Trial balances

Question 1

What are some errors not found by preparing a trial balance?

Answer 1

-Making an error commision( failing to record a transaction)
- Making an error of commission, recording the wrong ledger account, but on the correct side
- Making two independent errors of equal amounts
- Making an entry on the wrong side of the ledger account
- Recording the wrong amount in the general journal

Question 1

What are some errors detected by a trial balances

Answer 1

• Failing to record part of a transaction in the ledger
• Making two debit entries in the ledger
• Making a transposition error in the ledger( number written in wrong order)
• Incorrect calculating a ledger account balance
• Leaving a ledger account balance out of the trial balance
• Recording a ledger account balance on the wrong side

Question 2

What are doubtful debts

Answer 2

A debt that is unlikely to be paid off