Ch 2-2 Practice exercises Trial Balance Errors For each of the following errors, considered individually, indicate whether the error would cause the trial balance totals to be unequal. If the error would cause the trial balance totals to be unequal, indicate whether the debit or credit total is higher and by how much. If the debit and credit totals would be equal, enter zero ("0") in the amount box a. The payment of an insurance premium of $5,610 for a three-year policy was debited to Prepaid Insurance for $6,510 and credited to Cash for $5,610. Which of the following is true? The debit and credit totals of the trial balance would be equal. If the totals on the trial balance are not equal, by how much is one column higher than the other? b. A payment of $2,200 on account was debited to Accounts Payable for $2,420 and credited to Cash for $2,420 Which of the following is true? The debit and credit totals of the trial balance would be equal. If the totals on the trial balance are not equal, by how much is one column higher than the other? $ c. A purchase of supplies on account for $3,720 was credited to Supplies for $3,720 and credited to Accounts Payable for $3,720. Which of the following is true? If the totals on the trial balance are not equal, by how much is one column higher than the other? $
Ch 2-2 Practice exercises Trial Balance Errors For each of the following errors, considered individually, indicate whether the error would cause the trial balance totals to be unequal. If the error would cause the trial balance totals to be unequal, indicate whether the debit or credit total is higher and by how much. If the debit and credit totals would be equal, enter zero ("0") in the amount box a. The payment of an insurance premium of $5,610 for a three-year policy was debited to Prepaid Insurance for $6,510 and credited to Cash for $5,610. Which of the following is true? The debit and credit totals of the trial balance would be equal. If the totals on the trial balance are not equal, by how much is one column higher than the other? b. A payment of $2,200 on account was debited to Accounts Payable for $2,420 and credited to Cash for $2,420 Which of the following is true? The debit and credit totals of the trial balance would be equal. If the totals on the trial balance are not equal, by how much is one column higher than the other? $ c. A purchase of supplies on account for $3,720 was credited to Supplies for $3,720 and credited to Accounts Payable for $3,720. Which of the following is true? If the totals on the trial balance are not equal, by how much is one column higher than the other? $
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
100%
not sure how to slove those questions
Transcribed Image Text:Ch 2-2 Practice exercises
Trial Balance Errors
For each of the following errors, considered individually, indicate whether the error would cause the
trial balance totals to be unequal. If the error would cause the trial balance totals to be unequal,
indicate whether the debit or credit total is higher and by how much. If the debit and credit totals
would be equal, enter zero ("0") in the amount box
a. The payment of an insurance premium of $5,610 for a three-year policy was debited to Prepaid
Insurance for $6,510 and credited to Cash for $5,610.
Which of the following is true?
The debit and credit totals of the trial balance would be equal.
If the totals on the trial balance are not equal, by how much is one column higher than the other?
b. A payment of $2,200 on account was debited to Accounts Payable for $2,420 and credited to Cash
for $2,420
Which of the following is true?
The debit and credit totals of the trial balance would be equal.
If the totals on the trial balance are not equal, by how much is one column higher than the other?
$
c. A purchase of supplies on account for $3,720 was credited to Supplies for $3,720 and credited to
Accounts Payable for $3,720.
Which of the following is true?
If the totals on the trial balance are not equal, by how much is one column higher than the other?
$
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps with 3 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.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