Question

If a company recorded an adjusting entry by debiting Interest Expense for $500 and Interest Payable for $50 in error, then the ______.

Answer 1

If a company recorded an adjusting entry by debiting Interest Expense for $500 and Interest Payable for $50 in error, then the: Adjusted trial balance's debits side will not equal its credits  side.

Adjusted trial balance

Based on the information given debiting Interest Expense for $500 was right and debiting Interest Payable for $50 was wrong.

Reason being that  Interest expense is a debit entry because expenses are supposed to be debited while interest payable is a credit entry.

Based on this  the adjusted trial balance's debits side will not equal its credits  side.

Inconclusion If a company recorded an adjusting entry by debiting Interest Expense for $500 and Interest Payable for $50 in error, then the: Adjusted trial balance's debits side will not equal its credits  side.

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