Homework Answers
| a. | ||||||||||||||
| If $900 is credited to service revenue instead of unearned revenue then it would not impact cause inequality as both service revenue and unearned revenue has credit balance | ||||||||||||||
| Error would not cause inequality and thus both debit and credit would be equal | ||||||||||||||
| b. | ||||||||||||||
| Accounts payable has credit balance and thus $3,400 not reported would cause credit to be lower and debit to be higher | ||||||||||||||
| Trial balance would be out of balance due to error and debit would be higher by $3,400 | ||||||||||||||
| c. | ||||||||||||||
| Rent expense has debit balance and since it was posted twice debit would be higher than credit | ||||||||||||||
| Trial balance would be out of balance due to error and debit would be higher by $900 | ||||||||||||||
| d. | ||||||||||||||
| Office supplies and office supplies expense both have debit balance and thus if instead of office supplies supplies expense was debited then both would not cause inequality | ||||||||||||||
| Error would not cause inequality and thus both debit and credit would be equal | ||||||||||||||
| e. | ||||||||||||||
| Debit was posted of higher by $90 as cash has debit balance and instead of 560, $650 was debited | ||||||||||||||
| Trial balance would be out of balance due to error and debit would be higher by $90 | ||||||||||||||
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Exercise 3-20A Determining the effect of errors on the trial balance LO 3-3 Explain how each...
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...
Example Exercise 2-6 Trial Balance Errors 4 For each of the following errors, considered in- dividually,...
Example Exercise 2-6 Trial Balance Errors 4 For each of the following errors, considered in- dividually, indicate whether the error would cause the trial balance totals to be unequal. If the error would cause the trial balance totals to be unequal, indicate whether the debit or credit b. A fee of $2,850 earned from a client was debited to Accounts Receivable for $2,580 and credited to Fees Earned for $2,850 c. A payment of $3,500 to a creditor was posted...
Trial Balance Errors For each of the following errors, considered individually, indicate whether the error would...
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 balance 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. a. The payment of an insurance premium of $2,340 for a three-year policy was debited...
The following trial balance of Vaughn Co. does not balance. VAUGHN CO. TRIAL BALANCE JUNE 30,...
The following trial balance of Vaughn Co. does not balance. VAUGHN CO. TRIAL BALANCE JUNE 30, 2020 Debit Credit Cash $3,195 Accounts Receivable $2,946 Supplies 1,125 Equipment 4,125 Accounts Payable 2,991 Unearned Service Revenue 1,525 Common Stock 6,325 Retained Earnings 3,325 Service Revenue 2,705 Salaries and Wages Expense 3,725 Office Expense 1,265 Totals $14,711 $18,541 Each of the listed accounts should have a normal balance per the general ledger. An examination of the ledger and journal reveals the following errors....
Exercise 3-4 The following trial balance of Teal Co. does not balance.
Exercise 3-4The following trial balance of Teal Co. does not balance.TEAL CO.TRIAL BALANCEJUNE 30, 2017DebitCreditCash$3,099Accounts Receivable$3,460Supplies1,029Equipment4,029Accounts Payable2,895Unearned Service Revenue1,429Common Stock6,229Retained Earnings3,229Service Revenue2,609Salaries and Wages Expense3,629Office Expense1,169Totals$14,745$18,061Each of the listed accounts should have 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 $570,
and Accounts Receivable was credited for the same amount. The
actual collection was for $750.2.The purchase of a computer printer...
Trial Balance Errors For each of the following errors, considered individually, indicate whether the error would...
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 balance 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. a. The payment of an insurance premium of $7,450 for a three-year policy was debited to Prepaid...
Exercise 2-13 The bookkeeper for Brooks Equipment Repair made a number of errors in journalizing and...
Exercise 2-13 The bookkeeper for Brooks Equipment Repair made a number of errors in journalizing and posting, as described below. For each error: (a) Indicate whether the trial balance will balance. (b) If the trial balance will not balance, indicate the amount of the difference. (C) Indicate the trial balance column that will have the larger total. (a) (b) Difference (c) Larger column Balance No. 1. Error A credit posting of $725 to Accounts Receivable was omitted. 2. A debit...
Effect of Errors on Trial Balance The following errors occurred in posting from a two-column journal:...
Effect of Errors on Trial Balance The following errors occurred in posting from a two-column journal: A credit of $8,350 to Accounts Payable was not posted. A debit of $2,010 to Cash was posted to Miscellaneous Expense. A credit of $270 to Cash was posted as $720. A debit of $5,820 to Wages Expense was posted as $5,280. An entry debiting Accounts Receivable and crediting Fees Earned for $21,700 was not posted. A debit of $600 to Accounts Payable was...
Trial Balance Errors For each of the following errors, considered Individually, indicate whether the error would...
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...
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...
Example Exercise 2-6 Trial Balance Errors 4 For each of the following errors, considered in- dividually, indicate whether the error would cause the trial balance totals to be unequal. If the error would cause the trial balance totals to be unequal, indicate whether the debit or credit b. A fee of $2,850 earned from a client was debited to Accounts Receivable for $2,580 and credited to Fees Earned for $2,850 c. A payment of $3,500 to a creditor was posted...
Exercise 3-4The following trial balance of Teal Co. does not balance.TEAL CO.TRIAL BALANCEJUNE 30, 2017DebitCreditCash$3,099Accounts Receivable$3,460Supplies1,029Equipment4,029Accounts Payable2,895Unearned Service Revenue1,429Common Stock6,229Retained Earnings3,229Service Revenue2,609Salaries and Wages Expense3,629Office Expense1,169Totals$14,745$18,061Each of the listed accounts should have 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 $570,
and Accounts Receivable was credited for the same amount. The
actual collection was for $750.2.The purchase of a computer printer...
Exercise 2-13 The bookkeeper for Brooks Equipment Repair made a number of errors in journalizing and posting, as described below. For each error: (a) Indicate whether the trial balance will balance. (b) If the trial balance will not balance, indicate the amount of the difference. (C) Indicate the trial balance column that will have the larger total. (a) (b) Difference (c) Larger column Balance No. 1. Error A credit posting of $725 to Accounts Receivable was omitted. 2. A debit...
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...
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