits.
  • Discrepancy Calculation – The discrepancy in a trial balance is calculated by subtracting total credits from total debits to identify any imbalance.
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