Accounting · Trial Balance and Rectification of Errors
An accountant extracted a trial balance that failed to agree. The following balances were identified: IBM Property, plant and equipment: $209,000 Inventory: $4,600 Payables: $6,300 Receivables: $5,900 Bank overdraft: $790 Loan: $50,000 Capital: $100,000 Drawings: $23,000 Sales: $330,000 Purchases: $168,200 Sales returns: $7,000 Sundry expenses: $73,890 If the trial balance is made to agree by inserting a suspense account balance, what is the value and nature of that balance?
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