Your email Will be recorded when you submit this formRequiredQuestionA business bought $500 worth of Supplies and paid cash. In error, thetransaction was recorded as follows: Bank was DEBITED $500 and Supplies wasCREDITED $500. How would this error impact the Trial Balance?*O The Trial Balance would not balance by $500.O The Trial Balance would not balance by $1000The Trial Balance would still balance even with the error made.BackNextPage 17 of 25Clear for

Following journal entry will be passed to record purchase of supplies for cash : Supplies…

A business bought $500 worth of Supplies and paid cash. In error, the transaction was recorded as follows: Bank was DEBITED $500 and Supplies was CREDITED $50O. How would this error impact the Trial Balance?* O The Trial Balance would not balance by $500. O The Trial Balance would not balance by $1000 The Trial Balance would still balance even with the error made.

A business bought $500 worth of Supplies and paid cash. In error, the transaction was recorded as follows: Bank was DEBITED $500 and Supplies was CREDITED $50O. How would this error impact the Trial Balance?* O The Trial Balance would not balance by $500. O The Trial Balance would not balance by $1000 The Trial Balance would still balance even with the error made.

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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40. While in the process of posting from the journal to the ledger, the accountant of X Company failed to posta $50 debit to the Office Supplies account. The effect of this error will be as follows: A. The Office Supplies account balance will be overstated B. 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.
18.7 The trial balance of Z failed to agree, the totals being: DEBIT $836,200 CREDIT $819,700 A suspense account was opened for the amount of the difference and the following errors were found and corrected: The total of the cash discount received column in the cash book had not been posted to the discount received account. The figure for discounts received was $5,100. 1 2 A cheque for $19,000 received from a customer was correctly entered in the cash book but was posted to the control account as $9,100. What will the remaining balance be on the suspense after the correction of these errors? 2$ credit
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Write a report answering the following questions of at least 500 words. Taking into account the plagiarism ratio, it should be zero. Thank you
Name the error which was made under the following circumstances: The business returned goods of N$1000 to the supplier and the bookkeeper did not at all record the transaction in the books of account. a. Compensating error b. Error of ommisionn O c. Error of omission O d. Error of oommission
On March 1, it was discovered that the following errors took place in journalizing and posting transactions: a. Rent expense of $3,220 paid for the current month was recorded as a debit to Miscellaneous Expense and a credit to Rent Expense. b. The payment of $5,080 from a customer on account was recorded as a debit to Cash and a credit to Accounts Payable. Journalize the entries on March 1 to correct the errors. Use two entries to correct the error described in (a). (That is, record an entry to reverse the incorrect entry and a second entry to record the correct entry.) Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.
The trial balance of SamSan Tech. shown below does not balance. Your review of the ledger reveals the following: (a) Each Account had a normal balance. (b) The debit footings in Prepaid Insurance, Accounts Payable, and Property Tax Expense were each understated by P100. (C) A transposition error was made in Accounts Receivable; the correct balances for Accounts receivable and Service revenue are P2,750 and P6,690, respectively. (d) A debit posting to Advertising Expense for P300 was omitted. (e) A P1,500 cash drawing by the owner was debited to Ozawa Capital and credited to Cash. Trial Balance Cash P4,800 Accounts Receivable 2,750 Prepaid Insurance 700 Equipment P8,000 Accounts Payable 4,500 Property Tax Payable 560 Samsan, Capital 11,200 Service Revenue 6,960 Salaries Expense 4,200 Advertising Expense 1,100 Property Tax Expense 800 P20,890 P24,500 The corrected trial balance of the company should show total debits of A. P24,350 B. P23,070 C. P22,850 D. P21,570
MCQs Which is an error of omission?a. No entries have been made for the purchase of stationery by cheque.b. Purchase of stationery has been entered only in the cash book.c. Purchase of stationery has been entered only in the stationery account.d. The stationery account has been omitted from the trial balance.
9 - Which of the following should be done if there is a shortage of cash and the reason cannot be found that day ? a) It is written to the creditor side of Account 197 Counting and Receipt Deficiencies B) It is written to the creditor side of Account 397 Counting and Receipt Deficiencies NS) 659 Debited for other ordinary expenses D) It is written to the debtor side of the 197 Counting and Receipt Deficiencies Account TO) It is written to the debtor side of Account 397 Counting and Receipt Deficiencies
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The new bookkeeper forgot to record the payment of an accounts payable to a supplier. What impact does this have on the company’s books? No effect Cash is understated/the Income Statement is understated Cash is overstated/the Income Statement is overstated Cash is overstated/liabilities are understated Cash is overstated/liabilities are overstated