In a trial balance, if the total debits amount to $20,000 and the total credits amount to $18,000, what is the difference that needs to be adjusted?
Practice Questions
1 question
Q1
In a trial balance, if the total debits amount to $20,000 and the total credits amount to $18,000, what is the difference that needs to be adjusted?
$2,000
$1,000
$0
$3,000
The difference that needs to be adjusted is $20,000 - $18,000 = $2,000.
Questions & Step-by-step Solutions
1 item
Q
Q: In a trial balance, if the total debits amount to $20,000 and the total credits amount to $18,000, what is the difference that needs to be adjusted?
Solution: The difference that needs to be adjusted is $20,000 - $18,000 = $2,000.
Steps: 5
Step 1: Identify the total debits, which is $20,000.
Step 2: Identify the total credits, which is $18,000.
Step 3: Subtract the total credits from the total debits: $20,000 - $18,000.
Step 4: Calculate the result of the subtraction, which is $2,000.
Step 5: Conclude that the difference that needs to be adjusted is $2,000.
