4. Complete the following chart to show the effect of errors on a trial balance Trial balance will not balance Trial balance will Debits Credits balance but will greater than greater than not be correct Error Situation credits by (S) debits by (S) (7) A. A transaction for $500 was journalized and posted as $50. B. A debit of $200 to Bank was posted to a customer's account. c. An account with a credit balance of S300 in the ledger was placed on the | debit side of the trial balance. D. A Supplies balance of $500 was not | placed on the trial balance. E. A credit of $200 was posted twice. F. An entire journal entry for $350 was not norted

4. Complete the following chart to show the effect of errors on a trial balance Trial balance will not balance Trial balance will Debits Credits balance but will greater than greater than not be correct Error Situation credits by (S) debits by (S) (7) A. A transaction for $500 was journalized and posted as $50. B. A debit of $200 to Bank was posted to a customer's account. c. An account with a credit balance of S300 in the ledger was placed on the | debit side of the trial balance. D. A Supplies balance of $500 was not | placed on the trial balance. E. A credit of $200 was posted twice. F. An entire journal entry for $350 was not norted

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The normal balance of an account is on the Debit side of the account Side represented by increase in the account balance Side represented by decrease in the account balance O Credit side of the account with explanation please
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Saved Help Save In 2021, the internal auditors of Blooper Inc. discovered that goods costing $12 million that were shipped f.o.b. shipping point in December of 2020 were in transit on December 31. The goods were recorded as a purchase in December of 2020 but were not included in the 2020 year-end inventory. Prepare the journal entry needed in 2021 to correct the error. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions (i.e., 10,000,000 should be entered as 10).) View transaction list Journal entry worksheet Record the necessary entry to correct the error. Note: Enter debits before credits. Transaction General Journal Debit Credit
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