Question: 1. If a $4,000 debit to Equipment in a journal entry is incorrectly posted to the ledger as a $4,000 credit, and the ledger account has a resulting debit balance of $20,000, what is the effect of this error on the Trial Balance column totals?
2. Define and describe revenues and expenses.
3. Define and describe assets, liabilities, and equity
4. Provide the names of two (a) asset accounts, (b) liability accounts, and (c) equity accounts.