You are told the column totals in a trial balance are not equal. After careful analysis, you discover only one error. Specifically, a correctly journalized credit purchase of an automobile for $18,950 is posted from the journal to the ledger with an $18,950 debit to Automobiles and another $18,950 debit to Accounts Payable. The Automobiles account has a debit balance of $37,100 on the trial balance. Answer each of the following questions and compute the dollar amount of any misstatement. Exercise 2-21 Part (a through d) Part (a through d): For each of the following statements: 1. Select the appropriate choice from the 'Account Status' column 2. In cases where the amount is understated or overstated, use the 'Amount' column to fill in the amount by which the account or trial balance total is understated or overstated. (Enter the amounts understated with a minus sign.) Statements a. The debit column total of the trial balance b. The credit column total of the trial balance c. The balance of the automobiles account in the trial balance d. The balance of the accounts payable account in the trial balance Account Status Amount

You are told the column totals in a trial balance are not equal. After careful analysis, you discover only one error. Specifically, a correctly journalized credit purchase of an automobile for $18,950 is posted from the journal to the ledger with an $18,950 debit to Automobiles and another $18,950 debit to Accounts Payable. The Automobiles account has a debit balance of $37,100 on the trial balance. Answer each of the following questions and compute the dollar amount of any misstatement. Exercise 2-21 Part (a through d) Part (a through d): For each of the following statements: 1. Select the appropriate choice from the 'Account Status' column 2. In cases where the amount is understated or overstated, use the 'Amount' column to fill in the amount by which the account or trial balance total is understated or overstated. (Enter the amounts understated with a minus sign.) Statements a. The debit column total of the trial balance b. The credit column total of the trial balance c. The balance of the automobiles account in the trial balance d. The balance of the accounts payable account in the trial balance Account Status Amount

College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)

22nd Edition

ISBN:9781305666160

Author:James A. Heintz, Robert W. Parry

Publisher:James A. Heintz, Robert W. Parry

Chapter4: Journalizing And Posting Transactions

Section: Chapter Questions

Problem 8SEA: FINDING AND CORRECTING ERRORS Joe Adams bought 500 worth of office supplies on account. The...

