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as been ré P6,100 to of P926,C

as been ré P6,100 to of P926,C

FINANCIAL ACCOUNTING
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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balance. In searching for the error, an employee discovered that a transaction for the The trial balance prepared by Reynaldo Abas Consulting as at Sept. 30, 2023 was not in purchase of a typewriter on credit for P6,100 has been recorded by a debit of P6,100 to the Office Equipment account and a debit of P6,100 to Accounts Payable. The credit Problem #15 Effects of Errors on the Trial Balance balance. In searching for the error, an employee discovered that a transaction for 98 column of the incorrect trial balance had a total of P926,000. Was the Office Equipment account overstated, understated, or correctly stated in the trial balance? 0Tfakd a. b. Was the total of the debit column of the trial balance overstated, understated, or correctly stated? Was the Accounts Payable account overstated, understated, or correctly С. stated in the trial balance? d. Was the total of the credit column of the trial balance overstated, understated or correctly stated? How much was the total of the debit column of the trial balance before correction of the error? 1200 e. Required: Explain briefly the reasons underlying your answer and state the amount of the error any.
Transcribed Image Text:balance. In searching for the error, an employee discovered that a transaction for the The trial balance prepared by Reynaldo Abas Consulting as at Sept. 30, 2023 was not in purchase of a typewriter on credit for P6,100 has been recorded by a debit of P6,100 to the Office Equipment account and a debit of P6,100 to Accounts Payable. The credit Problem #15 Effects of Errors on the Trial Balance balance. In searching for the error, an employee discovered that a transaction for 98 column of the incorrect trial balance had a total of P926,000. Was the Office Equipment account overstated, understated, or correctly stated in the trial balance? 0Tfakd a. b. Was the total of the debit column of the trial balance overstated, understated, or correctly stated? Was the Accounts Payable account overstated, understated, or correctly С. stated in the trial balance? d. Was the total of the credit column of the trial balance overstated, understated or correctly stated? How much was the total of the debit column of the trial balance before correction of the error? 1200 e. Required: Explain briefly the reasons underlying your answer and state the amount of the error any.
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