Does it mean that there are no errors in the accounting

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Question: McIntyre Company adheres to a policy of depositing all cash receipts in a bank account and making all payments by check. The cash account as of December 31 has a credit balance of $1,850, and there is no undeposited cash on hand. (a) Assuming no errors occurred during journalizing or posting, what caused this unusual balance? (b) Is the $1,850 credit balance in the cash account an asset, a liability, stockholders' equity, a revenue, or an expense?

If the two totals of a trial balance are equal, does it mean that there are no errors in the accounting records? Explain

Reference no: EM133378592

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