Reference no: EM132703314
Problem 1: A bookkeeper incorrectly journalized a cash payment of $16,400 to a supplier as a debit to cash and a credit to accounts payable for $16,400. What is the impact of this error on the trial balance, the cash account, and the accounts payable account? (Hint: draw the relevant T-accounts!)
Select one:
a. The trial balance would be in balance, cash would be understated by $32,800, and accounts payable would be understated by $32,800
b. The debit side of the trial balance would be $32,800 higher than the credit side of the trial balance, cash would be correctly stated, and accounts payable would be correctly stated
c. The credit side of the trial balance would be $32,800 higher than the debit side of the trial balance, cash would be correctly stated, and accounts payable would be correctly stated
d. The trial balance would be in balance, cash would be overstated by $32,800, and accounts payable would be overstated by $32,800
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