Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

eBook Effect of Errors on Trial Balance YouTube Maps G Google CryptoFeeSaver | Fi The following errors occurred in posting from a two-column journal:

image text in transcribedimage text in transcribed

eBook Effect of Errors on Trial Balance YouTube Maps G Google CryptoFeeSaver | Fi The following errors occurred in posting from a two-column journal: 1. A credit of $7,210 to Accounts Payable was not posted. 2. An entry debiting Accounts Receivable and crediting Fees Earned for $20,000 was not posted. 3. A debit of $740 to Accounts Payable was posted as a credit. 4. A debit of $1,580 to Supplies was posted twice. 5. A debit of $2,040 to Cash was posted to Miscellaneous Expense. 6. A credit of $250 to Cash was posted as $520. 7. A debit of $1,420 to Wages Expense was posted as $1,240. Considering each case individually (I.e., assuming that no other errors had occurred): (a) Indicate by "yes" or "no" whether the trial balance would be out of balance. (b) If the answer to (a) is "yes", indicate the amount by which the trial balance totals would differ. (c) Indicate whether the debit or credit column of the trial balance would have the larger total. If "no", enter "O" in the difference column and select "neither" from the drop box under "Larger Total". Enter all amounts as positive numbers. Answers should be presented in the following form, with error (1) given as an example: Error Out of balance 1. Yes 2. 3. Difference $7,210 Larger Total Debit 56F Sunny B 181 H 94 2/11

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

Intermediate Accounting

Authors: Donald E. Kieso, Jerry J. Weygandt, And Terry D. Warfield

13th Edition

9780470374948, 470423684, 470374942, 978-0470423684

Students also viewed these Accounting questions

Question

Define psychology and cite its four major goals.

Answered: 1 week ago