While in the process of posting from the journal to the ledger, a company failed to...
While in the process of posting from the journal to the ledger, a company failed to post a $500 debit to the Equipment account. The effect of this error will be that:
Multiple Choice
-
The Equipment account balance will be overstated.
-
The error will overstate the credits listed in the journal.
-
The total debits in the trial balance will be larger than the total credits.
-
The error will overstate the debits listed in the journal.
-
The trial balance will not balance.
Homework Answers
The answer is
The trial balance will not balance
Since the credit has been posted but not debit
The equipment account will be understated
The credits will neither be overstated nor understated
The debits will be smaller than credits
Add Answer to:
While in the process of posting from the journal to the ledger,
a company failed to...
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...
Exercise 2-20 Identifying effects of posting errors on the trial balance LO A1, P2 Posting errors...
Exercise 2-20 Identifying effects of posting errors on the trial
balance LO A1, P2
Posting errors are identified in the following table. In column
(1), enter the amount of the difference between the two trial
balance columns (debit and credit) due to the error. In column (2),
identify the trial balance column (debit or credit) with the larger
amount if they are not equal. In column (3), identify the
account(s) affected by the error. In column (4), indicate the
amount...
Exercise 2-20 Identifying effects of posting errors on the trial balance LO A1, P2 Posting errors...
Exercise 2-20 Identifying effects of posting errors on the trial balance LO A1, P2 Posting errors are identified in the following table. In column (1), enter the amount of the difference between the two trial balance columns (debit and credit) due to the error. In column (2), Identify the trial balance column (debit or credit) with the larger amount if they are not equal. In column (3). Identify the account(s) affected by the error. In column (4), indicate the amount...
Posting errors are identified in the following table. In column (1), enter the amount of the...
Posting errors are identified in the following table. In column (1), enter the amount of the difference between the two trial balance columns (debit and credit) due to the error. In column (2), identify the trial balance column (debit or credit) with the larger amount if they are not equal. In column (3), identify the account(s) affected by the error. In column (4), indicate the amount by which the account(s) in column (3) is under- or overstated. Item (a) is...
39. The Posting Reference column of the journal provides a cross-reference between the a ledger and...
39. The Posting Reference column of the journal provides a cross-reference between the a ledger and accounts. b. journal and ledger. c. ledger and financial statements. d journal and financial statements. 40. If cash is paid for office rent, the transaction includes 2. debiting Rent Expense and crediting Cash. b. debiting Rent Expense and crediting Accounts Payable. c. debiting Rent Expense and crediting Capital. d. debiting Cash and crediting Rent Expense. 41. Tom Edwards opened an auto repair business on...
"Posting" journal entries is required in order to: Multiple Choice ensure that debits equal credits in...
"Posting" journal entries is required in order to: Multiple Choice ensure that debits equal credits in the trial balance. provide a chronological record of all economic events affecting the firm. ensure that all accounts are up to date prior to preparing financial statements. reflect the information in journal entries in ledger accounts. Which of the choices below was the first private sector entity to set accounting standards in the United States? Multiple Choice AICPA . Committee on Accounting Procedure. Accounting...
Posting errors are identified in the following table. In column (1), enter the amount of the...
Posting errors are identified in the following table. In column (1), enter the amount of the difference between the two trial balance columns (debit and credit) due to the error. In column (2), identify the trial balance column (debit or credit) with the larger amount if they are not equal. In column (3), identify the account(s) affected by the error. In column (4), indicate the amount by which the account(s) in column (3) is under-or overstated. Item (a) is completed...
Posting errors are identified in the following table. In column (1).
Posting errors are identified in the following table. In column (1). enter the amount of the difference between the two trial balance columns (debit and credit due to the error. In column (2). Identify the trial balance column (debit or credit with the larger amount if they are not equal. In column (3). Identify the accounts affected by the error in column (4). Indicate the amount by which the account in column (3) is under or overstated. Item (a) is...
Posting errors are identified in the following table. In column (1), enter the amount of the...
Posting errors are identified in the following table. In column (1), enter the amount of the difference between the two trial balance columns (debit and credit) due to the error. In column (2), identify the trial balance column (debit or credit) with the larger amount if they are not equal. In column (3), identify the account(s) affected by the error. In column (4), indicate the amount by which the account(s) in column (3) is under-or overstated. Item (a) is completed...
1. When posting from a journal to a ledger: A. The date column of the journal...
1. When posting from a journal to a ledger: A. The date column of the journal contains the date it was posted B. The date column of the ledger contains the date it was posted C. The post reference column of the journal contains the account number from the ledger D. The post reference column of the ledger contains the account number from the journal 2. Deferred Expenses have A. Not yet been recorded as expenses or paid B. Been...
