Homework Answers
Answer 1 - Option D is correct
Answer 2 - Option B is correct i.e slide error ( when the difference is divisible by 9 , then there are chances of slide error or transposition error )
Answer 3 - Option A is correct as here the amount is same i.e $ 2000 and instead of debiting cash, AR is debited and instead of crediting AR, Cash is credited So net effect is zero.
Answer 4 - Option A is correct
1 is C. If the error is a slide, there will be an unreasonable balance. But a difference between total debits and credits of $2,600 is not unreasonable, so it is highly unlikely that this is a slide error. If it is a transposition error, the difference between total debits and credits can be divided by 9 and $2,600 cannot be. If it is a doubling error, the difference between total debits and credits is divisible by 2, which $2,600 is. A misclassification error would not cause total debits and credits to be unequal.
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Mastering Correction of Accounting Errors Section 3-FINDING AND CORRECTING ERRORS USING THE UNADJUSTED TRIAL BALANCE I....
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na Balance Errors For each of the following errors, considered individually, indicate whether the error would...
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Montering Correction of Accounting Errors Section 4-CORRECTING CURRENT PERIOD ACCRUAL ERRORS 1. If you accrue expenses of $130 instead of S1 So, the financial statements will overstate assets and understate expenses b. understate prepaid expenses c. understate both liabilities and expenses d. overstate liabilities 2. On November 1, 20X4, ComCo debits Cash and credits Notes Payable for $20,000 for note maturing May 1, 20X5. At that time, ComCo must repay the entire $20,000 plus...
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Trial Balance Errors For each of the following errors, considered Individually, indicate whether the error would cause the trial balance totals to be unequal. If the error would cause the trial þalance totals to be unequal, indicate whether the debit or credit total is higher and by how much. If the debit and credit totals would be equal, enter zero ("0") in the amount box. s. The payment of cash for the purchase of office equipment of $12,900 was debited...
P2-4A the trial balance of the Sterling Company show does not in balance. Trial Balance May 31, 2016 Observations Cash Account Receivable Prepaid Insurance Equipment Account Payable Property Taxes Payable M. Sterling, Capital Service Revenue Salaries Expenses Advertising Expenses Property Tax Expenses Total Debit Credit $5,850 $ 2,750 700 8,000 4500 560 11,700 6,690 4,200 1,100 800 26,800 20,050 Each account has a normal balance. You also discover the following error: a) The totals of the debits side of Prepaid...
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