At your client site, the Payables period-close processes have been performed. The Payables
transfer to GL has been completed, and the resulting journal entries have been posted to
GL. The current Payables period has been closed. The Accounts Payable Trial Balance (last
day of prior period) + Posted Invoices – Posted Payments equals the Accounts Payable Trial
Balance (last day of current period). However, the balance in the AP liability account in GL
for the current period does not equal the Accounts Payable Trial Balance (last day of the
current period). What is the possible reason?
A.
Inventory has not closed for the current period.
B.
Purchasing has not closed for the current period.
C.
Period-end accrual journals have been reversed in GL.
D.
Manual journals have been posted to the AP liability account in the current period in GL.