A company has a trial balance as follows:

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

Identify the error in the trial balance.

Question

A company has a trial balance as follows:

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

Identify the error in the trial balance.

Accepted Answer

Sales account has a credit balance

Post Utme Joseph Ayo Babalola University 2021 Accounting Question 14

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

Answer Options

About This Question

Master the Exam!