2. Which of the following is not correct about an unadjusted trial balance? A. It proves that debits and credits of equal amounts are in the ledger. B. It is the basis for any adjustments to the account balances. C. It proves that debits and credits w'ere properly entered in the ledger accounts D. It supplies a listing of open accounts and their balances.

2. Which of the following is not correct about an unadjusted trial balance? A. It proves that debits and credits of equal amounts are in the ledger. B. It is the basis for any adjustments to the account balances. C. It proves that debits and credits w'ere properly entered in the ledger accounts D. It supplies a listing of open accounts and their balances.

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter2: T Accounts, Debits And Credits, Trial Balance, And Financial Statements

Section: Chapter Questions

Problem 7E: The following errors were made in journalizing transactions. In each case, calculate the amount of...

See similar textbooks

Related questions

Q: All transactions entered in this window result in a debit to the Accounts Receivable account. a.…

A: In quickbooks all transactions entered in invoice window result in a debit to the Accounts…

Q: A credit is not the normal balance for which account listed below? Select one: a. Owner’s Drawings…

A: Generally assets and expenses has debit balances and incomes and liabilities has credit balances. In…

Q: The T-account is used to summarize which of thefollowing?a. Increases and decreases to a single…

A: T account: A T-account is a tool that is used to help understand individual ledger accounts and the…

Q: If an incorrect amount is journalized and posted to the accounts, how should the error be corrected?

A: Accounting: Accounting is the art of recording, classifying and summarizing in a significant…

Q: Which of the following errors cannot be detected by the trial balance? a. Incorrect accounts were…

A: The trial balance shows the summarised items with the debit or credit balance. It is the effect of…

Q: a. Show the journal entry to record the uncollectible accounts. b. How much will the balance sheet…

A: a) Journal Entry

Q: What kind of an account (asset, liability, etc.) is Allowance for Doubtful Accounts, and is its…

A: Allowance method: It is a method for accounting for uncollectible receivables, where uncollectible…

Q: Posting errors are identified in the following table. In column (1), enter the amount of the…

A: Errors in posting refer to those that are done while recording the journal entries in books and the…

Q: In order to see the current balance of an account you would need to look at the: O ledger. O…

A: The balance sheet and income statement are important financial statements of the business. The…

Q: Which statement is false?a. A trial balance lists all the accounts with their current balances.b. A…

A: Definition of Trial balance: Trial balance is a statement containing the balances of all ledger…

Q: The classes/categories of account that are always debited except when closing, correcting error,…

A: The objective of the question is to identify the classes or categories of accounts in accounting…

Q: Which of the following is provided by a trial balance inwhich total debits equal total credits?a.…

A: Trial balance: Trial balance is a statement contains all ledger accounts balances.

Q: At the beginning of the current period, Coronado Industries had balances in Accounts Receivable of…

A: Sales are made on cash and credit basis. The amount to be collected from sales made on credit basis…

Q: Ivanhoe Music Shop gives its customers coupons redeemable for a poster plus a Bo Diddley CD. One…

A: (a) Period 1

Q: Which one of the following statements describes the rules about posting transactions into T-accounts…

A: Recording of journal entries is one of the initial step in accounting process. After that, recorded…

Q: Which of the following statements is not correct? O A trial balance would help in detecting an error…

A: The correct sequence of the recording process is: analyzing, journalizing, and then posting to the…

Q: Which of the following transactions will require a journal entry? Indicate if it will be a debit or…

A: Bank reconciliation: Bank reconciliation is a statement which is prepared to reconcile the cash…

Q: Identify whether a debit or credit results in the indicated change for each of the following…

A: Normal balance: Normal balance refers to the excess of amount on one side, over the amount on the…

Q: The updating of accounts when financial statements are prepared is called the adjusting process.…

A: Financial Statements are prepared at the end of the period to calculate the gains/losses and the…

Q: Identify at least four types of errors and /or omissions that would NOT be identified by a trial…

