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In a trial balance, if the total debits amount to $20,000 and the total credits

Practice Questions

Q1

In a trial balance, if the total debits amount to $20,000 and the total credits amount to $18,000, what is the difference that needs to be adjusted?

$2,000
$1,000
$0
$3,000

Questions & Step-by-Step Solutions

In a trial balance, if the total debits amount to $20,000 and the total credits amount to $18,000, what is the difference that needs to be adjusted?

Step 1: Identify the total debits, which is $20,000.
Step 2: Identify the total credits, which is $18,000.
Step 3: Subtract the total credits from the total debits: $20,000 - $18,000.
Step 4: Calculate the result of the subtraction, which is $2,000.
Step 5: Conclude that the difference that needs to be adjusted is $2,000.

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