Question :
121.A trial balance that out of balance indicates that:
A.The number : 1237566
121.A trial balance that is out of balance indicates that:
A.The number of ledger accounts with debit balances is not equal to the number of accounts with credit balances.
B.A debit has been posted to the wrong account.
C.There is not an equality of debit and credit amounts in the ledger.
D.A journal entry has been completely omitted from the posting process.
122.A trial balance consists of:
A.A two-column schedule of all debit and credit entries posted to ledger accounts.
B.A two-column financial statement intended for distribution to interested parties outside the business.
C.A two-column schedule showing the totals of all debits and of all credits made in journal entries.
D.A two-column schedule listing names and balances of all ledger accounts.
123.Which of the following errors would be disclosed by preparation of a trial balance?
A.The collection of an account receivable was recorded by a debit to the Land account rather than to the Cash account.
B.The collection of an account receivable for $219 was recorded by a $291 debit to Cash and a $291 credit to Accounts Receivable.
C.The collection of a $365 account receivable was not recorded at all.
D.The collection of a $325 account receivable was recorded by a $325 debit to Cash and a $325 debit to Accounts Receivable.
124.Which of the following errors would not be disclosed by preparation of a trial balance?
A.An error was made in computing the balance of the Cash account.
B.A journal entry included a debit to the Equipment account for $3,200, but this amount was erroneously posted as $2,300.
C.During the posting process, a $1,700 debit to Cash was accidentally entered in the credit side of the Cash account.
D.The journal entries recorded on the last day of the year have never been posted to the ledger.
Montauk Oil Co. reports these account balances at December 31, 2014 On January 2, 2015, Montauk Oil collected $50,000 of its accounts receivable and paid $20,000 of its accounts payable.
125.Refer to the information above. In a trial balance prepared at December 31, 2014 the total of the debit column is:
A.$1,540,000.
B.$780,000.
C.$1,020,000.
D.$700,000.
$80,000 + $100,000 + $200,000 + $160,000 + $240,000 = $780,000
126.Refer to the information above. In a trial balance prepared at January 3, 2015, the total of the debit column is:
A.$760,000.
B.$1,570,000.
C.$740,000.
D.$370,000.
$110,000 + $50,000 + $200,000 + $160,000 + $240,000 = $760,000 or$780,000 (from above) – $20,000 payment of liability = $760,000
Ceramic Products, Inc. reports these account balances at January 1, 2015 (shown in alphabetical order): On January 5, Ceramic Products collected $12,000 of its accounts receivable and paid $11,000 on its note payable.
127.Refer to the information above. In a trial balance prepared for Ceramic Products on January 1, 2015, the total of the credit column is:
A.$182,000.
B.$196000.
C.$166,000.
D.$286,000.
$24,000 + $28,000 + $185,000 + $49,000 = $286,000
128.Refer to the information above. In a trial balance prepared on January 6, 2015, the total of the credit column is:
A.$275,000.
B.$286,000.
C.$287,000.
D.$297,000.
$28,000 + $13,000 + $185,000 + $49,000 = $275,000
Indirect Oil Co. reports these account balances at December 31, 2014 On January 2, 2015, Indirect Oil collected $25,000 of its accounts receivable and paid $20,000 of its accounts payable.
129.Refer to the information above. In a trial balance prepared at December 31, 2014 the total of the debit column is:
A.$805,000.
B.$780,000.
C.$415,000.
D.$390,000.
$100,000 + $80,000 + $40,000 + $50,000 + $120,000 = $390,000
130.Refer to the information above. In a trial balance prepared at January 3, 2015, the total of the debit column is:
A.$760,000.
B.$825,000.
C.$740,000.
D.$370,000.
$100,000 + $80,000 + $45,000 + $25,000 + $120,000 = $370,000 or$390,000 (from above) – $20,000 payment of liability = $370,000
Wilson Trucking, Inc. reports these account balances at January 1, 2015 (shown in alphabetical order): On January 5, Wilson Trucking collected $175,000 of its accounts receivable, paid $150,000 on its accounts payable, and paid $11,000 on its note payable.
131.Refer to the information above. In a trial balance prepared for Wilson Trucking on January 1, 2015, the total of the credit column is:
A.$1,580,000.
B.$1,560,000.
C.$1,620,000.
D.$3,120,000.
$220,000 + $680,000 + $520,000 + $140,000 = $1,560,000
132.Refer to the information above. In a trial balance prepared for Wilson Trucking on January 6, 2015, the total of the debit column is:
A.$1,580,000.
B.$1,399,000.
C.$1,620,000.
D.$3,120,000.
$25,000 + $480,000 + $174,000 + $320,000 + $400,000 = $1,399,000
133.Refer to the information above. In a trial balance prepared on January 6, 2015, the total of the credit column is:
A.$1,350,000.
B.$1,399,000.
C.$1,560,000.
D.$1,721,000.
($220,000 – $150,000 = $70,000) + $680,000 + ($520,000 – $11,000 = $509,000) + $140,000 = $1,399,000
134.The need for familiarity with accounting concepts is:
A.Limited to those planning a career in accounting.
B.Limited to those planning to pursue the CPA credential.
C.Universal for each and every career path.
D.Necessary for anyone entering the world of business.
or Waypoint 
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