Asked by Vikki Yager on Apr 28, 2024
Verified
Journalizing a transaction with both the debit and the credit for $69 instead of $96 will cause the trial balance to be out of balance.
Journalizing
The process of recording financial transactions in the journal as part of the accounting cycle.
Transaction
An economic event or condition that directly changes an entity's financial condition or its results of operations.
Debit And Credit
Fundamental concepts in accounting that represent the increase or decrease in an account balance; debits increase asset or expense accounts, while credits increase liability, equity, or revenue accounts.
- Discern and apprehend inaccuracies in accounting practices and their consequences on financial statements.
Verified Answer
RP
Rachael PaleyApr 29, 2024
Final Answer :
False
Explanation :
The trial balance will still balance because the error affects both sides of the equation equally, maintaining the overall balance despite the incorrect amounts.
Learning Objectives
- Discern and apprehend inaccuracies in accounting practices and their consequences on financial statements.