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If a company has a trial balance that shows total debits of $50,000 and total cr
If a company has a trial balance that shows total debits of $50,000 and total credits of $48,000, what is the discrepancy?
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Q1
If a company has a trial balance that shows total debits of $50,000 and total credits of $48,000, what is the discrepancy?
$1,000 debit error
$2,000 credit error
$2,000 debit error
$1,000 credit error
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The discrepancy is $2,000, indicating that there is a credit error since total debits exceed total credits.
Questions & Step-by-step Solutions
1 item
Q
Q: If a company has a trial balance that shows total debits of $50,000 and total credits of $48,000, what is the discrepancy?
Solution:
The discrepancy is $2,000, indicating that there is a credit error since total debits exceed total credits.
Steps: 5
Show Steps
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 discrepancy by subtracting total credits from total debits: $50,000 - $48,000.
Step 4: The result of the calculation is $2,000, which is the discrepancy.
Step 5: Since total debits are greater than total credits, this indicates a credit error.
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