Alpha Company buys $573,000 supplies for cash during the year and half are consumed by end of year. The adjustment for usage was correctly journalized and posted. However, the journal entry for a purchase on account of $71,500 was erroneously posted twice to the ledger. Required 1: The error might or might not impact the trial balance and send it out of balance. If there is a difference between debits and credits, how much is it? $ Required 2: The error might or might not impact the Balance Sheet and send it out of balance. If there is a difference between debits and credits, how much is it? $| Required 3: The error might or might not impact the ending balance of Accounts Payable. If there is a difference between the correct and incorrect ending balance, how much is it? $ Required 4: The error might or might not impact the ending balance of Purchases of Supplies. If there is a difference between the correct and incorrect ending balance, how much is it? $ Required 5: The error might or might not impact the ending balance of Supplies Inventory. If there is a difference between the correct and incorrect ending balance, how much is it? $ Required 6: The error might or might not impact the period's Net Income. If there is a difference between the correct and incorrect Net Income, how much is it? $
Alpha Company buys $573,000 supplies for cash during the year and half are consumed by end of year. The adjustment for usage was correctly journalized and posted. However, the journal entry for a purchase on account of $71,500 was erroneously posted twice to the ledger. Required 1: The error might or might not impact the trial balance and send it out of balance. If there is a difference between debits and credits, how much is it? $ Required 2: The error might or might not impact the Balance Sheet and send it out of balance. If there is a difference between debits and credits, how much is it? $| Required 3: The error might or might not impact the ending balance of Accounts Payable. If there is a difference between the correct and incorrect ending balance, how much is it? $ Required 4: The error might or might not impact the ending balance of Purchases of Supplies. If there is a difference between the correct and incorrect ending balance, how much is it? $ Required 5: The error might or might not impact the ending balance of Supplies Inventory. If there is a difference between the correct and incorrect ending balance, how much is it? $ Required 6: The error might or might not impact the period's Net Income. If there is a difference between the correct and incorrect Net Income, how much is it? $
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Transcribed Image Text:Alpha Company buys $573,000 supplies for cash during the year and half are consumed by end of year. The adjustment for usage
was correctly journalized and posted. However, the journal entry for a purchase on account of $71,500 was erroneously posted twice
to the ledger.
Required 1: The error might or might not impact the trial balance and send it out of balance. If there is a difference between debits and
credits, how much is it? $
Required 2: The error might or might not impact the Balance Sheet and send it out of balance. If there is a difference between debits
and credits, how much is it? $|
Required 3: The error might or might not impact the ending balance of Accounts Payable. If there is a difference between the correct
and incorrect ending balance, how much is it? $
Required 4: The error might or might not impact the ending balance of Purchases of Supplies. If there is a difference between the
correct and incorrect ending balance, how much is it? $
Required 5: The error might or might not impact the ending balance of Supplies Inventory. If there is a difference between the correct
and incorrect ending balance, how much is it? $
Required 6: The error might or might not impact the period's Net Income. If there is a difference between the correct and incorrect Net
Income, how much is it? $
AI-Generated Solution
AI-generated content may present inaccurate or offensive content that does not represent bartleby’s views.
Unlock instant AI solutions
Tap the button
to generate a solution
Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education