Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Question 3 Following is a list of errors made during the posting process to the ledger accounts. Indicate the exact dollar impact (over- or understated)
Question 3 Following is a list of errors made during the posting process to the ledger accounts. Indicate the exact dollar impact (over- or understated) each error would have on (1) total revenue, (2) total expenses, and (3) net income. Use the following format to answer the question. Total Revenue Total Expenses Net Income Error a) b) c) d) e) Errors: a A $30,000 debit to the land account was debited to an expense account instead. b) A $1,500 credit to the revenue account was debited to the revenue account. c) A $2,000 debit to the dividends account was posted as a $2,000 debit to utilities expense. d) A $700 credit to service revenue was never posted. e) A $600 debit to salary expense was posted as a $600 credit to salary expense
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started