An owner's withdrawal (A dividend ) account normally has a credit balance.
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Post-closing trial balance is prepared after all the adjusted entries have been journalized and posted.
The Owner’s Withdrawals (The dividends) account is a real account that will be carried forward period after period.
Owner’s withdrawals (Dividends) are expenses. ( )
Which of the following errors would make the trial balance out of balance? ()
A. The cash payment of a $750 account payable was posted as a debit to Accounts Payable and a debit to Cash for $750.
B. The purchase of office supplies on account for $3,250 was erroneously recorded in the journal as $2,350 debit to Office Supplies and credit to Accounts Payable.
C. A $50 cash receipt for the performance of a service was not recorded at all.
D. The purchase of office equipment for $1,200 was posted as a debit to Office Supplies and a credit to Cash for $1,200.