Asked by Alessandro Godina on Jul 17, 2024
Verified
A debit balance in which of the following accounts would indicate a likely error?
A) Salaries Expense
B) Notes Payable
C) Accounts Receivable
D) Supplies
Notes Payable
A formal written agreement to pay a specific amount of money on a certain date or upon demand to another party.
Salaries Expense
The total amount paid to employees for services rendered during a specific period, recorded as an expense on the income statement.
Supplies
Materials and items consumed or used in the operation of a business or manufacturing process that are not part of the final product.
- Identify errors based on the balance of specific accounts and understand the impact of incorrect entries.
Verified Answer
VT
Vibha ThaparJul 23, 2024
Final Answer :
B
Explanation :
Notes Payable is a liability account and should normally have a credit balance. A debit balance in this account could indicate an error.
Learning Objectives
- Identify errors based on the balance of specific accounts and understand the impact of incorrect entries.