Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

1.Complete the following chart to show the effect of errors on a trial balance. Trial balance will not balance Trial balance will ' Credits balance

1.Complete the following chart to show the effect of errors on a trial balance.

image text in transcribed
Trial balance will not balance Trial balance will ' Credits balance but will greater than greater than not be correct Error Situation ' debits b $ LI . __ An entire general journal entry for $80 is not posted. The Wages Expense account balance of $22 000 is listed on the trial balance as a credit. An entire general journal entry for $200 is posted in reverse, that is, the debit amount was posted to the credit account, and the credit amount was posted to the debit account. A $500 credit is posted as a debit. . The Bank account is understated by $ 160. . The Drawings account balance of $3500 is listed on the trial balance as a credit

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

Financial Accounting

Authors: Carl S. Warren, Christine Jonick, Jennifer Schneider

16th Edition

1337913103, 9781337913102

More Books

Students also viewed these Accounting questions

Question

Why is it important to study the small business failure rate?

Answered: 1 week ago

Question

What is job rotation ?

Answered: 1 week ago

Question

Always have the dignity of the other or others as a backdrop.

Answered: 1 week ago