A: Answer: There are errors which don't change any balances in trial balance. They can not be easily…

Q: Posting errors are identified in the following table. In column (1), enter the amount of the…

A: The error in trial balance leads to effect the total of debit and credit side of trial balance. The…

Q: The verification that the sum of the debits and the sum of the credits in the ledger are equal is…

A: debit indicates an increase in asset or decrease in liability whereas credit indicates increase in…

Q: The double-entry accounting system means A. Each transaction is recorded with two journal…

A: Accounting: Accounting is a system, or a process of collecting and organizing economic transactions,…

Question

2. Which of the following is not correct about an unadjusted trial balance?
A. It proves that debits and credits of equal amounts are in the ledger.
B. It is the basis for any adjustments to the account balances.
C. It proves that debits and credits w'ere properly entered in the ledger accounts
D. It supplies a listing of open accounts and their balances.

Definition Definition Statement that shows the ending balance of all the ledger accounts of a firm at the end of the accounting period. The trial balance is prepared after all the entries have been posted to the ledger accounts and assists in preparing the final accounts of a firm.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Which of the following is provided by a trial balance inwhich total debits equal total credits?a. Proof that no transaction was completely omitted fromthe ledger during the posting process.b. Proof that the correct debit or credit balance has beencomputed for each account.c. Proof that the ledger is in balance.d. Proof that transactions have been correctly analyzed andrecorded in the proper accounts.
The T-account is used to summarize which of thefollowing?a. Increases and decreases to a single account in theaccounting system.b. Debits and credits to a single account in the accountingsystem.c. Changes in specific account balances over a timeperiod.d. All of the above describe how T-accounts are used byaccountants.
STATEMENT 1: The purpose of performing compliance tests is to provide reasonable assurance that transactions are recorded at the amounts executed. STATEMENT 2: The process of analyzing subsidiary ledger accounts of accounts receivable to determine those accounts which are current, past due, and collectible is called anolysis. A. Only Statement 1 is incorrect B. Only Statement 1 is correct C. Both statements are incorrect D. Both statements are correct
Which of the following statements is not correct? O A trial balance would help in detecting an error made while transcribing the debit side of a journal entry to the ledger O A journal discloses in one place the complete effects of a transaction O The correct sequence of steps in the recording process is: posting. journalizing, analyzing The chart of accounts is a listing of the accounts and the account numbers which identify their location in the ledger
The following errors were made in journalizing transactions. In each case, calculate the amount of the error and indicate whether the debit or the credit column of the trial balance will be understated or overstated.
List two reasons why the debits and credits in the trial balance might not balance.
Which one of the following is not a part of an account? Select one: a. Title b. Credit side c. Trial balance d. Debit side
Which of the following statements regarding the trial balance is most likely to be invalid? The purpose of preparing a trial balance is to determine whether the total debits and total credits in the ledger are equal. If total debits and credits are not equal, an error surely exists in the accounts. The trial balance is a prerequisite in preparing financial statements. The preparation of the trial balance creates a starting point for the preparation of the financial statements.
Which of the following errors will cause the trial balance totals to be unequal? A. posting the debit portion of a journal entry incorrectly when the credit portion of the entry is correctly posted B. recording the same transaction more than once C. recording the same erroneous amount for both the debit and the credit parts of a transaction
21.Which of the following errors will not cause the debit and credit columns of the trial balance to be unequal? a. A debit was entered in an account as a credit. b. The balance of an account was incorrectly computed. c. The account balance was carried to the wrong column of the trial balance. d. A debit entry was recorded in the wrong account.
Which account is least likely to be debited when revenueis recorded?a. Accounts Payableb. Accounts Receivablec. Cashd. Unearned Revenue
The statement that is NOT CORRECT about the general ledger is __________ . a. postings are based on source documents. b. the T-account format or ledger running balance format may be adopted. c. It follows the sequence of the accounts in the chart of accounts. d. the opening balances are entered before posting current transaction entries.