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What happens if an error is found after the trial balance is prepared?
What happens if an error is found after the trial balance is prepared?
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Practice Questions
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Q1
What happens if an error is found after the trial balance is prepared?
The trial balance must be discarded
Adjusting entries must be made
The error can be ignored
The financial statements can still be prepared
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If an error is found, adjusting entries must be made to correct the accounts before finalizing the financial statements.
Questions & Step-by-step Solutions
1 item
Q
Q: What happens if an error is found after the trial balance is prepared?
Solution:
If an error is found, adjusting entries must be made to correct the accounts before finalizing the financial statements.
Steps: 5
Show Steps
Step 1: Review the trial balance to identify the error.
Step 2: Determine the type of error (e.g., wrong amount, wrong account).
Step 3: Make the necessary adjusting entries in the accounting records.
Step 4: Update the trial balance to reflect the corrections.
Step 5: Prepare the financial statements using the corrected trial balance.
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