Question
ou are told the column totals in a trial balance are not equal. After careful analysis, you discover only one error. Specifically, a correctly journalized
ou are told the column totals in a trial balance are not equal. After careful analysis, you discover only one error. Specifically, a correctly journalized credit purchase of a computer for $16,450 is posted from the journal to the ledger with a $16,450 debit to Office Equipment and another $16,450 debit to Accounts Payable. The Office Equipment account has a debit balance of $38,986 on the trial balance. Answer each of the following questions and compute the dollar amount of any misstatement. |
Part (a through d): |
For each of the following statements: |
1. | Select the appropriate choice from the 'Account Status' column |
2. | In cases where the amount is understated or overstated, use the 'Amount' column to fill in the amount by which the account or trial balance total is understated or overstated. |
(Enter the amounts understated with a minus sign.) |
ou are told the column totals in a trial balance are not equal. After careful analysis, you discover only one error. Specifically, a correctly journalized credit purchase of a computer for $16,450 is posted from the journal to the ledger with a $16,450 debit to Office Equipment and another $16,450 debit to Accounts Payable. The Office Equipment account has a debit balance of $38,986 on the trial balance. Answer each of the following questions and compute the dollar amount of any misstatement. |
Part (a through d): |
For each of the following statements: |
1. | Select the appropriate choice from the 'Account Status' column | |||||||||||||||||||||||
2. | In cases where the amount is understated or overstated, use the 'Amount' column to fill in the amount by which the account or trial balance total is understated or overstated. | |||||||||||||||||||||||
(Enter the amounts understated with a minus sign.)
|
NOTE: I need help with question letter D: The balance of the accounts payable account in the trial balance. What is the number that goes in there?
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