D is wrong. Can someone please help? A counterbalancing error is best described by which of the following statements below:OA. An error that offsets itself in the same year by a reversing entry.O B. An error that corrects itself over a two year period without correcting entries.OC. Any error that eventually reverses.D. An error in one account (say $1,000) which is then offset by the same amount going the other direction in another account in the same year.

Answer: A counterbalancing error is one which when not detected within subsequent financial year is…

Answered: A counterbalancing error is best…

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter16: Accounting For Accounts Receivable

Section: Chapter Questions

Problem 5RQ

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c. Assume that the unadjusted trial balance on July 31 shows a credit balance for Accounts Receivable. Does this credit balance mean an error has occurred?
1. A dollar collected at the time of service has the same value as one collected two months after the service date. True or False? 2. The individual posting account balance write offs should be given complete authority to do so without superior approval. True or False? 3. To reconcile a payment batch, a separate calculator tape is run for all payments, withheld amounts, and adjustments. True or False?
While in the process of posting from the journal to the ledger a company failed to post a $500 credit to Accounts Receivable. The effect of this error will be that Group of answer choices A. Accounts Receivable will be understated. B. the error will overstate the debits listed in the journal. C. the trial balance will not balance. D. the total credits in the trial balance will be larger than the total debits.
When an uncollectible account is recovered after it has been written off, which of the following accounts will be credited in the process? O Allowance for Doubtful Accounts and Cash O Accounts Receivable and Allowance for Doubtful Accounts O Cash and Account Receivable O Allowance for Doubtful Accounts and Bad Debts Expense
If a $335.00 debit item in the general journal is posted as a credit: By how much will the trial balance be out of balance? Explain how you might detect such an error.
Select the best answer for the question. 10. A trial balance indicates that the debit total exceeds the credit total by $63. Which of the following errors is the most probable source of the discrepancy? A. An asset with a balance of $63 was mistakenly entered in the ledger as a credit for that amount instead of a debit B. An asset with a balance of $670 was mistakenly entered in the ledger as a $607 debit OC. A liability with a balance of $63 was mistakenly entered in the ledger as a debit for that amount, instead of a credit OD. A liability with a balance of $970 was mistakenly entered in the ledger as a $907 credit O Mark for review (Will be highlighted on the review page) Previous Question Next Question >>
1
Adjustment accounts are needed every year because of errors made during the year False True
Which of the following errors would not affect net income?A. Post-dated checks are classified as cash upon receipt from customersB. Purchases on account are unrecorded because the goods are still in transit : butthe goods were included in inventoryC. Depreciation expense was recorded twice for the same yearD. The client charged an ordinary repair as part of equipment cost.
The notes receivable is debited by the bookkeeper instead of accounts receivable. What is the effect of the error in the total assets of the entity? a. No effect b. Cannot be determined based on the given information c. Understated d. Overstated
Multiple choice: 1. Correction in accounts should NOT be A. Traceable B. Initialed C. Ruled D. Covered completely 2. To find an error, you should do all of the following except A. Double check every entry B. Find the difference between debits and credits C. Erase questionable entries D. Retrace any math computation
Name the error which was made under the following circumstances: during the accounting period the bookkeeper overestimated the sales account by N$200 and overestimated the purchases account by N$200. O a. Principle error O b. Error of complete reversal O c. Compensating error O d. Commission error

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