applies to You are told the column totals in a trial balance are not equal. After careful analysis, you discover only one error. Specifically, a correctly journalized credit purchase of an automobile for $17,450 is posted from the journal to the ledger with an $17,450 debit to Automobiles and another $17,450 debit to Accounts Payable. The Automobiles account has a debit balance of $41,356 on the trial balance. Answer each of the following questions and compute the dollar amount of any misstatement. Exercise 2-23 (Algo) Part e e. If the debit column total of the trial balance is $366,450 before correcting the error, what is the total of the credit column before correction? Total of the credit column

applies to You are told the column totals in a trial balance are not equal. After careful analysis, you discover only one error. Specifically, a correctly journalized credit purchase of an automobile for $17,450 is posted from the journal to the ledger with an $17,450 debit to Automobiles and another $17,450 debit to Accounts Payable. The Automobiles account has a debit balance of $41,356 on the trial balance. Answer each of the following questions and compute the dollar amount of any misstatement. Exercise 2-23 (Algo) Part e e. If the debit column total of the trial balance is $366,450 before correcting the error, what is the total of the credit column before correction? Total of the credit column

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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Journalize the entries to correct the following errors: a. A purchase of supplies for $158 on account was recorded and posted as a debit to Supplies for $513 and as a credit to Accounts Receivable for $513. (Record the entry to reverse the error first.) If an amount box does not require an entry, leave it blank. - Select - - Select - - Select - - Select - - Select - - Select - - Select - - Select - b. A receipt of $4,068 from Fees Earned was recorded and posted as a debit to Fees Earned for $4,068 and a credit to Cash for $4,068. If an amount box does not require an entry, leave it blank. - Select - - Select - - Select - - Select -
background info: Green checkmark means that entry is correct, red is wrong. There is only supposed to be a total of 19 entries. look at 1 picture with the complete journal and adjust to fit the allowance method to go into the second table with green and red corrections. The first entry....you are removing the account so you have to remove the allowance and related receivable (2 parts) The second entry...you want to record the cash received, the removal of the allowance and related receivable (3 parts) The third entry...recording a credit sales (2 parts) The fourth entry...setting up receivable and the allowance (2 parts) The fifth entry...record collection of a previously recorded credit sale (2 parts) The sixth entry...record collection of a previously recorded credit sale (2 parts) The seventh entry...adjusting the allowance by reducing the allowance and reducing 5 customer receivable accounts (6 parts) 1. Finalize the journal entries shown on the Fan-Tastic Sports Gear Inc. panel…
Journalize the entries to correct the following errors (for each Journal Entry, omit the 4th journalizing step of providing an explanation): (a) An actual purchase of supplies for $300 on account was recorded and posted as a debit to Supplies for $600 and as a credit to Accounts Receivable for $500. (b) An actual receipt of $5,000 from Fees Earned was recorded and posted as a debit to Fees Earned for $3,000 and a credit to Cash for $3,000. JOURNAL Date Description Post. DR CR (a) (b)
Ajournal entry for a $220 payment to purchase office supplies was erroneously recorded as a debit to Office Supplies for $500 and a credit to Cash for $220. Which of the following statements correctly states the effect of the error on the trial balance? O A. The sum of the credits will exceed the sum of the debits by $280. O B. The sum of the debits will exceed the sum of the credits by $220. O C. The sum of the debits will exceed the sum of the credits by $500, O D. The sum of the debits will exceed the sum of the credits by $280.
Pharoah Stores is a new company that started operations on March 1, 2024. The company has decided to use a perpetual inventory system. The following purchase transactions occurred in March: Pharoah Stores purchases $9,200 of merchandise for resale from Octagon Wholesalers, terms 2/10, n/30, FOB shipping point. Mar. 1 2 The correct company pays $140 for the shipping charges. 3 21 22 23 30 31 Pharoah returns $1,100 of the merchandise purchased on March 1 because it was the wrong colour. Octagon gives Pharoah a $1,100 credit on its account. Pharoah Stores purchases an additional $11,500 of merchandise for resale from Octagon Wholesalers, terms 2/10, n/30, FOB destination. The correct company pays $160 for freight charges. Pharoah returns $500 of the merchandise purchased on March 21 because it was damaged. Octagon gives Pharoah a $500 credit on its account. Pharoah paid Octagon the amount owing for the merchandise purchased on March 1. Pharoah paid Octagon the amount owing for the…
K Herbert Sampson manages a Dairy World drive-in. His straight-time pay is $18 per hour, with time-and-a-half for hours in excess of 40 per week. Sampson's payroll deductions include withheld income tax of 30%, FICA tax, and a weekly deduction of $9 for a charitable contribution to United Way. Sampson worked 54 hours during the week. i (Click the icon to view payroll tax rate information.) Read the requirements. Requirement 1. Compute Sampson's gross pay and net pay for the week. Assume earnings to date are $13,000. (Round all amounts to the nearest cent.) Begin by computing Sampson's gross pay for the week. Gross Pay More info xt pages For all payroll calculations, use the following tax rates and round amounts to the nearest cent: Employee: Employer: OASDI: 6.2% on first $132,900 earned; Medicare: 1.45% up to $200,000, 2.35% on earnings above $200,000. OASDI: 6.2% on first $132,900 earned; Medicare: 1.45%; FUTA: 0.6% on first $7,000 earned; SUTA: 5.4% on first $7,000 earned. Print Get…
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.
An employee working on her first trial balance discovers that the Equipment account has a credit balance of $2500 and a customer's A/R account has a credit balance of $25. Based on the knowledge you have gained in this course and how account balances are recorded and increase/decrease, has the accountant made a mistake in her records or are these situations possible?
Instructions: Please show work and detailed explanations on how you got your answer. 1. Journalize the above transactions for Bramble Supply Co. Omit cost of goods sold entries. (Round interest revenue to 0 demcial places, e.g. 591. List all debit entries before credit entries. Record journal entries in the order presented in the probelm. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Use 360 days for calculation. 2. Record the collection of the Takham notes at its maturity in 2023. 3. Assume Takham dishonors its note at its maturity in 2023. Bramble expects to eventually collect the note. Record the dishonr of the Takham note. 3. Assume Takham dishonors its note at its maturity in 2023; Bramble does not expect to collect the note. Record the dishonor of the Takham note.
Suppose a co-worker has recorded a cash disbursement twice (Supplies Expense was debited twice for $100 and Cash was credited twice for $100) and wants you to record a correcting entry that will reverse the mistake. The correcting entry will record a debit to the Cash account and a credit to the Supplies account. Would you make this correcting entry? What should you investigate before making a decision about the correcting entry? Are there any other steps you would take to address this issue?
Prepare separate adjusting entries for any checks that require adjustment. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Account Titles and Explanation (To record adjusting entry for due to Metro Bank-Special Account.) (To record adjusting entry for due to Metro Bank_special Account.) (To record adjusting entry for due from Metro Bank-Special Account.) Debit Credit