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During an internal audit of the branch was discovered increase the debtor's side of the trial balance of $10,000, The audit confirmed that the amount represents assets owned by the company has been paying its value. In any of the following accounts payable the same amount should be added to achieve balanced in Trial Balance .1 - long-term liabilities.2 - Retained earnings.3 - Beginning Balance Equity
When you are preparing a trial balance, you may find that you have an unbalanced trial balance. This means that you have an error somewhere in the accounting process. Finding and correcting that error is where accountants and bookkeepers earn their stripes.
Below are possible sources of errors in your trial balance and steps on how to correct them.
Adding the debits and credits for the trial balance incorrectlyIn preparing your trial balance, you add up the credit totals from your ledger account balances and place that total on the trial balance for that ledger account in the credit column. You do the same for the debit totals. One of the most common errors (and most easily found) is simply adding the columns incorrectly.
Solution: Double check your math and add the columns again. Typically, I'll add the column from top to bottom, then again from bottom to top, to make sure I get the same answer.
In accrual
We have to record below Entry:
Dr Expenses, Capital Assets, ...EtC
Cr AP
When we make a payment have to record below Entry:
Dr AP
Cr Bank
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long-term liabilities
ThTo achieve balance it should add to long term Laibilities
