Homework Answers
| Answer- | ||||||||||||
| The total of debit and credit side must be equal in a correct trial balance. If it is not so then corrections are made using a Suspense account. A Suspense Account is a temporary account created to detect and rectify any error in the trial balance. It has a debit & credit side and lower of the amounts in the trial balance is posted to the corresponding side of the Suspense account. For eg-if the total debits in the trial balance is greater then the credit side, then the difference amount is credited in the suspense account. This sets the base for analysing and scrutinising the entries to identify the error. Once the error is identified, it is posted in the suspense account in order to close the suspense account eventually. | ||||||||||||
| If an error occurred as a result of posting an entry in the wrong side of books of accounts, then an entry with the double amount is posted to the opposite side, in order to rectify the error and post the correct entry. | ||||||||||||
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16.5. The trial balance lists the balances for all general ledger accounts. If all activities have...
*Accounting T/F After posting transactions to the general ledger accounts, the sum of the accounts with...
*Accounting T/F
After posting transactions to the general ledger accounts, the
sum of the accounts with debit balances should equal the sum of the
accounts with credit balances.
After posting transactions to the general ledger accounts, the sum of the accounts with debit balances should equal the sum of the accounts with credit balances. True or False True False
A trial balance would only help in detecting which one of the following errors?
A trial balance would only help in detecting which one of the following errors? An error when transferring the debit side of journal entry to the ledger occurred; it was recorded as a credit. The credit side of the transaction was recorded correctly. A transaction that is not journalized. A journal entry that is posted twice. A trial balance would help detect all of these errors. For a given transaction, the account that should have been debited was credited and the account that should have...
Each of the listed accounts has a normal balance per the general ledger. An examination of...
Each of the listed accounts has a normal balance per the general ledger. An examination of the ledger and journal reveals the following errors: 1. Cash received from a customer on account was debited for $750, and Accounts Receivable was credited for the same amount. The actual collection was for $570. 2. The purchase of a printer on account for $340 was recorded as a debit to Supplies for $340 and a credit to Accounts Payable for $340. 3. Services...
plz solve all the questions ed Jane Doe has prepared the trial balance for Braven Corp....
plz solve all the questions
ed Jane Doe has prepared the trial balance for Braven Corp. Total debits are $25,678 while total credits are $30,034. Which of the following errors has Jane likely made? of stion Select one: O a journal entry is posted twice O a correct journal entry is not posted posted a debit as a credit e a transaction error Which of the following is incorrect? Select one: O A trial balance lists balances at a specific...
The fiscal year-end unadjusted trial balance for Nelson Company is found on the trial balance tab....
The fiscal year-end unadjusted trial balance for Nelson Company is found on the trial balance tab. Rent expense and salaries expense are equally divided between selling activities and general and administrative activities. Nelson Company uses a perpetual inventory system. Descriptions of items that require adjusting entries on January 31, 2018, follow. Store supplies still available at fiscal year-end amount to $1,750. Expired insurance, an administrative expense, for the fiscal year is $1,400. Depreciation expense on store equipment, a selling expense,...
On September 1, the balance of the Accounts Receivable control account in the general ledger of...
On September 1, the balance of the Accounts Receivable control
account in the general ledger of Carla Vista Company was $11,030.
The customers’ subsidiary ledger contained account balances as
follows: Hurley $1,500, Andino $2,720, Fowler $1,960, and Sogard
$4,850. At the end of September, the various journals contained the
following information.
Sales journal:
Sales to Sogard $730, to Hurley $1,180, to Giambi $1,220, and
to Fowler $1,220.
Cash receipts journal:
Cash received from Fowler $1,270, from Sogard $2,370, from
Giambi...
Which of the following statements regarding a trial balance is incorrect? a. A trial balance is...
Which of the following statements regarding a trial balance is incorrect? a. A trial balance is a list of all of the open accounts in the ledger with their balances as of a given date. b. A trial balance is a test of the equality of debits and credits in the ledger. c. A trial balance helps to identify the period in which an error has been made. d. A trial balance provides a convenient list of the accounts that...
Post the general journal entries from the journal to the corresponding general ledger accounts, paying particular attention to whether they’re debits or credits. Use the Post Ref. column to ensure t...
Post the general journal entries from the journal to the
corresponding general ledger accounts, paying particular attention
to whether they’re debits or credits. Use the Post Ref. column to
ensure that each line item of the journal entries is posted
correctly to each general ledger account. Posting from the journal
to the general ledger is simply rearranging the information.
J & LAccounting, Inc Post-Closing Trial Balance December 31, 2017 BALANCE DEBIT ACCOUNT TITLE CREDIT Cash, Business Checking Accounts Receivable Prepaid...
the total debit balances agreed to the total credit balances on the trial balance. this means...
the total debit balances agreed to the total credit balances on the trial balance. this means that there are no errors in the general ledger. true or false
Valley Realty Unadjusted Trial Balance July 31, 20Y7 Account No. Debit Balances Credit Balances Cash 11...
Valley Realty Unadjusted Trial Balance July 31, 20Y7 Account No. Debit Balances Credit Balances Cash 11 52,500 Accounts Receivable 12 100,100 Prepaid Insurance 13 12,600 Office Supplies 14 2,800 Land 16 — Accounts Payable 21 21,000 Unearned Rent 22 — Notes Payable 23 — Cindy Getman, Capital 31 87,500 Cindy Getman, Drawing 32 44,800 Fees Earned 41 591,500 Salary and Commission Expense 51 385,000 Rent Expense 52 49,000 Advertising Expense 53 32,200 Automobile Expense 54 15,750 Miscellaneous Expense 59 5,250...
*Accounting T/F
After posting transactions to the general ledger accounts, the
sum of the accounts with debit balances should equal the sum of the
accounts with credit balances.
After posting transactions to the general ledger accounts, the sum of the accounts with debit balances should equal the sum of the accounts with credit balances. True or False True False
Each of the listed accounts has a normal balance per the general ledger. An examination of the ledger and journal reveals the following errors: 1. Cash received from a customer on account was debited for $750, and Accounts Receivable was credited for the same amount. The actual collection was for $570. 2. The purchase of a printer on account for $340 was recorded as a debit to Supplies for $340 and a credit to Accounts Payable for $340. 3. Services...
plz solve all the questions
ed Jane Doe has prepared the trial balance for Braven Corp. Total debits are $25,678 while total credits are $30,034. Which of the following errors has Jane likely made? of stion Select one: O a journal entry is posted twice O a correct journal entry is not posted posted a debit as a credit e a transaction error Which of the following is incorrect? Select one: O A trial balance lists balances at a specific...
On September 1, the balance of the Accounts Receivable control
account in the general ledger of Carla Vista Company was $11,030.
The customers’ subsidiary ledger contained account balances as
follows: Hurley $1,500, Andino $2,720, Fowler $1,960, and Sogard
$4,850. At the end of September, the various journals contained the
following information.
Sales journal:
Sales to Sogard $730, to Hurley $1,180, to Giambi $1,220, and
to Fowler $1,220.
Cash receipts journal:
Cash received from Fowler $1,270, from Sogard $2,370, from
Giambi...
Post the general journal entries from the journal to the
corresponding general ledger accounts, paying particular attention
to whether they’re debits or credits. Use the Post Ref. column to
ensure that each line item of the journal entries is posted
correctly to each general ledger account. Posting from the journal
to the general ledger is simply rearranging the information.
J & LAccounting, Inc Post-Closing Trial Balance December 31, 2017 BALANCE DEBIT ACCOUNT TITLE CREDIT Cash, Business Checking Accounts Receivable Prepaid...
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