Which of the following will cause the adjusted trial balance to be out of balance?
A) Transactions were not posted from the journal to the ledger.
B) An adjusting entry to record 400 of prepaid insurance that had expired was recorded as a debit to Prepaid insurance and a credit to Insurance expense.
C) The gain on the sale of a truck was not posted to the general ledger; however, the cash, truck and accumulated depreciation accounts were properly posted.
D) An adjusting entry to record the amount of prepaid insurance that had expired was recorded as a 100 debit to Insurance expense and a 100 credit to Prepaid insurance. However, the 100 amount of the adjusting entry was wrong because 300 of insurance had actually expired.
Question 2
Merchandise Inventory normally has a debit balance.
a. True
b. False
Indicate whether the statement is true or false
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