Which of the following errors, each considered individually, would cause the trial balance totals to be unequal? a) A payment of $488 to a creditor was posted as a debit of $848 to Accounts Payable and a debit of $488 to Accounts Receivable. b) Cash received from customers on account was posted as a debit of $450 to Cash and a credit of $450 to Accounts Payable. c) A payment of $79 for supplies was posted as a debit of $907 to Supplies and a credit of $907 to Cash. d) A transaction was not posted

Which of the following errors, each considered individually, would cause the trial balance totals to be unequal? a) A payment of $488 to a creditor was posted as a debit of $848 to Accounts Payable and a debit of $488 to Accounts Receivable. b) Cash received from customers on account was posted as a debit of $450 to Cash and a credit of $450 to Accounts Payable. c) A payment of $79 for supplies was posted as a debit of $907 to Supplies and a credit of $907 to Cash. d) A transaction was not posted

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter10: Cash Receipts And Cash Payments

Section: Chapter Questions

Problem 4DQ: In a cash receipts journal, both the Accounts Receivable Credit column and the Cash Debit column...

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If a $335.00 debit item in the general journal is posted as a credit: By how much will the trial balance be out of balance? Explain how you might detect such an error.
In a cash receipts journal, both the Accounts Receivable Credit column and the Cash Debit column were mistakenly underadded by 700. How will this error be discovered?
Select the best answer for the question. 10. A trial balance indicates that the debit total exceeds the credit total by $63. Which of the following errors is the most probable source of the discrepancy? A. An asset with a balance of $63 was mistakenly entered in the ledger as a credit for that amount instead of a debit B. An asset with a balance of $670 was mistakenly entered in the ledger as a $607 debit OC. A liability with a balance of $63 was mistakenly entered in the ledger as a debit for that amount, instead of a credit OD. A liability with a balance of $970 was mistakenly entered in the ledger as a $907 credit O Mark for review (Will be highlighted on the review page) Previous Question Next Question >>
The notes receivable is debited by the bookkeeper instead of accounts receivable. What is the effect of the error in the total assets of the entity? a. No effect b. Cannot be determined based on the given information c. Understated d. Overstated
While in the process of posting from the journal to the ledger a company failed to post a $500 credit to Accounts Receivable. The effect of this error will be that Group of answer choices A. Accounts Receivable will be understated. B. the error will overstate the debits listed in the journal. C. the trial balance will not balance. D. the total credits in the trial balance will be larger than the total debits.
2. MC.03.002 A book of original entry is known as a a. ledger account. b. trial balance. c. general ledger. d. Taccount. e. Journal. 3.MC.03.003 An accountant wanting to know the balance of a particular account would refer to the a. source document. b. chart of accounts. c. journal. d. book of original entry. e. ledger. 4.MC.03.004 The process of subtotalling both sides of an account and recording the amount on that side is known as a. Journalizing. b. footing. c. balancing the accounts. d. taking a trial balance. e. posting. 5.MC.03.005 If the number of an account is 211, this probably means that the account is the first account in the a. Liabilities section. b. Owner's Equity section. c. Revenues section. d. Expenses section. e. Assets section. 6. MC.03.006 When an entry is posted, the last step in the process is a. placing the balance of the account in either the debit or credit column in the ledger. b. placing the account number in the Post. Ref. column of the ledger. c. placing…
The debit and credit totals are not equal as a result of the following errors:a. The cash entered on the trial balance was understated by $6,000.b. A cash receipt of $5,600 was posted as a debit to Cash of $6,500.c. A debit of $11,000 to Accounts Receivable was not posted.d. A return of $150 of defective supplies was erroneously posted as a $1,500 credit to Supplies.e. An insurance policy acquired at a cost of $1,200 was posted as a credit to Prepaid Insurance.f. The balance of Notes Payable was understated by $20,000.g. A credit of $4,800 in Accounts Payable was overlooked when determining the balance of the account.h. A debit of $7,000 for a withdrawal by the owner was posted as a credit to Terry Colby, Capital.i. The balance of $58,100 in Rent Expense was entered as $51,800 in the trial balance.j. Gas, Electricity, and Water Expense, with a balance of $24,150, was omitted from the trial balance.Instructions1. Prepare a corrected unadjusted trial balance as of August 31, 2014.2. Does…
The Colby Group has the following unadjusted trial balance as of August 31, 2019: The Colby Group Unadjusted Trial Balance August 31, 2019 Credit Balances Debit Balances Cash 17,300 37,000 7,400 Accounts Receivable Supplies Prepaid Insurance Equipment.. Notes Payable.. Accounts Payable Terry Colby, Capital.. Terry Colby, Drawing 1,900 196,000 97,600 26,000 129,150 56,000 Fees Earned.. 454,450 Wages Expense Rent Expense Advertising Expense.. Miscellaneous Expense 270,000 51,800 25,200 5,100 667,700 707,200
4. A trial balance was extracted from the books of Phax Mohutsiwa. It was found that the debit side exceeded the credit side by P40. The following errors were later discovered. i) Purchases were overcast by P20. ii)An amount paid to L Lesego was debited to the control account as P98 instead of P89. iii) Sales were undercast by P11 Required: Enter the above information in the suspense account and balance it off. Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.
The trial balance of Kelvin does not balance. Which TWO of the following errors could explain this, assuming that Kelvin maintains control accounts for its receivables and payables within the double entry system? (1) The sales day book was undercast by $100.(2) Discounts received were credited to sales revenue account.(3) An opening accrual was omitted from the rent account.(4) The debit side of the cash account was undercast. A (1) and (2)B (2) and (3)C (3) and (4)D (1) and (4) Please give solution with proper explanation
Indicate which of the following errors, each considered individually, would cause the trial balance totals to be unequal:a. A fee of $21,000 earned and due from a client was not debited to Accounts Receivableor credited to a revenue account, because the cash had not been received.b. A receipt of $11,300 from an account receivable was journalized and posted as a debit of $11,300 to Cash and a credit of $11,300 to Fees Earned.c. A payment of $4,950 to a creditor was posted as a debit of $4,950 to Accounts Payable and a debit of $4,950 to Cash.d. A payment of $5,000 for equipment purchased was posted as a debit of $500 to Equipment and a credit of $500 to Cash.e. Payment of a cash withdrawal of $19,000 was journalized and posted as a debit of $1,900 to Salary Expense and a credit of $19,000 to Cash.Indicate which of the preceding errors would require a correcting entry.
c. Assume that the unadjusted trial balance on July 31 shows a credit balance for Accounts Receivable. Does this credit balance mean an error has occurred?