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At year-end, a trial balance showed total credits exceeding total debits by $4,950. This difference...

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Accounting

At year-end, a trial balance showed total credits exceeding total debits by $4,950. This difference could have been caused by:

Multiple Choice

  • A net income of $4,950.

  • The balance of $49,500 in Accounts Payable being entered in the trial balance as $4,950.

  • An error in the general journal where a $4,950 increase in Accounts Receivable was recorded as an increase in Cash.

  • An error in the general journal where a $4,950 increase in Accounts Payable was recorded as a decrease in Accounts Payable.

  • The balance of $5,500 in the Office Equipment account being entered on the trial balance as a debit of $550.

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