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...
Exercise 2-20 Identifying effects of posting errors on the trial
balance LO A1, P2
Posting errors are identified in the following table. In column
(1), enter the amount of the difference between the two trial
balance columns (debit and credit) due to the error. In column (2),
identify the trial balance column (debit or credit) with the larger
amount if they are not equal. In column (3), identify the
account(s) affected by the error. In column (4), indicate the
amount...
Exercise 2-20 Identifying effects of posting errors on the trial balance LO A1, P2 Posting errors are identified in the following table. In column (1), enter the amount of the difference between the two trial balance columns (debit and credit) due to the error. In column (2), Identify the trial balance column (debit or credit) with the larger amount if they are not equal. In column (3). Identify the account(s) affected by the error. In column (4), indicate the amount...
Posting errors are identified in the following table. In column (1), enter the amount of the difference between the two trial balance columns (debit and credit) due to the error. In column (2), identify the trial balance column (debit or credit) with the larger amount if they are not equal. In column (3), identify the account(s) affected by the error. In column (4), indicate the amount by which the account(s) in column (3) is under- or overstated. Item (a) is...
39. The Posting Reference column of the journal provides a cross-reference between the a ledger and accounts. b. journal and ledger. c. ledger and financial statements. d journal and financial statements. 40. If cash is paid for office rent, the transaction includes 2. debiting Rent Expense and crediting Cash. b. debiting Rent Expense and crediting Accounts Payable. c. debiting Rent Expense and crediting Capital. d. debiting Cash and crediting Rent Expense. 41. Tom Edwards opened an auto repair business on...
"Posting" journal entries is required in order to: Multiple Choice ensure that debits equal credits in the trial balance. provide a chronological record of all economic events affecting the firm. ensure that all accounts are up to date prior to preparing financial statements. reflect the information in journal entries in ledger accounts. Which of the choices below was the first private sector entity to set accounting standards in the United States? Multiple Choice AICPA . Committee on Accounting Procedure. Accounting...
Posting errors are identified in the following table. In column (1), enter the amount of the difference between the two trial balance columns (debit and credit) due to the error. In column (2), identify the trial balance column (debit or credit) with the larger amount if they are not equal. In column (3), identify the account(s) affected by the error. In column (4), indicate the amount by which the account(s) in column (3) is under-or overstated. Item (a) is completed...
Posting errors are identified in the following table. In column (1). enter the amount of the difference between the two trial balance columns (debit and credit due to the error. In column (2). Identify the trial balance column (debit or credit with the larger amount if they are not equal. In column (3). Identify the accounts affected by the error in column (4). Indicate the amount by which the account in column (3) is under or overstated. Item (a) is...
Posting errors are identified in the following table. In column (1), enter the amount of the difference between the two trial balance columns (debit and credit) due to the error. In column (2), identify the trial balance column (debit or credit) with the larger amount if they are not equal. In column (3), identify the account(s) affected by the error. In column (4), indicate the amount by which the account(s) in column (3) is under-or overstated. Item (a) is completed...
Most questions answered within 3 hours.
-
2) Write a C++ program that uses a class called “Degree” to
obtain the trigonometric
values...
asked 44 minutes ago -
1. In eukaryotic cells the genomes of
&
asked 43 minutes ago -
The standard enthalpy of propanol (C3H7OH) is -303.0 kJ/mol.
Compute both of the
gross and net...
asked 43 minutes ago -
Why PWM using H-bridge for control motor speed is more power
effiecient than the linear amplifier...
asked 58 minutes ago -
In 1999, Carly Fiorina famously said,"I hope that we are at a
point that everyone is...
asked 1 hour ago -
Individuals in a species of moth vary in wing color from white to
black, but all...
asked 1 hour ago -
The following standards for variable manufacturing overhead have
been established for a company that makes only...
asked 1 hour ago -
The United States government wanted to determine what proportion
of Americans approve of the current president,...
asked 1 hour ago -
2-N stone is dropped from the top of a cliff. The stone hits the
ground 3...
asked 1 hour ago -
Vitamins participate in metabolic reactions in their coenzyme
forms . Match the following reactions to the respective...
asked 1 hour ago -
We have developed a new mobile device and wish to gain insight
into the price that...
asked 2 hours ago -
12.8 ml of a solution is run into an empty flask, from a buret.
The mass...
asked 1 hour ago