Assume that when a purchase of supplies of $3,100 for cash was recorded, both the debit and
Question:
(a) Would this error cause the trial balance to be out of balance?
(b) Would the trial balance be out of balance if the $3,100 entry had been journalized correctly but the credit to Cash had been posted as $1,300?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 80% (15 reviews)
a No Because the same error occurred on both the debit s...View the full answer
Answered By
Tobias sifuna
I am an individual who possesses a unique set of skills and qualities that make me well-suited for content and academic writing. I have a strong writing ability, allowing me to communicate ideas and arguments in a clear, concise, and effective manner. My writing is backed by extensive research skills, enabling me to gather information from credible sources to support my arguments. I also have critical thinking skills, which allow me to analyze information, draw informed conclusions, and present my arguments in a logical and convincing manner. Additionally, I have an eye for detail and the ability to carefully proofread my work, ensuring that it is free of errors and that all sources are properly cited. Time management skills are another key strength that allow me to meet deadlines and prioritize tasks effectively. Communication skills, including the ability to collaborate with others, including editors, peer reviewers, and subject matter experts, are also important qualities that I have. I am also adaptable, capable of writing on a variety of topics and adjusting my writing style and tone to meet the needs of different audiences and projects. Lastly, I am driven by a passion for writing, which continually drives me to improve my skills and produce high-quality work.
5.00+
1+ Reviews
10+ Question Solved
Related Book For
Financial and Managerial Accounting
ISBN: 978-0538480895
11th Edition
Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren
Question Posted:
Students also viewed these Cost Accounting questions
-
Assume that when a purchase of supplies of $1,030 for cash was recorded, both the debit and the credit were journalized and posted as $1,300. (a) Would this error cause the trial balance to be out of...
-
Assume that when a purchase of supplies of $1,380 for cash was recorded, both the debit and the credit were journalized and posted as $1,830. (a) Would this error cause the trial balance to be out of...
-
Assume that when a purchase of supplies of $2,650 for cash was recorded, both the debit and the credit were journalized and posted as $2,560. (a) Would this error cause the trial balance to be out of...
-
Have leadership scholars, over the past 50 years, managed to produce a clear, cookie-cutter profile of the ideal leader through more than 1,000 studies
-
On January 10, 2017, Kato Kreations sold merchandise on account to Lechner & Associates for $15,600, n/30. On February 9, Lechner gave Kato a 10% promissory note in settlement of this account....
-
Movements along a supply curve are called changes in quantity supplied, while shifts to new supply curves are called changes in supply. 1. Explain the differences between a change in quantity...
-
Wesley Parks Pencil Company is considering the purchase of a new machine to make pencils. The cost of the machine is \($248,000\). The pencil machine has an estimated useful life of 10 years and an...
-
The Jimenez Corporation's forecasted 2011 financial statements follow, along with some industry average ratios. a. Calculate Jimenez's 2011 forecasted ratios, compare them with the industry average...
-
H5. Simon Software Co. is trying to estimate its optimal capital structure. Right now, Simon has a capital structure that consists of 20% debt and 80% equity, based on market values. (Its D/S ratio...
-
Advanced Micro Devices, Inc. (AMD) is a global semiconductor company with facilities around the world. AMD began operations in 1969. Texas Instruments, Inc. is the company that invented the...
-
If the two totals of a trail balance are equal, does it mean that there are no errors in the accounting records? Explain.
-
Assume that Timberline Consulting erroneously recorded the payment of $9,000 of dividends as a debit to Salary Expense. (a) How would this error affect the equality of the trial balance? (b) How...
-
1. How can Ashley be a more effective team leader? 2. What can Ashley do to get her team more interested in functioning as a team? 3. Based on whatever information you have found in the case, what is...
-
In the real world, the notification management system consists of two parts, one is to allow clients to subscribe/unsubscribe the notification, and another part is to facilitate administrator(s) to...
-
A single-phase full-bridge inverter feeds a resistive load of R = 50 at nominal voltage 220V/50Hz from 400V DC supply. If unipolar SPWM technique is used and the carrier frequency is 5KHz, answer the...
-
Explain how a company could benefit from the net present value (NPV) method and the internal rate-of-return (IRR) method. What are the main shortcomings of the NPV and IRR methods? Explain the...
-
When the market value of an investment in debt securities exceeds its amortized cost, how should each of the following assets be reported at the end of the year?
-
On Monday morning in June 2021, CEO of DDM Labs Ivan Novak just adjourned the management board meeting at DDM Labs. The motivation of the management team was somewhat down. The profit generated in...
-
Multinational corporations operating in a global context face additional challenges when it comes to managing their human resources. For example, HR managers need to decide what standards and...
-
Funds are separate fiscal and accounting entities, each with its own self-balancing set of accounts. The newly established Society for Ethical Teachings maintains two funds-a general fund for...
-
Before January 1, 2005, Norwegian Telenor ASA prepared its financial statements according to Norwegian Generally Accepted Accounting Principles (N GAAP). Starting in 2005, Telenor ASA used...
-
Excerpted financial information from the records of The Gap, Inc., a major clothing retailer, follows (dollar in million s)" a. Compute the current ratio for each year.b. Compute the gross margin for...
-
Beecham Limited began operations in early 2010. summaries of the statements of cash flows for 2012, 2011, and 2010 follow: a. Compute the missing dollar amounts, and briefly comment on the company's...
-
The following data are from the 2012 financial report of Generic Clothing Company: a. Based upon the above data, compute the following for Generic Clothing Company for both 2011 and 2012:(1) The...
-
If 57% of the people in a community use the emergency room at a hospital in one year, a sample of 11 people use the emergency room. Find the probability of at least 5 people use the emergency room. O...
-
Data validation works for setting a reasonable range for _______. a. Both inputs and formulas b. Formulas c. Inputs d. All types of data
-
What is the science of fact-based decision making? A. Analytics B. Structured decisions C. Unstructured decisions D. Semistructured decisions
Study smarter with the SolutionInn App