Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Use the following information to answer questions 22-24. On July 1, 20X0, CriCo takes out a 10%, $10,000 note payable that is due on July

Use the following information to answer questions 22-24.

On July 1, 20X0, CriCo takes out a 10%, $10,000 note payable that is

due on July 1, 20X1. No interest is accrued at year-end 20X0.

1/ To correct this error in 20X0, you need to record just the adjusting entry

that was not made because . . .

a. an expense account is involved

b. no error was made recording the note payable on July 1, 20X0

QUESTION 2

2/ If trial balance total debits are $72,000 and total credits are $74,700, then

the error cannot be . . .

a. a slide

b. a doubling error

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

Financial Statements

Authors:

1st Edition

1423223853, 9781423223856

More Books

Students also viewed these Accounting questions