Exercise 2-22 (Algo) Identifying effects of posting errors on the trial balance LO P1 Posting errors are identified in the following table. In column (1), enter the amount of the difference between the two trial balance columns (debit and credit) due to the error. In column (2), identify the trial balance column (debit or credit) with the larger amount if they are not equal. In column (3), identify the account(s) affected by the error. In column (4), indicate the amount by which the account(s) in column (3) is under- or overstated. Item (a) is completed as an example. Note: Select "None" if there is no effect. Description of Posting Error (1) Difference between Debit and (2) Column with the Larger Total (3) Identify Account(s) Incorrectly Stated (4) Amount of account over or understatement Credit Columns a $1.960 debit to Rent Expense is posted as a $1,690 debit S 270 Credit Rent Expense Rent Expense is understated by $270 b: $3,920 credit to Cash is posted twice as two credits to Cash c $1.810 debit to Prepaid Insurance is posted as a debit to Insurance Expense Description of Posting Error between Debit and Credit Columns Column with the Larger Total Identify Account(s) (4) Amount of account over- or understatement Incorrectly Stated a. $1,960 debit to Rent Expense is posted as a $1,690 debit $ 270 Credit Rent Expense Rent Expense is understated by $270 b. $3.920 credit to Cash is posted twice as two credits to Cash c. $1,810 debit to Prepaid Insurance is posted as a debit to Insurance Expense d $34,300 debit to Machinery is posted as a debit to Accounts Payable $4,820 credit to Services Revenue is posted as a $482 credit 1 $1.000 debit to Store Supplies is not posted Check my wa