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What is the effect of a double entry error on the trial balance?
What is the effect of a double entry error on the trial balance?
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Practice Questions
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Q1
What is the effect of a double entry error on the trial balance?
It will still balance
It will cause an imbalance
It will not affect the trial balance
It will only affect the income statement
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A double entry error will cause an imbalance in the trial balance because it affects the equality of debits and credits.
Questions & Step-by-step Solutions
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Q
Q: What is the effect of a double entry error on the trial balance?
Solution:
A double entry error will cause an imbalance in the trial balance because it affects the equality of debits and credits.
Steps: 5
Show Steps
Step 1: Understand that in accounting, every transaction has two sides: a debit and a credit.
Step 2: Know that the trial balance is a summary that lists all the debits and credits to check if they are equal.
Step 3: A double entry error happens when a transaction is recorded incorrectly, affecting either the debit or the credit side.
Step 4: When there is a double entry error, the total debits will not equal the total credits.
Step 5: This imbalance in the trial balance indicates that there is an error that needs to be fixed.
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