A trader prepared their trial balance which showed the debit column total of $45000 and the credit column total of $40000. The following errors were then discovered. 1 The discount received account balance of $500 was listed in the debit column of the trial balance. 2 The returns outwards account balance of $250 was omitted from the trial balance. 3 The debit column of the trial balance was overcast by $3750. All errors were corrected and the trial balance totals agreed. What were the trial balance totals after the correction of errors?

Which is an error of omission?

Lisa's trial balance failed to balance and a suspense account was opened. It was found that the return of goods, $20,…

What would be entered in a purchases ledger control account?

A taxi firm received $500 from passengers. The firm sold a vehicle for $5000. How should these receipts be treated?

Repairs to a motor vehicle were debited in error to the motor vehicles account. How does this affect the profit for t…

A sales ledger control account showed the following. $ opening debit balance 2000 sales 10 000 receipts from debtors …