Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Efrect of errors on trial balance The following errors occurred in posting from a two - column journal: A credit of $ 5 , 2

Efrect of errors on trial balance
The following errors occurred in posting from a two-column journal:
A credit of $5,280 to Accounts Payable was not posted.
An entry debiting Accounts Receivable and crediting Fees Earned for $15,600 was not posted.
A debit of $730 to Accounts Payable was posted as a credit.
A debit of $2,410 to Supplies was posted twice.
A debit of $1,120 to Cash was posted to Miscellaneous Expense.
A credit of $490 to Cash was posted as $940.
A debit of $8,510 to Wages Expense was posted as $8,150.
Considering each case individually (i.e., assuming that no other errors had occurred):
(a) Indicate by "yes" or "no" whether the trial balance would be out of balance.
(b) If the answer to (a) is "yes", indicate the amount by which the trial balance totals would differ.
(c) Indicate whether the debit or credit column of the trial balance would have the larger total.
If "no", enter "0" in the difference column and select "neither" from the drop box under "Larger Total". Enter all amounts as positive numbers. Answers should be presented in the fo as an example:
\table[[Error,Out of Balance,,,Larger Total],[1.,Yes,,280,Debit],[2.,,$,,
image text in transcribed

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

Introduction To Managerial Accounting

Authors: Peter Brewer, Ray Garrison, Eric Noreen, Suresh Kalagnanam, Ganesh Vaidyanathan

6th Canadian Edition

1260060411, 9781260060416

More Books

Students also viewed these Accounting questions

Question

What are the three components of the CIA triangle?

Answered: 1 week ago