At year-end, a trial balance showed total credits exceeding total debits by $6,200. This difference could have been caused by: Multiple Choice An error in the general journal where a $6,200 increase in Accounts Receivable was recorded as an increase in Cash. A net income of $6,200. The balance of $62,000 in Accounts Payable being mistakenly entered in the trial balance as $6,200. The balance of $7,000 in the Office Equipment account being mistakenly entered on the trial balance as a debit of $800. An error in the general journal where a $6,200 increase in Accounts Payable was mistakenly recorded as a decrease in Accounts Payab

At year-end, a trial balance showed total credits exceeding total debits by $6,200. This difference could have been caused by: Multiple Choice An error in the general journal where a $6,200 increase in Accounts Receivable was recorded as an increase in Cash. A net income of $6,200. The balance of $62,000 in Accounts Payable being mistakenly entered in the trial balance as $6,200. The balance of $7,000 in the Office Equipment account being mistakenly entered on the trial balance as a debit of $800. An error in the general journal where a $6,200 increase in Accounts Payable was mistakenly recorded as a decrease in Accounts Payab

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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At year-end a trial balance prepared shows total credits exceed total debits by $855. This discrepancy could have been caused by a. An error in the general journal where an increase of $855 in accounts payable was recorded as a decrease of $855 in accounts payable. b. The ledger balance of accounts receivable was wrongly entered in the trial balance as 95 instead of $950. c. The ledger balance for accounts payable of $8,550 entered in the trial balance as $855. d. $855 increase in accounts receivable was recorded as a $855 increase in cash in general journal.
At year-end, a trial balance showed total credits exceeding total debits by $6,050. This difference could have been caused by: Multiple Choice An error in the general journal where a $6,050 increase in Accounts Receivable was recorded an increase in Cash. A net income of $6,050. The belance of $60,500 in Accounts Payable being entered in the trial balance as $6,050. The balance of $6,820 in the Office Equipment account being entered on the trial balance as a debi: of $770. An error in the general journal where a $6,050 increase in Accounts Payable was recorded as a decrease in Accounts Payable.
At year-end, a trial balance showed total credits exceeding total debits by $5,750. This difference could have been caused by: Multiple Choice An error in the general journal where a $5,750 increase in Accounts Receivable was recorded as an increase in Cash. A net income of $5.750. The balance of $57,500 in Accounts Payable being entered in the trial balance as $5,750. The balance of $6.460 in the Office Equipment account being entered on the trial balance as a debit of $710. An error in the general journal where a $5,750 increase in Accounts Payable was recorded as a decrease in Accounts Payable. W 99% e here to search
A trial balance prepared at year-end shows total credits exceed total debits by $765. This discrepancy could have been caused by a. An error in the general journal where a $765 increase in Accounts Payable was recorded as a $765 decrease in Accounts Payable. b. The ledger balance for Accounts Payable of $7,650 being entered in the trial balance as $765. c. A general journal error where a $765 increase in Accounts Receivable was recorded as a $765 increase in Cash. d. The ledger balance of $850 in Accounts Receivable was entered in the trial balance as $85. e. An error in recording a $765 increase in Cash as a credit.
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At its fiscal year end, under the aging of a company's accounts receivable, the uncollectible accounts are estimated to be $12,000. The unadjusted balance for the Allowance for Doubtful Accounts is $2,000 credit. Assume the company records adjusting entries only at year end. What is the balance in the Allowance for Doubtful Accounts account after adjustment? A. $14,000 B. $12,000 O C. $10,000 D. $2,000
An aging of a company's accounts receivable indicates that the estimate of uncollectible accounts totals $3,579. If Allowance for Doubtful Accounts has a $1,228 debit balance, the adjustment to record the bad debt expense for the period will require a a.debit to Allowance for Doubtful Accounts for $4,807. b.debit to Allowance for Doubtful Accounts for $3,579. c.debit to Bad Debt Expense for $4,807. d.credit to Allowance for Doubtful for $3,579.
An aging of a company's accounts receivable indicates that the estimate of uncollectible accounts totals $4,777. If Allowance for Doubtful Accounts has a $1,365 debit balance, the adjustment to record the bad debt expense for the period will require a a.debit to Bad Debt Expense for $1,365. b.debit to Bad Debt Expense for $4,777. c.credit to Allowance for Doubtful Accounts for $4,777. d.debit to Bad Debt Expense for $6,142.
An aging of a company's accounts receivable indicates the estimate of uncollectible receivables totals $4,703. If Allowance for Doubtful Accounts has a $884 credit balance, the adjustment to record the bad debt expense for the period will require a a.debit to Bad Debt Expense for $3,819. b.debit to Bad Debt Expense for $884. c.credit to Allowance for Doubtful Accounts for $4,703. d.debit to Bad Debt Expense for $4,703.
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After the accounts are adjusted and closed at the end of the fiscal year, Accounts Receivable has a balance of $610,084 and Allowance for Doubtful Accounts has a balance of $20,670. What is the net realizable value of the accounts receivable? Select the correct answer. $20,670 $610,084 $630,754 $589,414
An aging of a company's accounts receivable indicates the estimate of uncollectible receivables totals $4,458. If Allowance for Doubtful Accounts has a $1,118 credit balance, the adjustment to record the bad debt expense for the period will require a