Question

Question

Imagine the accounting team forgot that your company had to pay property taxes on its warehouse. Assuming the tax bill hasn’t been paid yet, where could your accountants attempt to fix this error through budget adjustments?

(1 point)
Responses

worksheet

worksheet

trial balance

trial balance

general ledger

general ledger

journal entry

journal entry
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Answer 1

To fix the error of unpaid property taxes through budget adjustments, the accountants could make the correction in the general ledger.

The general ledger is where all accounts are maintained, and adjustments to correct errors or record missed expenses, such as the property tax, would typically be made there. After identifying the error, they would make a journal entry to reflect the expense and the liability for the unpaid property taxes in the general ledger.

So, the correct response is general ledger.