COLLEGE ACCOUNTING (LL)W/ACCESS>CUSTOM<
4th Edition
ISBN: 9781260255157
Author: Haddock
Publisher: MCG CUSTOM
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Chapter 3, Problem 5CSR
To determine
Determine the actions in order to evaluate errors.
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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.
Your friend has come to you for advice on how to record a transaction in their accounting records for their proprietorship.
1) Use what you have learned in Chapter 4 to explain what is done at each step up to preparing the trial balance.
2) How would you go about detecting the error(s) if a trial balance resulted in total debits of $23,500 and total credits of $22,700
The following information is obtained from a review of the record keeping process. Analyze the given
information and prepare a modified trial balance. Show your solutions.
Ricanor Accounting Services
Trial Balance
Dec. 31, 2021
Debit
Credit
Cash
P189,000
284,600
66,400
40,000
526,800
Accounts Receivable
Supplies
Prepaid Insurance
Office Equipment
Notes Payable
Accounts Payable
Ricanor, Capital
Ricanor, Withdrawals
P130,000
195,400
297,200
100,000
821,400
Service Income
Salaries Expense
Advertising Expense
Totals
348,700
12,200
P1,467,700
P1,544,000
a. An account receivable for P 24,300 was incorrectly added as P 23,400 when computing the
balance of the Accounts Receivable account.
b. A debit posting from the journal for P5,200 is missing from the Salaries Expense account.
C. A debit posting of P15,000 to Notes Payable should have been made to Accounts Payable.
d. A debit posting of P25,000 to Supplies was incorrectly posted as P2,500.
e. Credits to the ledger Accounts Payable account…
Chapter 3 Solutions
COLLEGE ACCOUNTING (LL)W/ACCESS>CUSTOM<
Ch. 3 - Increases are recorded on which side of asset,...Ch. 3 - What is a footing?Ch. 3 - Prob. 1.3SRQCh. 3 - Prob. 1.4SRECh. 3 - Prob. 1.5SRECh. 3 - Prob. 1.6SRACh. 3 - Prob. 2.1SRQCh. 3 - Prob. 2.2SRQCh. 3 - What is a trial balance and what is its purpose?Ch. 3 - Prob. 2.4SRE
Ch. 3 - Prob. 2.5SRECh. 3 - Prob. 2.6SRACh. 3 - Prob. 1CSRCh. 3 - Prob. 2CSRCh. 3 - Prob. 3CSRCh. 3 - On which side of asset, liability, and owners...Ch. 3 - Prob. 5CSRCh. 3 - Prob. 1DQCh. 3 - Prob. 2DQCh. 3 - Prob. 3DQCh. 3 - Prob. 4DQCh. 3 - Prob. 5DQCh. 3 - Prob. 6DQCh. 3 - Indicate whether each of the following types of...Ch. 3 - The terms debit and credit are often used in...Ch. 3 - Why is Prepaid Rent considered an asset account?Ch. 3 - Why is the modern system of accounting usually...Ch. 3 - Prob. 11DQCh. 3 - Prob. 1ECh. 3 - Prob. 2ECh. 3 - Prob. 3ECh. 3 - Prob. 4ECh. 3 - Prob. 5ECh. 3 - Prob. 6ECh. 3 - Prob. 7ECh. 3 - Preparing a chart of accounts. The accounts that...Ch. 3 - Prob. 1PACh. 3 - Prob. 2PACh. 3 - Prob. 3PACh. 3 - Prob. 4PACh. 3 - The accountant for the firm owned by Randy Guttery...Ch. 3 - Prob. 1PBCh. 3 - Prob. 2PBCh. 3 - The following transactions took place at...Ch. 3 - Prob. 4PBCh. 3 - Prob. 5PBCh. 3 - Prob. 1CTPCh. 3 - Prob. 2CTPCh. 3 - In discussing a firms latest financial statements,...Ch. 3 - Prob. 2MFCh. 3 - Prob. 3MFCh. 3 - Prob. 4MFCh. 3 - Prob. 1EDCh. 3 - Prob. 1FSA
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