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Question 10 of 20: 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? OA. An asset with a balance of $63 was mistakenly entered in the ledger as a credit for that amount, instead of a debit OB. 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 debe 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 Mark for review (Will be highlighted on the review page) # Previous Question Type here to search Next Question >> Jury O Ri G
If a $335.00 debit item in the general journal is posted as a credit: By how much will the trial balance be out of balance? Explain how you might detect such an error.
27. A debit balance of R1 123 in the general ledger was shown in the trial balance as a credit balance of R2 123. By how much will the trial balance not balance due to the above-mentioned error? A. R3 246 B. R3 266 C. R1 000 D. R1 633
FINDING AND CORRECTING ERRORS On May 25, after the transactions had been posted, Joe Adams discovered that the following entry contains an error. The cash received represents a collection on account, rather than new service fees. Correct the error in the general journal using a correcting entry.
Chapter 6 - Correction of Errors CHAPTER 6: REVIEW QUESTIONS - COMPUTATIONAL PROBLEM 6-1 Income Statement and SFP Errors You discovered the following errors in connection with your examination of the financial statements of Jessica Corporation: 1) Interest expense of P20,000 in 2020 was erroneously debited to rent expense. 2) Accounts receivable of P30,000 in 2020 was erroneously debited to notes receivable. 19 191 The following data were extracted from the financial statements of Jessica Corporation: 2s 2020 2021 wolld 100,000 300,000 100,000 150,000 400,000 250,000 Net income Working capital RE, end of the year
4. Complete the following chart to show the effect of errors on a trial balance Trial balance will not balance Trial balance will Debits Credits balance but will greater than greater than not be correct Error Situation credits by ($) debits by ($) (r) A. A transaction for $500 was journalized and posted as $50. B. A debit of $200 to Bank was posted to a customer's account. c. An account with a credit balance of $300 in the ledger was placed on the debit side of the trial balance. D. A Supplies balance of $500 was not placed on the trial balance. E. A credit of $200 was posted twice. F. An entire journal entry for $350 was not posted. G. The Revenue account balance of $42 000 was listed on the trial Page 4
A £500 cash sale was entered as a debit in the sales account and a credit in the bank account. What type of error is this? Select one: A. Compensating B. Ommission C. Reversal of entries O D. Original entry E. Commission O F. Principle
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 >>
Accounts Receivable Allowance for Doubtful Accounts Sales Revenue 1. 2. 3. Using the data above, give the journal entries required to record each of the following cases. (Each situation is independent.) 4. 1. 2. 3. 4. No. Account Titles and Explanation (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) To obtain additional cash, Waterway factors without recourse $24,300 of accounts receivable with Stills Finance. The finance charge is 10% of the amount factored. To obtain a 1-year loan of $58,900, Waterway pledges $67,000 of specific receivable accounts to Crosby Financial. The finance charge is 8% of the loan; the cash is received and the accounts turned over to Crosby Financial. Cash Dr. The company wants to maintain the Allowance for Doubtful Accounts at 5% of gross accounts receivable. Based on an aging analysis, an allowance of $5,577…
Finding and Correcting Errors On May 25, after the transactions had been posted, Joe Adams discovered that the following entry contains an error. The cash received represents a collection on account, rather than new service fees. 20-> May 23 DATE I May 25 2 3 Cash Correct the error in the general Journal using a correcting entry. Page: 1 Print harm Service Fees Received cash for services previously earned ACCOUNT TITLE To correct entry of May 23 DOC. POST. NO. REF. Check My Work 5 mare Check My Work uses remaining. 101 401 DEBIT CREDIT 1 2 3 1,400.00 1,400.00 All work saved. Email
Chavez Company most recently reconciled its bank statement and book balances of cash on August 31 and it reported two checks outstanding, No. 5888 for $1,037 and No. 5893 for $502. Check No. 5893 was still outstanding as of September 30. The following information is available for its September 30 reconciliation. From the September 30 Bank Statement PREVIOUS BALANCE TOTAL CHECKS AND DEBITS TOTAL DEPOSITS AND CREDITS CURRENT BALANCE 18,000 9,915 11,479 19,564 CHECKS AND DEBITS DEPOSITS AND CREDITS Date No. Amount Date Amount 09/03 09/04 09/07 09/17 09/20 09/22 09/22 09/28 09/29 09/05 09/12 09/21 09/25 09/30 09/30 5888 1,163 2,228 4,012 2,368 18 IN 1,037 781 5902 5901 1,900 670 NSF 936 378 2,097 264 1,852 5905 5903 5904 1,690 CM 5907 5909 From Chavez Company's Accounting Records Cash Receipts Deposited Cash Date Debit Sept. 5 12 1,163 2,228 4,012 2,368 1,660 21 30 11,431 Cash Payments Cash Check No. Credit 5901 1,900 781 5902 5903 5904 378 2,054 936 1,034 264 5905 5906 5907 5908 5909 391…
background info: Green checkmark means that entry is correct, red is wrong. There is only supposed to be a total of 19 entries. look at 1 picture with the complete journal and adjust to fit the allowance method to go into the second table with green and red corrections. The first entry....you are removing the account so you have to remove the allowance and related receivable (2 parts) The second entry...you want to record the cash received, the removal of the allowance and related receivable (3 parts) The third entry...recording a credit sales (2 parts) The fourth entry...setting up receivable and the allowance (2 parts) The fifth entry...record collection of a previously recorded credit sale (2 parts) The sixth entry...record collection of a previously recorded credit sale (2 parts) The seventh entry...adjusting the allowance by reducing the allowance and reducing 5 customer receivable accounts (6 parts) 1. Finalize the journal entries shown on the Fan-Tastic Sports Gear Inc. panel…