Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Effect of Errors on Trial Balance The following errors occurred in posting from a two-column journal: 1. A credit of $8,090 to Accounts Payable was

image text in transcribed

Effect of Errors on Trial Balance The following errors occurred in posting from a two-column journal: 1. A credit of $8,090 to Accounts Payable was not posted. 2. An entry debiting Accounts Receivable and crediting Fees Earned for $22,300 was not posted. 3. A debit of $1,240 to Accounts Payable was posted as a credit. 4. A debit of $1,480 to Supplies was posted twice. 5. A debit of $2,210 to Cash was posted to Miscellaneous Expense. 6. A credit of $160 to Cash was posted as $610. 7. A debit of $3,960 to Wages Expense was posted as $3,690. 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 "0" 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 Difference Larger Total Debit 1. Yes $8,090 2. $ 3. $ 4. $ 5. 6. 7 $

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

A Communication Audit Handbook Helping Organizations Communicate

Authors: Seymour Hamilton

1st Edition

0801300614, 978-0801300615

More Books

Students also viewed these Accounting questions

Question

6. What are the three characteristics associated with resilience?

Answered: 1 week ago