hand. (a) Assuming no errors occurred during journalizing or posting, what caused this unusual balance? (b) Is the $1,850 credit balance in the cash account an asset, a liability,
Q: Which of the following is always recorded in the general journal? a. services rendered for cash b.…
A: General journal means a book of prime entry where entry is recorded at first point in chronological…
Q: If the credit to record the payment of an account payable is not posted,a. cash will be…
A: The correct option is option “a”. a. cash will be overstated.
Q: 10. Received $3,000 from John Smith in partial payment of accounts receivable. Identify the two…
A:
Q: Which of the following errors would cause a trial balance to have unequal totals? Explain your…
A: Definition: Trial balance: Trial balance is the summary of accounts and their debit and credit…
Q: Which of the following errors would not affect net income? A. Post-dated checks are classified as…
A:
Q: .All statement are limitations of trial balance Except: OMR 650 collected from customer, is debited…
A: As posted multiple independent questions we are answering only first question kindly repost the…
Q: Entries to Correct Errors The following errors took place in journalizing and posting transactions:…
A: Journal is a place where accounting transactions are listed in the book keeping system before ledger…
Q: Assume that when a purchase of supplies of $2,650 for cash was recorded, both the debit and the…
A: a) State whether the given error would cause the trial balance to be out of balance. No, the given…
Q: The collection of accounts of Customer Alexander is recorded as a credit to the ledger of Customer…
A: This error is a self balancing error. One account is credited instead of other. It auto balances the…
Q: Hly Rired you because they're aware that you're familiar with financial statements and what should…
A: Working notes: Correct Balance sheet Assets Liabilities…
Q: The following journal entry was found in the records of Ross Company: Debit Cash P 200; Credit…
A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…
Q: Which of the following record keeping errors would result in the wrong total for debits and credits…
A: Unadjusted trial balance has balances of all general ledger accounts without any adjustments.…
Q: If a cash purchase of an office uipment for P50,000 was debited office supplies expense by the me…
A: Solution: The effect of this journalization in the trial balance is "it require correction in…
Q: Which of the following entries records the payment of an account payable? a) Debit Accounts Payable,…
A: Accounts payable is lability and credit balance.
Q: The purchase of fixed assets totalling $ 100 on account was incorrectly recorded as a debit to…
A: Purchase of fixed assets on account should be recorded as debit to assets account and credit to…
Q: A trial balance will indicate the existence of an error if: a The purchase of…
A: The existence of an error can only be seen in a trial balance in the cases where the trial balance…
Q: Entries to Correct Errors The following errors took place in journalizing and posting transactions:…
A: The correcting entries are used to fix the error in the previously recorded entries.
Q: Choose the incorrect statement below:
A: The answer for the multiple choice question on choosing the incorrect statement and relevant…
Q: The following errors took place in journalizing and posting transactions:a. Cash of $8,800 received…
A: Rectification of journal entry means to correctly record the entry which is recorded incorrect in…
Q: hich of the following errors, each considered individually, would cause the trial balance totals to…
A: Solution: "A payment of $543 to a creditor was posted as a debit of $5,431 to Accounts Payable and a…
Q: All of the following about expense recognition principle are false, except: Oa Itis the basis for…
A: Expense represents the amount spent by the corporation during a particular period for the objective…
Q: Assume that Sunshine Realty Co. borrowed $300,000 from Columbia First Bank and Trust. In recording…
A: a) Identify the manner in which the given error would affect the equality of the trial balance.The…
Q: The following errors took place in journalizing and posting transactions:a. The receipt of $8,400…
A: a. Journalize the correcting entry to correct the error of the payment from a customer on account.
Q: Which of the following is an example of an error that would not cause the trial balance to be out of…
A: There are different types of errors that can not impact the trial balance. 1. Error of omission. 2.…
Q: At Sandhill Company, the following errors were discovered after the transactions had been…
A: No. Correct Entry Entry Made Correcting Entry Debit Credit Debit Credit Debit Credit…
Q: d. balance totals to be unequal? a. Cash and a debit of P220 to Accounts Receivable. b. A payment of…
A: Hi student Since there are multiple questions, we will answer only first question.
