A credit to an Asset account was posted as a credit to the Revenue account. This...
A credit to an Asset account was posted as a credit to the Revenue account. This error would cause:
A.liabilities to be overstated.
B.capital to be understated.
C.revenue to be overstated.
D.Both A and C are correct.
Homework Answers
Answer D) Both A and C are correct
- Revenue will be increased by Credit and simultaneously Total Liabilities will be increased.
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A credit to an Asset account was posted as a credit to the
Revenue account. This...
A credit to an asset account was posted as a credit to a revenue account. This...
A credit to an asset account was posted as a credit to a revenue account. This error would cause: Group of answer choices assets to be more than should be. revenue to be more than it should be. expenses to be more than should be. Both A and B are correct.
A credit to a Liability account was posted as a credit to an Expense account. This...
A credit to a Liability account was posted as a credit to an Expense account. This error would cause: A. Expenses to be overstated. B. Assets to be overstated. C. Liabilities to be understated. D. Liabilities to be overstated.
Which of the statements of the rules of debit and credit is true? O A. Increase...
Which of the statements of the rules of debit and credit is true? O A. Increase Accounts Payable with a credit and the normal balance is a credit OB. Decrease Accounts Receivable with a credit and the normal balance is a credit. OC. Decrease Cash with a debit and the normal balance is a debit. OD. Increase Revenue with a debit and the normal balance is a debit. Click to select your answer. Tyne here to search Which type of...
If the credit amount of an entry to record the payment of salaries was not posted,...
If the credit amount of an entry to record the payment of salaries was not posted, O A. expenses would be overstated O B. expenses would be understated O C. shareholders' equity would be understated O D. assets would be overstated
The following Information applies to the questions displayed below.) For each of the posting errors under...
The following Information applies to the questions displayed below.) For each of the posting errors under parts (b) to (g), complete the following: 1. Enter the amount of the difference between the two trial balance columns (deblt and credit) error. 2. Identify the trial balance column (debit or credit) with the larger amount If they are not equal. 3. Identify the account(s) affected by the error. 4. Indicate the amount by which the account(s) in column (3) is under-or overstated....
You meant to debit an asset account but posted it to an expense account by mistake....
You meant to debit an asset account but posted it to an expense account by mistake. This would cause: Expenses to be lower than they should be. owner's equity to be higher than they should be assets to be higher than they should be. assets to be lower than they should be.
A bookkeeper erroneously recorded the accrual of revenue using this journa Sales Discount Depreciation Expense The...
A bookkeeper erroneously recorded the accrual of revenue using this journa Sales Discount Depreciation Expense The effect of this error on Total Expenses and Total Assets (respectively Select one: a. No Error, Understated Ob. Overstated, Understated c. No Error, No Error Od. Understated, No Error e. Understated, Understated The Vlasik Company declared an $8 cash dividend and recorded this journal entry (assume the amount is accurate, but not necessarily the accounts): Unearned Revenue Prepaid Insurance 58 Indicate the effect of...
Born of Frustration, Corp. provides services to its customers on account. Accrued revenue at the end...
Born of Frustration, Corp. provides services to its customers on account. Accrued revenue at the end of the annual accounting period totaled $6,250, but the firm forgot to make an adjusting entry for accrued revenue at the end of the accounting period. Which of the following is true about the period end financial statements? a. None of the answers given are correct. b. Liabilities will be overstated and Stockholders’ Equity will be understated. c. Liabilities will be understated and Stockholders’...
A $6124 debit to utilities expense was incorrectly posted as a $630 debit. What is the...
A $6124 debit to utilities expense was incorrectly posted as a $630 debit. What is the effect of this error on the trial balance and the utilities expense account? Select one: a. The debit column of the trial balance would be $5494 too high and utilities expense would be understated by $5494 b. The debit column of the trial balance would be $5494 too high and utilities expense would be overstated by $5494 c. The debit column of the trial...
16. The entry to close the Withdrawals account to Capital was omitted. This error would cause....
16. The entry to close the Withdrawals account to Capital was omitted. This error would cause. A) the Capital account to be understated. B) net income to be overstated. C) Revenue to be understated. D) the Capital account to be overstated. 17. Which of the following accounts will NOT appear on the post-closing trial balance? A) Accounts Receivable B) Cash C) Accounts Payable D) Withdrawals 18. Which of the following could appear in an adjusting entry, closing entry, and reversing...
Which of the statements of the rules of debit and credit is true? O A. Increase Accounts Payable with a credit and the normal balance is a credit OB. Decrease Accounts Receivable with a credit and the normal balance is a credit. OC. Decrease Cash with a debit and the normal balance is a debit. OD. Increase Revenue with a debit and the normal balance is a debit. Click to select your answer. Tyne here to search Which type of...
If the credit amount of an entry to record the payment of salaries was not posted, O A. expenses would be overstated O B. expenses would be understated O C. shareholders' equity would be understated O D. assets would be overstated
The following Information applies to the questions displayed below.) For each of the posting errors under parts (b) to (g), complete the following: 1. Enter the amount of the difference between the two trial balance columns (deblt and credit) error. 2. Identify the trial balance column (debit or credit) with the larger amount If they are not equal. 3. Identify the account(s) affected by the error. 4. Indicate the amount by which the account(s) in column (3) is under-or overstated....
You meant to debit an asset account but posted it to an expense account by mistake. This would cause: Expenses to be lower than they should be. owner's equity to be higher than they should be assets to be higher than they should be. assets to be lower than they should be.
A bookkeeper erroneously recorded the accrual of revenue using this journa Sales Discount Depreciation Expense The effect of this error on Total Expenses and Total Assets (respectively Select one: a. No Error, Understated Ob. Overstated, Understated c. No Error, No Error Od. Understated, No Error e. Understated, Understated The Vlasik Company declared an $8 cash dividend and recorded this journal entry (assume the amount is accurate, but not necessarily the accounts): Unearned Revenue Prepaid Insurance 58 Indicate the effect of...
A $6124 debit to utilities expense was incorrectly posted as a $630 debit. What is the effect of this error on the trial balance and the utilities expense account? Select one: a. The debit column of the trial balance would be $5494 too high and utilities expense would be understated by $5494 b. The debit column of the trial balance would be $5494 too high and utilities expense would be overstated by $5494 c. The debit column of the trial...
16. The entry to close the Withdrawals account to Capital was omitted. This error would cause. A) the Capital account to be understated. B) net income to be overstated. C) Revenue to be understated. D) the Capital account to be overstated. 17. Which of the following accounts will NOT appear on the post-closing trial balance? A) Accounts Receivable B) Cash C) Accounts Payable D) Withdrawals 18. Which of the following could appear in an adjusting entry, closing entry, and reversing...
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