Don't use chatgpt Which of the following errors will not be detected by a trial balance?A. Debiting cash instead of accounts receivableB. Recording revenue twiceC. Failing to record a transactionD. A $100 debit matched with a $100 credit

Don't use chatgpt Which of the following errors will not be detected by a trial balance?A. Debiting cash instead of accounts receivableB. Recording revenue twiceC. Failing to record a transactionD. A $100 debit matched with a $100 credit

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter10: Cash Receipts And Cash Payments

Section: Chapter Questions

Problem 4DQ: In a cash receipts journal, both the Accounts Receivable Credit column and the Cash Debit column...

See similar textbooks

Related questions

Q: Can you solve this general accounting question with accurate accounting calculations?

A: Step 1: Definition of Cost of Goods Sold (COGS)Cost of Goods Sold (COGS) represents the total direct…

Q: Please provide the solution to this general accounting question using proper accounting principles.

A: Step 1: Definition of Predetermined Overhead Rate The predetermined overhead rate (POHR) is a rate…

Q: Unhelpful if you are not sure about this accounting questions and answer

A: Step 1: Definition of Project Cash Flow Project cash flow refers to the net amount of cash generated…

Q: No chatgpt Which of the following is an adjusting entry?A. Payment of salariesB. Depreciation…

A: An adjusting entry is made at the end of an accounting period to update accounts before financial…

Q: I am searching for the correct answer to this general accounting problem with proper accounting…

A: Step 1: Definition of Interest on a NoteInterest on a note is the financial charge paid by the…

Q: I am looking for help with this general accounting question using proper accounting standards.

A: Step 1: Detailed Explanation of Applied OverheadApplied overhead refers to the estimated…

Q: I am looking for the correct answer to this financial accounting problem using valid accounting…

A: Step 1: Definition of Variable CostingVariable costing is a managerial accounting method that…

Q: I am looking for the correct answer to this general accounting problem using valid accounting…

A: Step 1: Definition of Direct Labor Cost (when Overhead is Applied as a %)Direct labor cost…

Q: 9. Which principle requires that expenses be recognized when incurred, regardless of when payment is…

A: Question:Which principle requires that expenses be recognized when incurred, regardless of when…

Q: Which basis of accounting recognizes revenues and expenses when cash is exchanged?A. AccrualB.…

A: Explanation:Under the cash basis of accounting, revenues and expenses are recognized only when cash…

Q: Which principle requires companies to record revenue when it is earned and realizable?A. Matching…

A: The Revenue Recognition Principle requires companies to record (recognize) revenue when it is earned…

Q: Which of these is a contra-asset account?A. Prepaid InsuranceB. Accumulated DepreciationC. Salaries…

A: The correct answer is:B. Accumulated DepreciationExplanation:A contra-asset account is an account…

Q: Can you solve this general accounting question with the appropriate accounting analysis techniques?

A: Operating Cash Flow Formula: OCF = Net Income + Net Interest After Tax + Depreciation + Change in…

Q: Which of the following is an example of a permanent account?A. Service RevenueB. Utilities ExpenseC.…

A: Explanation:Permanent accounts are not closed at the end of the accounting period; their balances…

Q: Please provide the answer to this general accounting question with proper steps.

A: Step 1: Detailed Explanation of (Cash Conversion Cycle)The Cash Conversion Cycle (CCC) measures how…

Q: What effect does recording depreciation expense have on the accounting equation?A. Increases assets…

A: "B. Decreases assets and decreases equity"Depreciation expense reduces the value of a fixed asset…

Q: I am looking for help with this general accounting question using proper accounting standards.

A: Concept of Activity-Based Costing (ABC):Activity-Based Costing is a method used to assign overhead…

Q: Please provide the correct answer to this financial accounting problem using accurate calculations.

A: Step 1: DefinitionsDescription of Current Liabilities: Current liabilities represent the obligations…

Q: Accounting question using accurate calculation methods?

A: To calculate the net realizable value (NRV) of accounts receivable, use the formula:Net Realizable…

Q: Can you solve this general accounting problem using appropriate accounting principles?

A: Step 1: Definition of Net IncomeNet income is the final profit figure for a business after all…

Q: I need the correct answer to this general accounting problem using the standard accounting approach.

A: Step 1: Definition of Maturity ValueThe Maturity Value of a note payable is the total amount that…

Q: please solve this problem general accounting

A: To calculate the total variable costs for the 14,000 units sold, we first need to identify all the…

Q: What is the normal balance of the Dividends account?A. DebitB. CreditC. Zero balanceD. Depends on…

A: The Dividends account is a temporary account used to record distributions of earnings to…

Q: ACCOUNTING?

