Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Can Someone please explain to me how b,c,d,e are correct? Thank you. Effect of Errors on Trial Balance Consider each of the following errors individually.
Can Someone please explain to me how b,c,d,e are correct?
Thank you.
Effect of Errors on Trial Balance Consider each of the following errors individually. a. A fee of $21,000 earned and due from a client was not debited to Accounts Receivable or credited to a revenue account, because the cash had not been received. b. A receipt of $11,300 from an account receivable was journalized and posted as a debit of $11,300 to Cash and a credit of $11,300 to Fees Earned. C. A payment of $4,950 to a creditor was posted as a debit of $4,950 to Accounts Payable and a debit of $4,950 to Cash. d. A payment of $5,000 for equipment purchased was posted as a debit of $500 to Equipment and a credit of $500 to Cash. e. Payment of cash dividends of $19,000 was journalized and posted as a debit of $1,900 to Salary Expense and a credit of $19,000 to Cash. Indicate which of the preceding errors cause the trial balance totals to be unequal. cand e Indicate which of the preceding errors would require a correcting entry. b, c, d and evStep by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started