For each of the following situations, indicate whether itrepresents an accounting error and explain why it is or isnot an error. Also state whether a trial balance would indicate that an error exists for each situation.b. Revenue was recognized when a customer purchased agift card for future use.

Q: Under the double-entry system of accounting, every transaction affects at least two accounts. True…

A: Suppose cash spent for salary payment for $10,000. In this case, salary expense should debit, since…

Q: Which of the following errors would cause a trial balance to have unequal totals? Explain your…

A: Definition: Trial balance: Trial balance is the summary of accounts and their debit and credit…

Q: Business paid RO 280 rent expense was wrongly entered RO 200 in both the accounts. This type of…

A: The error of transposition is an error where the transaction value is recorded with the wrong value…

Q: Indicate which of the following errors, each considered individually, would cause the trial balance…

A: Indicate the error that requires a correcting entry:

Q: If an incorrect amount is journalized and posted to the accounts, how should the error be corrected?

A: Accounting:   Accounting is the art of recording, classifying and summarizing in a significant…

Q: A trial balance will disclose that an error has been made in Entering an amount on the wrong side…

A: SOLUTION TRAIL BALANCE IS A REPORT RUN AT THE END OF THE ACCOUNTING PERIOD, LISTING THE ENDIN…

Q: If the two totals of a trial balance are equal, does it mean that there are no errors in the…

A: The trial balance reflects all the journal entries made in the general ledger during the accounting…

Q: the following errors, each considered individually, would cause the trial balance totals to be…

A: Solution:  The trial balance totals would be unequal when the errors cause posting of different…

Q: Which of the following errors cannot be detected by the trial balance? a. Incorrect accounts were…

A: The trial balance shows the summarised items with the debit or credit balance. It is the effect of…

Q: Explain why the accountant suspected that the accounts had not been adjusted prior to the…

A: Trail balance is the statement which is prepared with the aim and purpose to check that the posting…

Q: According to accruals rules, when a service is performed, the revenue should be recognized…

A: Solution- Accrual accounting is an accounting method whereby revenue and expenses are recorded in…

Q: Posting errors are identified in the following table. In column (1), enter the amount of the…

A: Errors in posting refer to those that are done while recording the journal entries in books and the…

Q: Which of the following statements regarding adjusting entries is false? Group of answer choices A.…

A: The adjustment entries are prepared to adjust the revenue and expenses of the current period.

Q: he followin

A: A trial balance is a mix of balance sheet items and P&L items and hence all accounts that are…

Q: Which of the following accounts is not listed in a postclosing trial balance? a. Prepaid Rent. b.…

A: The post-closing trial balance does not record any items of revenue, expenses, gain, loss  or…

Q: After preparing the trial balance, the accountant finds that the total of debit side is OMR 125,600…

A: Trial balance is the indicator of mathematical accuracy in business, it means total of debit side…

Q: The unadjusted trial balance is prepared   a.prior to posting the journal entries. b.only if errors…

A: Lets understand the basics. Stage 1:- At the first stage journal entry is made. Stage 2:- After that…

Q: What is the major difference between the unadjusted trial balance and the adjusted trial balance?…

A: An adjusted trial balance is made after all changing or adjusting entries have been posted into the…

Q: Which of the following statements regarding the trial balance is most likely to be invalid? The…

A: 1. 4. The preparation of the trial balance creates a starting point for the preparation of the…

Q: The trial balance is a proof about the following accuracies except one: O a. That there are no other…

A: Trial balance is prepared with a view to ensure the arithmetic accuracy of account balances of the…

Q: A tired accountant failed to record the adjusting entry for deferred revenues. How does this error…

A: The adjustment entries are required at year end so as to adjust the revenues and expenses for the…

Q: Which of the following errors, each considered individually, would cause the trial balance to be out…

A: A trial balance is prepared with a view to ensure the arithmetic accuracy of the the account…

Q: A transaction is not recorded by the accountant either wholly or partially in the books of accounts…

A: There are various errors that an accountant can commit while recording or posting financial…

Q: 1. When an error is discovered after closing the nominal accounts, one of the accounts to be…

A: Ans. All the accounting treatments are based on principles of accounting. They are to be followed in…

Q: Which of the following is an example of an error that would not cause the trial balance to be out of…

A: There are different types of errors that can not impact the trial balance. 1. Error of omission. 2.…

Q: h of the following is most likely considered an adjusting entry? The entry to record the payment of…

A: Adjusting entries are those entries which are prepared to adjust the revenues or expense to the…

Q: please answer the questions in attached photo from 1 to 10. For each case, identify the anomaly and…

A: "Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…

Q: Which of the following will appear as a debit entry in a pre-adjustment trial balance of a sole…

A: Trial balance is the statement which is prepared for the purpose of checking if debits in the books…

Q: For each of the following situations, indicate whether itrepresents an accounting error and explain…

A: Answer:   Accounting error.

Q: What is the effect of the error in the net income of the current period and in subsequent period?

A: Payment made to supplier is debited for decrease in balance as accounts payable which is liability…

Q: Indicate which of the following errors, each considered individually, would cause the trial balance…

A: Indicate the errors that requires a correcting entry.

Q: Unearned revenue can be best be described as an amount: Not collected and not currently matched with…

A: Unearned revenue is the amount received in advance. Nominal accounts can be eliminated at the end of…

Q: The entry recorded by a law firm after providing services previously recorded as Deferred Revenue…

A: Introduction: Payments made as earnings for services and goods that will be delivered or performed…

Q: A credit to a liability account indicates an increase in the amount owed to creditors. must be…

A: Creditors are the liabilities to the organizations. They have credit Balances. That is why if there…

Q: Posting errors are identified in the following table. In column (1), enter the amount of the…

A: Description of Posting Error Difference between Debit and Credit Columns Column with the Larger…

Q: For each of the following errors, considered individually, indicate whether the error would cause…

A: Adjusted Trial BalanceAdjusted trial balance is a trial balance prepared at the end of a financial…

Q: What is the appropriate name of the error which was made under the following circumstances: A…

A: Ledger is the secondary book where transactions are being transferred from the journal. It contains…

Q: Unearned revenue can be best be described as an amount: * Not collected and not currently matched…

A: Unearned revenue the amount of cash that is received in advance for which services have not been…

Q: For each of the following errors, considered individually, indicate whether the error would cause…

A: Adjusted Trial Balance: The adjusted TB (trial balance) consists of all the balances of the…

Q: An end-of-period adjusting entry that debits Unearned Revenue most likely will credit

A: Adjusting entries are those journal entries that are passed at the end of the accounting period in…

Q: explain the impact on the balance sheet and income statement, specifying which accounts are affected…

A: The income statement is part of the financial statement that indicates the profitability of the…

Q: After preparing the trial balance, the accountant finds that the total of debit side is OMR 125,600…

A: Rectification of errors simply means to correct the mistakes committed while preparing the account…

Q: A trial balance will disclose that an error has been made in Entering an amount on the wrong side…

A: Trial balance is prepared to check the arithmatical accuracy of the ledgers accounts. A trial…

Q: For each of the following errors, considered individually, indicate whether the error would cause…

A: Requirement a:   For accrued fees earned, the accounts receivable is debited for $5,340 and the fees…

Q: Provide two examples of errors that can be made in accounting transactions. In addition, discuss how…

A: Error of Omission: When some transactions are completely omitted from the books of accounts or…