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If the trial balance shows total debits of $100,000 and total credits of $95,000

Practice Questions

Q1

If the trial balance shows total debits of $100,000 and total credits of $95,000, what is the amount of the discrepancy?

$5,000 debit
$5,000 credit
$10,000 debit
$10,000 credit

Questions & Step-by-Step Solutions

If the trial balance shows total debits of $100,000 and total credits of $95,000, what is the amount of the discrepancy?

Step 1: Identify the total debits from the trial balance, which is $100,000.
Step 2: Identify the total credits from the trial balance, which is $95,000.
Step 3: Calculate the discrepancy by subtracting total credits from total debits: $100,000 - $95,000.
Step 4: The result of the subtraction is $5,000, which indicates the amount of the discrepancy.

Trial Balance – A trial balance is a statement that lists the total debits and credits of all accounts in the general ledger to ensure they are equal.
Discrepancy Calculation – The discrepancy is calculated by subtracting total credits from total debits to identify any imbalance.

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