The credit purchase of a new oven for $5,700 was posted to Kitchen Equipment as a $5,700 debit and to Accounts Payable as a $5,700 debit. What effect would this error have on the trial balance? Multple Cholce The total of the Debit column of the trial balance will exceed the total of the Credit column by $5,70O. The total of the Credit column of the trial balance will exceed the total of the Debit column by $5,700. The total of the Debit column of the trial balance will exceed the total of the Credit column by $11,400. The total of the Credit column of the trial balance will exceed the total of the Debit column by $11,400. The total of the Debit column of the trial balance will equal the total of the Credit column.

The credit purchase of a new oven for $5,700 was posted to Kitchen Equipment as a $5,700 debit and to Accounts Payable as a $5,700 debit. What effect would this error have on the trial balance? Multple Cholce The total of the Debit column of the trial balance will exceed the total of the Credit column by $5,70O. The total of the Credit column of the trial balance will exceed the total of the Debit column by $5,700. The total of the Debit column of the trial balance will exceed the total of the Credit column by $11,400. The total of the Credit column of the trial balance will exceed the total of the Debit column by $11,400. The total of the Debit column of the trial balance will equal the total of the Credit column.

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter2: Analyzing Transactions

Section: Chapter Questions

Problem 5PA: The Colby Group has the following unadjusted trial balance as of August 31, 2019: The debit and...

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A journal entry for a $700 payment for Prepaid Rent was erroneously recorded as a debit to Prepaid Rent for $100. and a credit to Cash for $700. Which of the following statements correctly states the effect of the error on the trial balance? A. The sum of the debits will exceed the sum of the credits by $600. B. The sum of the credits will exceed the sum of the debits by $600. C. The sum of the debits will exceed the sum of the credits by $100. D. The sum of the credits will exceed the sum of the debits by $100. 0 0 0 0
A suspense account was opened when a trial balance failed to agree. The following errors were later discovered.  A gas bill of $420 had been recorded in the gas account as $240.  A discount of $50 given to a customer had been credited to discounts received.  Interest received of $70 had been entered in the bank account only. What was the original balance on the suspense account?
The trial balance of the Sterling investigative Services shown next age does not balance. Your review of the general ledger reveals that each account has a normal balance. You also discovered the following errors. a. The totals of the debit sides of Rent Deposit, Accounts Payable, and Representation Expense were each understood to be P1,000. b. Transposition errors were made in Accounts Receivable and Service Revenue. Based on postings made, the correct balances were P25,700 and P69,600, respectively. c. Check payment for P9.400 was properly recorded, and the cash credit properly posted, but the accountant failed to post to the debit side of the taxes payable account. d. The trial balance shows some accounts are not on their proper sides. e. A cash debit posting for P5,000 was posted on the credit side. Credit P27,500 Sterling Investigative Services Trial Balance May 31, 2017 Debit Cash P55,800 Accounts Receivable Rent Deposit 7,000 Equipment 80,000 Accounts payable Taxes Payable…
40. While in the process of posting from the journal to the ledger, the accountant of X Company failed to posta $50 debit to the Office Supplies account. The effect of this error will be as follows: A. The Office Supplies account balance will be overstated B. The trial balance will not balance. C. The error will overstate the debits listed in the journal. D. The total debits in the trial balance will be larger than the total credits. E. This error will not make any difference.
A trial balance has total debits of $20,000 and total credits of $24,500. Which one of the following errors would create this imbalance? Explain. a. A $2,250 debit to Utilities Expense in a journal entry was incorrectly posted to the ledger as a $2,250 credit, leaving the Utilities Expense account with a $3,000 debit balance. b. A $4,500 debit to Salaries Expense in a journal entry was incorrectly posted to the ledger as a $4,500 credit, leaving the Salaries Expense account with a $750 debit balance. c. A $2,250 credit to Consulting Fees Earned (Revenues) in a journal entry was incorrectly posted to the ledger as a $2,250 debit, leaving the Consulting Fees Earned account with a $6,300 credit balance. d. A $2,250 debit posting to Accounts Receivable was posted mistakenly to Land. e. A $4,500 debit posting to Equipment was posted mistakenly to Cash. f. An entry debiting Cash and crediting Accounts Payable for $4,500 was mistakenly not posted.
Ajournal entry for a $220 payment to purchase office supplies was erroneously recorded as a debit to Office Supplies for $500 and a credit to Cash for $220. Which of the following statements correctly states the effect of the error on the trial balance? O A. The sum of the credits will exceed the sum of the debits by $280. O B. The sum of the debits will exceed the sum of the credits by $220. O C. The sum of the debits will exceed the sum of the credits by $500, O D. The sum of the debits will exceed the sum of the credits by $280.
The Colby Group has the following unadjusted trial balance as of August 31, 2019: 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. Instructions 1. Prepare a corrected unadjusted trial balance as of August 31, 2019. 2. Does the fact that the unadjusted trial balance in (1) is balanced mean that there are no errors in the accounts? Explain.
what is the solution for The credit total of a trial balance exceeds the debit total by P350. In investigating the cause of the difference, the following errors were determined:a credit to accounts receivable of P550 was not posted;a P5,000 debit to be made to the Purchases account was debited to Accounts payable instead;a P3,000 credit to be made to the Sales account was credited to the Accounts receivable account instead;the Interest payable account balance of P4,500 was included in the trial balance as P5,400.The correct balance of the trial balance is
The credit total of a trial balance exceeds the debit total by P350. In investigating the causeof the difference, the following errors were determined: a credit to accounts receivable ofP550 was not posted; a P5,000 debit to be made to the Purchases account was debited toAccounts payable instead; a P3,000 credit to be made to the Sales account was credited tothe Accounts receivable account instead; the Interest payable account balance of P4,500was included in the trial balance as P5,400. The correct balance of the trial balance is
On June 10, 20X1, an employee of Williams Corporation mistakenly debited Telephone Expense rather than Utilities Expense when recording a bill of $955 for the May utility service. The error was discovered on June 30. Prepare a general journal entry to correct error. View transaction list Journal entry worksheet 1 Record the entry to correct the June 10 error.
5. The difference in Trial Balance is kept in Suspense Account. Before preparing the Final Accounts, the following errors were detected: Purchase for $ 540 was written in Sales Day Book, but was posted to the correct side of Party's Account Salary Account Total $12,600 in one page, was carried over to the next page, as $1,260, on the side Interest on overdraft $650 was not posted to ledger from Cash Book. $600 collected from a Party, in respect of the old dues from him, which were written off as Bad Debt Two years ago, was credited to the Party's Account. Show Rectification Entries and Suspense Account State, to what extent the Profit and Loss Account would have been affected, if the above errors would not have been detected and corrected and also the Profit and Loss Account, before rectification.
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