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If a company has a trial balance showing total debits of $150,000 and total cred
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?
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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?
$5,000
$10,000
$15,000
$20,000
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Discrepancy = Total Debits - Total Credits = $150,000 - $145,000 = $5,000.
Questions & Step-by-step Solutions
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Q
Q: 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?
Solution:
Discrepancy = Total Debits - Total Credits = $150,000 - $145,000 = $5,000.
Steps: 5
Show Steps
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.
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