Errors made in journalizing transactions,posting to the ledger,and preparing the trial balance can still exist in a balanced trial balance.

Question

Quizplus · Accepted Answer

Although a trial balance is intended to ensure that debits equal credits, errors may cancel each other out, resulting in a balanced trial balance despite the existence of errors in the journalizing or posting process. These errors may still impact the accuracy of financial statements, which is why it is important to detect and correct errors as soon as possible.

Errors Made in Journalizing Transactions,posting to the Ledger,and Preparing the Trial