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If a company has a trial balance with total debits of $15,000 and total credits

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Question: If a company has a trial balance with total debits of $15,000 and total credits of $12,000, what is the amount of the discrepancy?

Options:

  1. $3,000
  2. $1,500
  3. $2,000
  4. $5,000

Correct Answer: $3,000

Solution: 

Discrepancy = Total Debits - Total Credits = $15,000 - $12,000 = $3,000.

If a company has a trial balance with total debits of $15,000 and total credits

Practice Questions

Q1
If a company has a trial balance with total debits of $15,000 and total credits of $12,000, what is the amount of the discrepancy?
  1. $3,000
  2. $1,500
  3. $2,000
  4. $5,000

Questions & Step-by-Step Solutions

If a company has a trial balance with total debits of $15,000 and total credits of $12,000, what is the amount of the discrepancy?
  • Step 1: Identify the total debits from the trial balance, which is $15,000.
  • Step 2: Identify the total credits from the trial balance, which is $12,000.
  • Step 3: Subtract the total credits from the total debits to find the discrepancy.
  • Step 4: Calculate the discrepancy: $15,000 (debits) - $12,000 (credits) = $3,000.
  • 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.
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