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Which of the items will not be included in a trial balance

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Reference no: EM132782409

Question 1: Suppose an entity purchases P50,000 computer as goods on credit from a supplier.

The journal entry should be:

Account to be debited         Account to be credited

?. Computer                         Accounts Payable

b. Accounts Receivable                  Computer

?. Purchases                       Accounts Payable

d. Purchases                       Accounts Receivable

Question 2: Without the use of a trial balance,_____

a. double-entry system will not be applied in accounting

b. there are no other ways to identify whether there are any problems

c. accounting ratios cannot be calculated

d. inequality between debit and credit balances cannot be easily found

Question 3: Which of the following items will not be included in a trial balance?

a. opening inventory

b. trade discounts

c. accounts receivable

d. accounts payable

Reference no: EM132782409

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