40. While in the process of posting from the journal to the ledger, the accountant of X Company failed toposta $50 debit to the Office Supplies account. The effect of this error will be as follows:A. The Office Supplies account balance will be overstatedB. The trial balance will not balance.C. The error will overstate the debits listed in the journal.D. The total debits in the trial balance will be larger than the total credits.E. This error will not make any difference.

The process of entering all transactions from the journal to the ledger is called ledger…

Answered: 10. While in the process or

Auditing: A Risk Based-Approach (MindTap Course List)

11th Edition

ISBN:9781337619455

Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Chapter9: Auditing The Revenue Cycle.

Section: Chapter Questions

Problem 30RQSC

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While in the process of posting from the journal to the ledger a company failed to post a $500 credit to Accounts Receivable. The effect of this error will be that Group of answer choices A. Accounts Receivable will be understated. B. the error will overstate the debits listed in the journal. C. the trial balance will not balance. D. the total credits in the trial balance will be larger than the total debits.
If a $335.00 debit item in the general journal is posted as a credit: By how much will the trial balance be out of balance? Explain how you might detect such an error.
Select the best answer for the question. 10. A trial balance indicates that the debit total exceeds the credit total by $63. Which of the following errors is the most probable source of the discrepancy? A. An asset with a balance of $63 was mistakenly entered in the ledger as a credit for that amount instead of a debit B. An asset with a balance of $670 was mistakenly entered in the ledger as a $607 debit OC. A liability with a balance of $63 was mistakenly entered in the ledger as a debit for that amount, instead of a credit OD. A liability with a balance of $970 was mistakenly entered in the ledger as a $907 credit O Mark for review (Will be highlighted on the review page) Previous Question Next Question >>
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4. A trial balance was extracted from the books of Phax Mohutsiwa. It was found that the debit side exceeded the credit side by P40. The following errors were later discovered. i) Purchases were overcast by P20. ii)An amount paid to L Lesego was debited to the control account as P98 instead of P89. iii) Sales were undercast by P11 Required: Enter the above information in the suspense account and balance it off. Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.
Multiple choice:
Name the error which was made under the following circumstances: during the accounting period the bookkeeper overestimated the sales account by N$200 and overestimated the purchases account by N$200. O a. Principle error O b. Error of complete reversal O c. Compensating error O d. Commission error
A suspense account was opened when a trial balance failed to agree. The following errors were later discovered.  A gas bill of $420 had been recorded in the gas account as $240.  A discount of $50 given to a customer had been credited to discounts received.  Interest received of $70 had been entered in the bank account only. What was the original balance on the suspense account?
Write a report answering the following questions of at least 500 words. Taking into account the plagiarism ratio, it should be zero. Thank you
Which of the following errors will be detected by a trial balance? a. Posting a credit to Sales instead of the Accounts Payable b. Incorrecty computing the balance of the cash account c. Not journalizing a complete sales transaction d. Forgetting to post a complete purchase transaction
A trial balance does not balance. The owner believes the following mistakes WOULD cause animbalance. Do you agree? (Answer TRUE or FALSE for each statement) A. The owner forgot to record a cash saleB. A credit sale was recorded as a debit to sales and a debit to trade receivablesC. When transferring the bank overdraft from the Cash T account it was entered on thedebit side of the trial balanceD. Rates expense of £500 was debited to rent expenses and credited to cashE. A payment to a supplier of £690 was entered to cash as £690 but to trade payables as£609
The trial balance of the Sterling investigative Services shown next age does not balance. Your review of the general ledger reveals that each account has a normal balance. You also discovered the following errors. a. The totals of the debit sides of Rent Deposit, Accounts Payable, and Representation Expense were each understood to be P1,000. b. Transposition errors were made in Accounts Receivable and Service Revenue. Based on postings made, the correct balances were P25,700 and P69,600, respectively. c. Check payment for P9.400 was properly recorded, and the cash credit properly posted, but the accountant failed to post to the debit side of the taxes payable account. d. The trial balance shows some accounts are not on their proper sides. e. A cash debit posting for P5,000 was posted on the credit side. Credit P27,500 Sterling Investigative Services Trial Balance May 31, 2017 Debit Cash P55,800 Accounts Receivable Rent Deposit 7,000 Equipment 80,000 Accounts payable Taxes Payable…

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