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Complete the following table by filling in the blanks. For each of the listed posting errors: 1. Enter in column (1) the amount of the difference that the error would create between the two trial balance columns (show a zero if the columns would balance). 2. Identify if there would be a difference between the two columns, and identify in column (2) the trial balance column that would be larger. 3. Identify the account(s) affected in column (3). 4. Identify the amount by which the account(s) is (are) under- or overstated in column (4). The answer for the first error is provided as an example.

Complete the following table by filling in the blanks. For each of the listed posting errors: 1. Enter in column (1) the amount of the difference that the error would create between the two trial balance columns (show a zero if the columns would balance). 2. Identify if there would be a difference between the two columns, and identify in column (2) the trial balance column that would be larger. 3. Identify the account(s) affected in column (3). 4. Identify the amount by which the account(s) is (are) under- or overstated in column (4). The answer for the first error is provided as an example.

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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A $2,250 debit to Prepaid insurance was posted as a debit to Insurance expense. A $4,050 credit to Cash was posted twice as two f. credits to the Cash account. A S9,900 debit to the owner's withdrawals account g. was debited to the owner's capital account.
Transcribed Image Text:A $2,250 debit to Prepaid insurance was posted as a debit to Insurance expense. A $4,050 credit to Cash was posted twice as two f. credits to the Cash account. A S9,900 debit to the owner's withdrawals account g. was debited to the owner's capital account.
Complete the following table by filling in the blanks. For each of the listed posting errors: 1. Enter in column (1) the amount of the difference that the error would create between the two trial balance columns (show a zero if the columns would balance). 2. Identify if there would be a difference between the two columns, and identify in column (2) the trial balance column that would be larger. 3. Identify the account(s) affected in column (3). 4. Identify the amount by which the account(s) is (are) under- or overstated in column (4). The answer for the first error is provided as an example. (1) Difference (2) column With the Larger Total Stated (3) Identify Account(s) Incorrectly Stated (4) Account(s) is Overstated or Understated Description Between Debit and Credit Columns A $2.400 debit to Rent expense was posted as a $1,590 debit. $ 810 Credit Rent expenses Understated a. A $42,000 debit to Machinery was posted as a debit b. to Accounts payable. A $4.950 credit to Services revenue was posted as a $495 credit. C. d. A$1,440 debit to Store supplies was not posted at all.
Transcribed Image Text:Complete the following table by filling in the blanks. For each of the listed posting errors: 1. Enter in column (1) the amount of the difference that the error would create between the two trial balance columns (show a zero if the columns would balance). 2. Identify if there would be a difference between the two columns, and identify in column (2) the trial balance column that would be larger. 3. Identify the account(s) affected in column (3). 4. Identify the amount by which the account(s) is (are) under- or overstated in column (4). The answer for the first error is provided as an example. (1) Difference (2) column With the Larger Total Stated (3) Identify Account(s) Incorrectly Stated (4) Account(s) is Overstated or Understated Description Between Debit and Credit Columns A $2.400 debit to Rent expense was posted as a $1,590 debit. $ 810 Credit Rent expenses Understated a. A $42,000 debit to Machinery was posted as a debit b. to Accounts payable. A $4.950 credit to Services revenue was posted as a $495 credit. C. d. A$1,440 debit to Store supplies was not posted at all.
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