Damon Davis was putting the finishing touches on the paperwork for Drano Plumbing. He estimated that the net profit would be $50,000. When he tallied the columns on the Balance Sheet, he saw that the...

Extracted text: Damon Davis was putting the finishing touches on the paperwork for Drano Plumbing. He estimated that the net profit would be $50,000. When he tallied the columns on the Balance Sheet, he saw that the debit column equaled $400,000 and the credit column totaled $300,000. What was the most likely reason for the discrepancy in results? If this was not the root of the problem, what should he do to identify the source of the problem?