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The bookkeeper for Brooks Equipment Repair made a number of errors in journalizing and posting, as described below. For each error: (a) Indicate whether the
The bookkeeper for Brooks Equipment Repair made a number of errors in journalizing and posting, as described below. For each error:
(a) | Indicate whether the trial balance will balance. | |
(b) | If the trial balance will not balance, indicate the amount of the difference. | |
(c) | Indicate the trial balance column that will have the larger total. |
In Balance Larger column No. Error Difference A credit posting of $715 to Accounts Receivable was omitted $L Debit 715 A debit posting of $940 for Prepaid Insurance was debited to Insurance Expense. Yes x . A collection from a customer of $160 in payment of its account owed was journalized and posted as a debit to Cash $160 and a credit to Service Revenue $160. Yes A credit posting of $705 to Property Taxes Payable was made twice. Credit A cash purchase of supplies for $850 was journalized and posted as a debit to Supplies $85 and a credit to Cash $85. Yes A debit of $552 to Advertising Expense was posted as $525. No Credit 27
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