Homework Answers
| 14 | d. prove that there were no errors made in recording transactions into the journal | ||
| Explanation: Trial balance is prepared and if the trial balance does not tally i.e. | |||
| the totals of debit and credit columns are not equal, then there is an error in | |||
| posting of journal entries in the ledger. | |||
| 15 | a. an error in determining the account balances, such as a balance being incorrectly computed | ||
| 16 | Business entity assumption referred to as entity assumption for accounting principle allows the | ||
| accountant to keep the sole proprietor's business transactions separate from the owner's | |||
| personal transactions | |||
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— 14. A trial balance is prepared to a. discover errors that affect the equality of...
Exercise 3-20A Determining the effect of errors on the trial balance LO 3-3 Explain how each...
Exercise 3-20A Determining the effect of errors on the trial balance LO 3-3 Explain how each of the following posting errors affects a trial balance. State whether the trial balance will be out of balance because of the posting error, and indicate which side of the trial balance will have a higher amount after each independent entry is posted. If the posting error does not affect the equality of debits and credits in the trial balance, state that the error...
P2-4A the trial balance of the Sterling Company show does not in balance. Trial Balance May...
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...
Which of the following statements about the unadjusted trial balance is not correct?
Which of the following statements about the unadjusted trial balance is not correct? You can assume that no errors were made In the recording of transactions if total debits equal total credits on the unadjusted trial balance A trial balance shows the ending balances obtained from the ledger Isted in either the debit or credit column. A trial balance lists every account name in one column, usually, in the order of assets, liabilities, stockholders' equity, revenues, and expenses A trial balance is an internal...
ect trial 700 P2-4A The trial balance of Dominic Company shown below does not balance. DOMINIC...
ect trial 700 P2-4A The trial balance of Dominic Company shown below does not balance. DOMINIC COMPANY Trial Balance May 31, 2019 Debit Credit Cash $ 3,850 Accounts Receivable $ 2,750 Prepaid Insurance Equipment 12,000 Accounts Payable 4,500 Unearned Service Revenue 560 Common Stock 11,700 Service Revenue 8,690 Salaries and Wages Expense 4,200 Advertising Expense 1,100 Utilities Expense 800 $30,800 $20,050 Your review of the ledger reveals that each account has a normal balance. You also discover the following errors....
Question 6) This trial balance of Costello Company does not balance 850 Costello Company Trial Balance...
Question 6) This trial balance of Costello Company does not balance 850 Costello Company Trial Balance May 31, 2020 Cash Debit Credit S 5.340 Accounts Receivable $ 2.090 Prepaid Insurance 700 Equipment 9.000 Accounts Payable 4,100 Income Tax Pavable Common Stock 5.700 Retained Eamines 5.580 Service Revenue 7,690 Salaries Expense 4.200 Advertising Expense 1,100 Income Tax Expense 900 $28,680 $18.570 Your review of the ledger reveals that each account has a normal balance. You also discover the following errors 1....
Which of the following errors would not be disclosed bypreparation of a trial balance? Select...
Which of the following errors would not be disclosed by preparation of a trial balance? Select one: a. An error was made in computing the balance of the Cash account. b. A journal entry included a debit to the Equipment account for $3,200, but this amount was erroneously posted as $2,300. c. During the posting process, a $1,700 debit to Cash was accidentally entered in the credit side of the Cash account. d. The journal entries recorded on the last day of the year have...
Help Seve A trial balance has total debits of $33,000 and total credits of $44,000. Which...
Help Seve A trial balance has total debits of $33,000 and total credits of $44,000. Which one of the following errors would create this imbalance? Multiple Choice A $5,500 debit to Utilities Expense in a journal entry was incorrectly posted to the ledger as a $5,500 credit, leaving the Utilities Expense account with a $6,250 debit balance. A $11,000 debit to Salaries Expense in a journal entry was incorrectly posted to the ledger as a $11,000 credit, leaving the Salaries...
Which statement relating to a trial balance is incorrect? Select one: O a. The fact that...
Which statement relating to a trial balance is incorrect? Select one: O a. The fact that the sum of the debit column equals the sum of the credit column does not guarantee that no errors have been made in the ledger. b. A trial balance is a list of all the accounts in the ledger with their current balances. O c. A trial balance reports the financial position of a business. O d. A trial balance may be prepared at...
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...
8. What proof of equality is prepared to determine if debits are equal to credits and...
8. What proof of equality is prepared to determine if debits are equal to credits and can ultimately be used to discover some errors: C a. Balance Sheet b. Trial Balance c. Income Statement d. Statement of Cash Flows 9. Which of the following accounts is an asset account? a. Drawing b. Accounts Payable C. Equipment d. Salaries Expense C 23524 10. Which of the following accounts is a liability account? C a. Drawing ㄷ b. Cash C c. Accounts...
Exercise 3-20A Determining the effect of errors on the trial balance LO 3-3 Explain how each of the following posting errors affects a trial balance. State whether the trial balance will be out of balance because of the posting error, and indicate which side of the trial balance will have a higher amount after each independent entry is posted. If the posting error does not affect the equality of debits and credits in the trial balance, state that the error...
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...
ect trial 700 P2-4A The trial balance of Dominic Company shown below does not balance. DOMINIC COMPANY Trial Balance May 31, 2019 Debit Credit Cash $ 3,850 Accounts Receivable $ 2,750 Prepaid Insurance Equipment 12,000 Accounts Payable 4,500 Unearned Service Revenue 560 Common Stock 11,700 Service Revenue 8,690 Salaries and Wages Expense 4,200 Advertising Expense 1,100 Utilities Expense 800 $30,800 $20,050 Your review of the ledger reveals that each account has a normal balance. You also discover the following errors....
Question 6) This trial balance of Costello Company does not balance 850 Costello Company Trial Balance May 31, 2020 Cash Debit Credit S 5.340 Accounts Receivable $ 2.090 Prepaid Insurance 700 Equipment 9.000 Accounts Payable 4,100 Income Tax Pavable Common Stock 5.700 Retained Eamines 5.580 Service Revenue 7,690 Salaries Expense 4.200 Advertising Expense 1,100 Income Tax Expense 900 $28,680 $18.570 Your review of the ledger reveals that each account has a normal balance. You also discover the following errors 1....
Help Seve A trial balance has total debits of $33,000 and total credits of $44,000. Which one of the following errors would create this imbalance? Multiple Choice A $5,500 debit to Utilities Expense in a journal entry was incorrectly posted to the ledger as a $5,500 credit, leaving the Utilities Expense account with a $6,250 debit balance. A $11,000 debit to Salaries Expense in a journal entry was incorrectly posted to the ledger as a $11,000 credit, leaving the Salaries...
Which statement relating to a trial balance is incorrect? Select one: O a. The fact that the sum of the debit column equals the sum of the credit column does not guarantee that no errors have been made in the ledger. b. A trial balance is a list of all the accounts in the ledger with their current balances. O c. A trial balance reports the financial position of a business. O d. A trial balance may be prepared at...
8. What proof of equality is prepared to determine if debits are equal to credits and can ultimately be used to discover some errors: C a. Balance Sheet b. Trial Balance c. Income Statement d. Statement of Cash Flows 9. Which of the following accounts is an asset account? a. Drawing b. Accounts Payable C. Equipment d. Salaries Expense C 23524 10. Which of the following accounts is a liability account? C a. Drawing ㄷ b. Cash C c. Accounts...
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