31. While preparing the. 2017 trial balance, Rome Company's accountant committed the following errors: omission of the prepaid rent account amounting to P4,000; understatement of the inventory account by P72,000; overstatement of the sales account by P1,500; accounts receivables totaling to P123,000 was included in the trial balance as P213,000; accounts payable totaling to P153,000 was included as P135,0003; discount on bonds payable was included as a credit rather than as a debit, P1,500; Revenue expenditures of P35,000 was erroneously capitalized to furniture and fixtures. The difference between the debit and credit amounts in Rome Company's trial balance is a. P2,500 b. P26,000 c. P7,500 d. P27,500
31. While preparing the. 2017 trial balance, Rome Company's accountant committed the following errors: omission of the prepaid rent account amounting to P4,000; understatement of the inventory account by P72,000; overstatement of the sales account by P1,500; accounts receivables totaling to P123,000 was included in the trial balance as P213,000; accounts payable totaling to P153,000 was included as P135,0003; discount on bonds payable was included as a credit rather than as a debit, P1,500; Revenue expenditures of P35,000 was erroneously capitalized to furniture and fixtures. The difference between the debit and credit amounts in Rome Company's trial balance is a. P2,500 b. P26,000 c. P7,500 d. P27,500
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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