The trial balance of ABC Enterprises is shown below. One account has been entered on the wrong side (debit instead of credit or vice‑versa). Identify the account and state the correct side and amount needed to balance the trial balance.

Cash                     Dr  ₦90,000
Accounts Receivable      Dr  ₦40,000
Inventory                 Dr  ₦30,000
Equipment                 Dr  ₦100,000
Expenses                  Dr  ₦40,000
Accumulated Depreciation Cr  ₦20,000
Accounts Payable          Cr  ₦50,000
Bank Loan                 Cr  ₦60,000
Capital                   Cr  ₦120,000
Revenue                  Dr  ₦50,000

Question

The trial balance of ABC Enterprises is shown below. One account has been entered on the wrong side (debit instead of credit or vice‑versa). Identify the account and state the correct side and amount needed to balance the trial balance.

Cash                     Dr  ₦90,000
Accounts Receivable      Dr  ₦40,000
Inventory                 Dr  ₦30,000
Equipment                 Dr  ₦100,000
Expenses                  Dr  ₦40,000
Accumulated Depreciation Cr  ₦20,000
Accounts Payable          Cr  ₦50,000
Bank Loan                 Cr  ₦60,000
Capital                   Cr  ₦120,000
Revenue                  Dr  ₦50,000

Accepted Answer

Revenue account - should be a credit of ₦50,000

Waec Model Questions Vol1 2023 Financial Accounting Question 19

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