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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
If a number has been recorded incorrectly in a ledger, and the error has been discovered immediately, the correction should be made by
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 A business made a sale for $ 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 $ 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
point Choose only one correct answer
a debit sales $ credit accounts receivable $
b debit sales $ credit accounts receivable $
c debit accounts receivable $ credit sales $
d debit accounts receivable $ credit sales $
PART 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:
accounting transactions occur
a trial balance is prepared
accounting entries are posted
accounting entries are journalized
Options:
a
b
c
d
PART trial balance taken at the end of the month had debits totalling $ and credits totalling $ 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.
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