A company has the following trial balance:

| Account | Debit | Credit |
| --- | --- | --- |
| Cash | ₦100,000 | |
| Accounts Payable | | ₦50,000 |
| Sales Revenue | ₦200,000 | |
| Cost of Goods Sold | | ₦150,000 |
| Net Income | | ₦50,000 |

Identify the error in the trial balance.

Question

A company has the following trial balance:

| Account | Debit | Credit |
| --- | --- | --- |
| Cash | ₦100,000 |  |
| Accounts Payable |  | ₦50,000 |
| Sales Revenue | ₦200,000 |  |
| Cost of Goods Sold |  | ₦150,000 |
| Net Income |  | ₦50,000 |

Identify the error in the trial balance.

Accepted Answer

Cost of Goods Sold is credited instead of debited

Post Utme Igbinedion University 2020 Accounting Question 18

A company has the following trial balance: | Account | Debit | Credit | | --- | --- | --- | | Cash | ₦100,000 | | | Accounts Payable | | ₦50,000 | | Sales Revenue | ₦200,000 | | | Cost of Goods Sold | | ₦150,000 | | Net Income | | ₦50,000 | Identify the error in the trial balance.

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