At year-end, a trial balance showed total credits exceeding total debits by $4,950. This difference could have been caused by:
Multiple Choice
The balance of $5,500 in the Office Equipment account being mistakenly entered on the trial balance as a debit of $550.
An error in the general journal where a $4,950 increase in Accounts Receivable was recorded as an increase in Cash.
A net income of $4,950.
The balance of $49,500 in Accounts Payable being mistakenly entered in the trial balance as $4,950.
An error in the general journal where a $4,950 increase in Accounts Payable was mistakenly recorded as a decrease in Accounts Payable.