Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please answer all the parts ASAP All these parts are MCQs so please answer all of them. PART 1 - If a number has been

Please answer all the parts ASAP All these parts are MCQs so please answer all of them.
PART 1-
If a number has been recorded incorrectly in a ledger, and the error has been discovered immediately, the correction should be made by________________.
1 point (Choose only one correct answer)
a) erasing the mistake and entering the correct number
b) making the correct entry over top of the error
c) stroking out the error and entering the correct number
d) marking a notation in the margin of the page
e) All of the above
PART 2- A business made a sale for $400 on account. When the transaction was journalized as a debit to accounts receivable and a credit to sales, the accounting clerk mistakenly recorded both amounts as $4,000. The error was only discovered when the trial balance was prepared at month end. The correcting entry to be made as a result of this error is________________.
1 point (Choose only one correct answer)
a) debit sales $3600, credit accounts receivable $3600.
b) debit sales $400, credit accounts receivable $400.
c) debit accounts receivable $400, credit sales $400.
d) debit accounts receivable $4400, credit sales $4400.
PART 3- Using the list below, select the numbers in order chronologically of the steps in the accounting cycle in their correct order.
Arrange them in the correct order:
1. accounting transactions occur
2. a trial balance is prepared
3. accounting entries are posted
4. accounting entries are journalized
Options:
a)1,3,4,2
b)1,4,3,2
c)1,3,2,4
d)1,2,3,4
PART 4- trial balance taken at the end of the month had debits totalling $148,370 and credits totalling $149,370. To discover the error quickly, the recommended action would be to ___________________.
Arrange them in the correct order:
a) look for a transposition error.
b) check that each journal entry has been posted.
c) check all journal entries made during the month.
d) add the trial balance columns again.

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

Accounting Tools For Business Decision Making

Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso

4th Edition

0470534788, 978-0470534786

More Books

Students also viewed these Accounting questions

Question

What would you do?

Answered: 1 week ago