Waec Model Questions Vol1 2018 Financial Accounting Question 19

The trial balance below is out of balance by ₦2,700, with the debit side exceeding the credit side. Assume the imbalance is caused by a single transposition error in one of the debit accounts (i.e., two adjacent digits have been interchanged). Identify the account that is most likely in error. | Account | Dr (₦) | |------------------------|--------| | Cash | 40,000 | | Accounts Receivable | 30,000 | | Inventory | 5,200 | | Equipment | 20,000 | | Rent Expense | 12,500 | | Accounts Payable | 30,000 | | Notes Payable | 20,000 | | Capital | 35,000 | | Sales Revenue | 30,000 | (Only the debit column amounts are shown; credit column totals equal ₦115,000.)