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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On August 1, 2021, the beginning of its current fiscal year, the following opening account balances, listed in alphabetical order, were reported by Sheridan Ltd. Accounts payable $2,330 Accounts receivable 4,470 Accumulated depreciation-equipment 1,990 Cash 6,190 Common shares 11,800 Deferred revenue 1,370 Equipment 11,000 Interest receivable 22 Note receivable, due October 31, 2021 4,400 Retained earnings 8,162 Salaries payable 1,540 Supplies 1,110 During August, the following summary transactions were completed. Aug. 1 Paid $410 cash for advertising in local newspapers. Advertising flyers will be included with newspapers delivered during August and September. (Hint: Use the Prepaid Advertising account.) 3 Paid August rent $400. (Hint: Use the Prepaid Rent account.) 6 Received $3,450 cash from customers in payment of accounts. 10 Paid $3,360 for salaries due employees, of which $1,820 is for August and $1,540 is for July salaries payable. 13 Received $3,850 cash for services performed…
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