Ming is the Chief Accountant for Public Company which has annual sales of $100 million....
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Accounting
Ming is the Chief Accountant for Public Company which has annual sales of $100 million. At the end of the second quarter Ming is rushing to prepare a trial balance so that the quarterly financial statements can be prepared and forwarded to management and the SEC. On Ming's trial balance debits exceed credits by $5,000. In order to meet her boss' deadline, Ming decides to force the trial balance into balance by adding the amount of the difference into the A/P account. She chooses this account because it is one of the largest balances and will be the least affected percentage-wise by the error. Ming wishes she had more time to correct the error, but she figures the difference is quite small and won't affect anyone's decisions. What parties are affected by her decision? Did Ming do the right thing? Explain your answer. What accounting principles are involved?
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