Understanding Accounting
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When I find an error, I correct the material and record the change here. Each link opens the corrected version.

Slides · · ACC 300 Meeting 1

Duplicate insurance entry and trial-balance totals

Error
The slide displayed the wrong answer. It treated the $3,600 debit and credit from the duplicate journal entry as increases to the trial balance's debit and credit columns.
Why it was incorrect
A trial balance reports ending account balances, not the debit and credit lines in one journal entry. had a debit balance, so the $3,600 credit decreases that debit balance. It does not add $3,600 to the trial balance's credit column.
Correction
The corrected display shows the duplicate entry separately from the resulting account balances. increases by $3,600 and decreases by $3,600. Both trial-balance totals remain $60,500.

View the corrected example on slide 39

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