Q: item below that would cause the trial balance to not balance? ple Cholce ) A $1,260 collection of an…
A: Trial Balance is a summarizing statement in which balances of all ledger accounts are summarized. In…
Q: 2. Record the necessary cash adjustments. (If no entry is required for a transaction/event, select…
A: Sometimes There may be a difference in cash & passbook Balances. Usually Cash & Bank Pass…
Q: trial balance
A: following situations will cause total debit balance to be greater than the total credit balance…
Q: Which of the following errors, considered individually, would cause the trial balance totals to be…
A: Trial balance: Trial balance is a summary of all the asset, liability, and equity accounts and their…
Q: Question 2 the bookkeeper had made errors in recording several transactions. The erroneous…
A: Journal entry is a process of recording business transactions in the books of accounts for the first…
Q: The following errors took place in journalizing and posting the transactions below. Journalize the…
A: Rectification entry means where some error has been done in past and we need to rectify that errors.…
Q: Which of the following errors would cause a trial balance imbalance? (i) The discounts received…
A: Trial Balance is the Balance of ledger Account where total of debit side of trial equal to credit…
Q: Journal entries are required for the reconciling items on the book side because O A. the adjusted…
A: I am writing Question 18 as asked by the student. 18. The journal entry would be required to the…
Q: Jinan Company, the following errors were discovered after the transactions had been journalized and…
A: When sales is made on credit, then the debtor a/c is credited and not cash A/c. The rectifying entry…
Q: Which of the following errors will not affect the Trial balance? a. Wrong totaling of purchase…
A: the errors that do not affect trial balance? Trial balance is prepared when transactions posted into…
Q: The trial balance of SamSan Tech. shown below does not balance. Your review of the ledger reveals…
A: The trial balance is prepared to record the final balances of each account and further financial…
Q: When a company has performed services for a client but has not yet received payment, it: makes no…
A: As posted multiple independent questions we are answering only first question kindly repost the…
Q: Which of the following errors, each considered individually, would cause the trial balance totals to…
A: If any transaction impacted both debit and credit in the same way then the trial balance remains…
Q: roneously debited to Building of an account receivable by nonth was omitted. quisition of office…
A: Given table as,
Q: The purchase of fixed assets totalling $ 100 on account was incorrectly recorded as a debit to…
A:
Q: Each of the listed accounts has a normal balance per the general ledger. An examination of the…
A: In the given question incorrected Trial Balance is given. The error are found and after making…
Q: corrected balance of
A: (Note: Since you have posted a multi-part question, we will solve the first three parts for you. For…
Q: 6. When posting from the journal to the ledger, the accountant failed to pos debit to Cash. The…
A: Lets start with basic understanding. Journal entry is made by the entity to record the financial…
Q: trial balance does not balance. The owner believes the following mistakes WOULD cause an imbalance.…
A: A)Since the whole entry is not recorded, it will not cause any imbalance. B) since the amount is…
Q: When, at the end of an accounting period, cash has not been paid with respect to an expense that has…
A: Financial statements are prepared at the year end so that position and performance of the company…
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 2 images
- A debit balance in which of the following accounts would indicate a likely error? a.Notes Payable b.Supplies c.Salaries Expense d.Accounts ReceivableGraves Construction is journalizing two transactions related to uncollectible accounts. The first transaction does not affect cash flows. but the second transaction does affect cash flows. If Graves Construction uses the allowance method to account for uncollectibles, which of the following scenarios may pertain to these transactions? O The first transaction is to record the sale of uncollectible accounts to a factor, and the second transaction is to record the write-off of an uncollectible account. O The first transaction is to record the recovery of a previously written off collectible account, and the second transaction is to record the estimate of uncollectible accounts. The first transaction is to record the write-off of an uncollectible account, and the second transaction is to record the recovery of a previously written off uncollectible account. O The first transaction is to record the write-off of an uncollectible account, and the second transaction is to record the estimate…If the balance in Cash Short and Over at the end of a period is a credit, it should be reported as "Other Income" on the income statement. Please explain with full explanation. a. True b. False
- The purchase of fixed assets totalling $ 100 on account was incorrectly recorded as a debit to expense and a credit to cash. As a result of this error, which of the following statements is true?a. Show the journal entry to record the uncollectible accounts. b. How much will the balance sheet show as the net realizable value of the accounts receivableThe accountant for Kerns company mistakenly posted an expense amount as an asset in the general ledger. What is the financial statement impact of this error?
- Which one of the following accounts is unlikely to ever be seperately disclosed in the income statement? O A. Cost of sales O B. Bad debts O C. Interest on current bank account O D. DepreciationWhich of the following states that a transaction is not recorded in the books of accounts unless it is measurable in terms of money? a. Matching principle. b. Revenue recognition principle. c. Time period assumption. d. Monetary unit assumption.Select the best answer for the question. 10. A trial balance indicates that the debit total exceeds the credit total by $63. Which of the following errors is the most probable source of the discrepancy? A. An asset with a balance of $63 was mistakenly entered in the ledger as a credit for that amount instead of a debit B. An asset with a balance of $670 was mistakenly entered in the ledger as a $607 debit OC. A liability with a balance of $63 was mistakenly entered in the ledger as a debit for that amount, instead of a credit OD. A liability with a balance of $970 was mistakenly entered in the ledger as a $907 credit O Mark for review (Will be highlighted on the review page) Previous Question Next Question >>
- Discuss, using practical example the effect of prepayment figures on the preparation of a financial statement? Suggest Four reasons why there might be difference between the balance on the receivable ledger control account and the total list of the list of accounts receivable ledger balances.? Discuss, using practical example how revenue expenditure should not be capitalized ?Which following statement is a correct statement about the direct write-off method for calculating credit loss expense? A. It is in accordance with GAAP. B. It uses an allowance for credit losses account. C. It tends to understate accounts receivable on the balance sheet. D. It recognizes credit loss expense when a specific account is determined to be uncollectible.When an uncollectible account is recovered after it has been written off, which of the following accounts will be credited in the process? O Allowance for Doubtful Accounts and Cash O Accounts Receivable and Allowance for Doubtful Accounts O Cash and Account Receivable O Allowance for Doubtful Accounts and Bad Debts Expense