Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

1 points A bookkeeper manually finds ledger balances from the general journal and transcribes balances by hand to the woristeet. The trial balance below shows

image text in transcribed
image text in transcribed
image text in transcribed
1 points A bookkeeper manually finds ledger balances from the general journal and transcribes balances by hand to the woristeet. The trial balance below shows that debits do not equal credits. The difference, as you can see, is 6,000 in credits: Account Dr Cr Bank 12.000. Accounts Receivable 3.000. Vehicle 13,500 Accounts Payable 6.000 HST Payable 350. Owner, Capital 24.300 Owner, Drawings 7.750 Fees 9.200. Rent Expense 3.000 Licensing Expense 400. Cellphone Expense 200. Total 36,850. 42.850 If the journal entries supporting the balances are all correct and have normal balances, what is the most awyerto! Rent Expense Licensing Expense Cellphone Expense 3,000 400 200. 36,850. 42,850 Total If the journal entries supporting the balances are all correct and have normal balances, what is the most likely error? Accounts Payable is on the wrong side Rent Expense is on the wrong side Accounts Receivable is on the wrong side O Everything looks in order-whatever the error, the trial balance doesn't show it Moving to the next question prevents changes to this answer. av 4 ili w 25 2 8c ^ A bookkeeper manually finds ledger balances from the general journal and transcribes balances by hand to the worksheet. The trial balance below shows that debits do not equal credits. The difference, as you can see, is 6,000 in credits: Account Dr Cr Bank 12.000 Accounts Receivable 3,000 Vehicle 13,500. Accounts Payable 6,000 HST Payable 350 Owner, Capital 24,300. Owner, Drawings 7.750 Fees 9.200. Rent Expense 3,000 Licensing Expense Cellphone Expense Total 36,850, 42,850 400. 200 If the journal entries supporting the balances are all correct and have normal balances, what is the most wly error! GIV

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting Information Systems Understanding Business Processes

Authors: Brett Considine, Alison Parkes, Karin Olesen, Michael Lee, Derek Speer

3rd Edition

1742165559, 978-1742165554

More Books

Students also viewed these Accounting questions

Question

16.7 Describe the three steps in the collective bargaining process.

Answered: 1 week ago