A $200 payment on a notes payable posted as a debit to notes payable and a debit to cash. This error will cause:
A)the trial balance to be in balance.
B)the sum of the credits to exceed the sum of the debits by $400.
C)the sum of the debits to exceed the sum of the credits by $400.
D)the sum of the debits to exceed the sum of the credits by $200.

Question

Quizplus · Accepted Answer

The error results in an extra $200 debit to cash instead of a credit, causing total debits to exceed credits by $400.

A $200 Payment on a Notes Payable Posted as a Debit