A trial balance does not balance. The difference has been entered in a suspense account. The following errors are found. 1 A cash payment of $630 for rent has been credited in the cash book and debited to the irrecoverable debts account. 2 The provision for depreciation account has been overcast by $960. 3 The purchases ledger control account balance of $48 300 has been included as a debit balance. What is the correcting debit entry to the suspense account? A $47 340 B $95 010 C $95 640 D $97 560

Which of the following statements about the trial balance is incorrect?a.It is a list of balances from the ledger accountsb.It provides a useful check on the accuracy of the ledger accountsc.It calculates the profit or loss achieved by the businessd.The total value of debits must equal the total value of credits

Peter has extracted the balances from his ledgers as at 30 March 2020. The trial balance won’t balance, the credits exceed the debits by Sh 1,536. You have been asked to help correct the problem. After inspection of the ledger accounts, you have discovered the following errors. For each error indicate (by dragging the answers given at the bottom and dropping at the right place) whether correction would require the use of the suspense account or not. 1. A balance of Sh 818 on a debtor’s account, Mawingu, has been omitted from the schedule of debtors, the total of which was entered as debtors in the trial balance. blank 2. A small piece of machinery purchased for Sh 1,200 had been entered in the repair account. blank 3. The receipts side of the cash book had been under cast by Sh 720. blank 4. The total of one page of the sales journal had been carried forward as Sh 8,154 instead of the correct amount which was Sh 8,514. blank 5. A credit note for Sh 179 received from a supplier, Markone Investments, had been posted on the wrong side of her account. blank 6. An electricity bill in the sum of Sh 152, not yet accrued for, was discovered in the filing tray. blank Do not use suspense account Do not use suspense account Do not use suspense account Use suspense account Use suspense account Do not use suspense account Do not use suspense account Use suspense account Use suspense account Do not use suspense account Use suspense account Use suspense account

Which of these errors will cause the Trial Balance to be out of balance?Select one:a.All of these errors.b.Purchase of supplies for cash pf P 1,500 is posted as debit to Cash and credit to Supplies Expense.c.A collection from a customer of P250 was recorded as debit to Accounts Receivable and credit to Cash for the same amount.d.Sales on credit of P850 were recorded as debit to Accounts Receivable of P850 and credit to Sales of P580.

A trial balance will not balance if:a.a correct journal entry is posted twice.b.the purchase of supplies on account is debited to Supplies and credited to Cash.c.a $100 cash drawing by the owner is debited to Owner’s Drawings for $1,000 and credited to Cash for $100.d.a $450 payment on account is debited to Accounts Payable for $45 and credited to Cash for $45

Which of the following might explain a debit balance on the payables’ ledger account of anindividual credit supplier?A The business took a settlement discount to which it was not entitled and paid less thanthe amount dueB The business mistakenly paid an invoice twiceC The book-keeper failed to enter a contra with the receivables ledgerD The book-keeper failed to post a cheque paid to the account