Which of the following errors will cause an imbalance in the trial balance?
a. Omission of a transaction in the journal.
b. Posting an entire journal entry twice to the ledger.
c. Posting a credit of $720 to Accounts Payable as a credit of $720 to Accounts Receivable.
d. Listing the balance of an account with a debit balance in the credit column of the trial balance.
Ans: d. Listing the balance of an account with a debit balance in the credit column of the trial balance.
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a. is lent to businesses to fund capital projects. b. generally earns interest for the depositors. c. is an important factor in the economic growth of a country. d. all of the above
A seller lists a 1.1 acre vacant residential lot asking $10,000. His broker decides to offer the financing himself. The broker runs an ad saying, "A $3,000 downpayment will get you beautiful residential acreage." Is more credit information needed?
A. No, because Regulation Z doesn't apply to vacant land B. No, because the value was under $25,000 C. Yes, because a real estate broker is offering financing D. Yes, because the downpayment amount was given