The following errors occurred in posting from a two-column journal: 1. A credit of $6,150 to Accounts

Question:

The following errors occurred in posting from a two-column journal:

1. A credit of $6,150 to Accounts Payable was not posted.

2. A debit of $1,500 to Cash was posted to Miscellaneous Expense.

3. A credit of $270 to Cash was posted as $720.

4. A debit of $4,520 to Wages Expense was posted as $4,250.

5. An entry debiting Accounts Receivable and crediting Fees Earned for $11,000 was not posted.

6. A debit of $900 to Accounts Payable was posted as a credit.

7. A debit of $1,150 to Supplies was posted twice.

Considering each case individually (i.e., assuming that no other errors had occurred), indicate:

(a) By “yes” or “no” whether the trial balance would be out of balance;

(b) If answer to (a) is “yes,” the amount by which the trial balance totals would differ; and

(c) Whether the Debit or Credit column of the trial balance would have the larger total. Answers should be presented in the following form, with error (1) given as an example:

Accounts Payable
Accounts payable (AP) are bills to be paid as part of the normal course of business.This is a standard accounting term, one of the most common liabilities, which normally appears in the balance sheet listing of liabilities. Businesses receive... Accounts Receivable
Accounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that...