GIVE DETAILED EXPLANATIONS
The payment of an insurance premium of $2, 340 for a three year policy was debited to prepaid insurance for $3, 240 and credited to cash for $3, 240. If the totals on the trial balance are not equal, by how much is one column higher than the other?
The error in this transaction will not put any effect on the Trial balance because , the cash and Prepaid insurance both are debit side item and the perpaid insurance is overstated by $900(3,240-$2,340) at the same time Cash is understated by $900. so on the debit side of Trial balance will first uverstated by $900 when record prepaid insurance and again understated by $900 when record cash .
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