My Learning Cart
?
Categories
Account

If a company has a trial balance with total debits of $50,000 and total credits

₹0.0
Login to Download
  • 📥 Instant PDF Download
  • ♾ Lifetime Access
  • 🛡 Secure & Original Content

What’s inside this PDF?

Question: If a company has a trial balance with total debits of $50,000 and total credits of $48,000, what is the discrepancy?

Options:

  1. $1,000 debit
  2. $2,000 credit
  3. $2,000 debit
  4. $1,000 credit

Correct Answer: $2,000 debit

Solution: 

The discrepancy is $2,000 debit, as the total debits exceed the total credits by that amount.

If a company has a trial balance with total debits of $50,000 and total credits

Practice Questions

Q1
If a company has a trial balance with total debits of $50,000 and total credits of $48,000, what is the discrepancy?
  1. $1,000 debit
  2. $2,000 credit
  3. $2,000 debit
  4. $1,000 credit

Questions & Step-by-Step Solutions

If a company has a trial balance with total debits of $50,000 and total credits of $48,000, what is the discrepancy?
  • Step 1: Identify the total debits from the trial balance, which is $50,000.
  • Step 2: Identify the total credits from the trial balance, which is $48,000.
  • Step 3: Calculate the difference between total debits and total credits by subtracting total credits from total debits: $50,000 - $48,000.
  • Step 4: The result of the calculation is $2,000.
  • Step 5: Since total debits are greater than total credits, the discrepancy is a $2,000 debit.
  • Trial Balance – A trial balance is a statement that lists the total debits and credits of a company's accounts to ensure they are equal.
  • Discrepancy Calculation – The discrepancy is calculated by subtracting total credits from total debits to identify any imbalance.
Soulshift Feedback ×

On a scale of 0–10, how likely are you to recommend The Soulshift Academy?

Not likely Very likely
Home Practice Performance eBooks