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Part 1 of 1 - 80.0/ 100.0 PointsQuestion 1 of 1010.0/ 10.0 PointsA $150 debit to Office Equipment was entered in the account as a $150 credit. This error caused the trial balance to be out of balance by:A. $75 B. $150 C. $450 D. $300 E. None of these Answer Key: DQuestion 2 of 100.0/ 10.0 PointsA trial balance proves that no errors were made in recording transactions, posting, and in preparing the trial balance.
A. TrueB. FalseAnswer Key: FalseQuestion 3 of 1010.0/ 10.0 PointsEvery transaction always affects two or more accounts in a double-entry accounting system.A. TrueB. FalseAnswer Key: TrueQuestion 4 of 1010.0/ 10.0 PointsAll of the accounts of a specific business enterprise are referred to as a ledger.A. TrueB. FalseAnswer Key: TrueQuestion 5 of 1010.0/ 10.0 PointsRevenue is the difference between the selling price of a service and the cost of providing such service.A. TrueB. FalseAnswer Key: FalseQuestion 6 of 1010.0/ 10.0 PointsA general journal entry having two debits and a credit is a compound entry.