A: To calculate stockholders' equity, use the basic accounting equation: Assets = Liabilities +…

Q: Solve this question with accounting question

A: To calculate Innovation Corp.'s market debt-equity ratio, use this formula: Market Debt-Equity Ratio…

Q: help me to solve this general accounting

A: Step 1: Definition of Residual Income Residual income is a performance measurement that represents…

Q: Can you solve this financial accounting problem with appropriate steps and explanations?

A: Step 1: Detailed Explanation of After-Tax Cash Flow from Asset SaleWhen a company sells a fixed…

Q: Please explain the correct approach for solving this general accounting question.

A: Step 1: Detailed Explanation of Straight-Line DepreciationStraight-line depreciation is a method…

Q: GENERAL ACCOUNTING?

A: Given:Sales = $950,000Costs = $420,000Depreciation expense = $60,000Interest expense = $40,000Tax…

Q: Accounting solution

A: To calculate the plant-wide overhead rate, use the formula: Overhead Rate = Total Overhead Costs ÷…

Q: I need help with this general accounting question using the proper accounting approach.

A: Step 1: Definition of Book Value of Bond LiabilityThe Book Value of a Bond Liability refers to the…

Q: Can you help me solve this general accounting problem with the correct methodology?

A: Step 1: Definition of Gross Profit MarginGross Profit Margin is a fundamental financial metric that…

Q: I need help finding the accurate solution to this general accounting problem with valid methods.

A: Step 1: Detailed Explanation of Predetermined Overhead RateThe predetermined manufacturing overhead…

Q: Please help me solve this general accounting problem with the correct financial process.

A: Oakridge Manufacturing needs to value its inventory using the lower of cost or market rule.Cost per…

Q: A contingent liability should be recorded only when:A. It is possible and the amount is estimableB.…

A: Explanation:According to accounting standards (like U.S. GAAP and IFRS):A contingent liability…

Q: A credit entry to an expense account will: A. Increase the expense B. Decrease the expense C.…

A: The correct answer is:D. Both B and CExplanation:Expense accounts normally have a debit balance,…

Q: I mistakenly submitted blurr image please comment i will write values. please dont Solve with…

A: 1. Charlotte Metals - Cost of Goods Sold (COGS) We use the formula: COGS=Beginning…

Q: Which account is closed at the end of the accounting period?A. Accumulated DepreciationB. Salaries…

A: The correct answer is:C. Service RevenueExplanation:Service Revenue is a temporary account that is…

Q: Can you solve this general accounting question with accurate accounting calculations?

A: Step 1: Detailed Explanation of Amortization ExpenseAmortization Expense refers to the periodic…

Q: general accounting

A: Step 1: Calculate total cost per unitCOGS = $4Overhead = $6Total Cost = $4 + $6 = $10Step 2: Add…

Q: What does the term "amortization" refer to?A. Allocation of intangible asset cost over its useful…

A: The term "amortization" can have a couple of meanings, but in accounting, it most commonly refers…

Q: Can you help me find the accurate solution to this financial accounting problem using valid…

A: Step 1: Detailed Explanation of Cash Coverage RatioThe Cash Coverage Ratio is a financial metric…

Q: Don't use ai tool 4. A purchase of equipment for cash will:A. Increase assetsB. Decrease total…

A: Explanation:When a company purchases equipment for cash, it is exchanging one asset (cash) for…

Q: I am searching for the correct answer to this general accounting problem with proper accounting…

A: Step 1: Definition of Gross Profit MarginGross Profit Margin is a fundamental financial metric used…

Q: I need help with this problem and accounting question

A: Step 1: Detailed Explanation of Gross Profit PercentageGross Profit Percentage is a financial metric…

Q: Accounting solution

A: Step 1: Detailed Explanation of Patent Amortization ExpensePatent Amortization Expense is the…

Q: 11. Which inventory method assigns the most recent cost to cost of goods sold during inflation?A.…

A: The correct answer is:B. LIFO (Last-In, First-Out)Explanation:During inflation (rising prices), LIFO…

Q: Provide correct answer this general accounting question

A: Step 1: Detailed Explanation of Variable Cost per Unit and Fixed ExpenseVariable Cost per Unit…

Q: General Accounting Question Answer

A: Step 1: Definition of Average Inventory Average inventory is the mean value of inventory a company…

Q: None

A: Step 1: Understand the Given Information ROA (Return on Assets) = 8.5% = 0.085 (as a decimal)Profit…

Question

Don't use chatgpt

Which of the following errors will not be detected by a trial balance?
A. Debiting cash instead of accounts receivable
B. Recording revenue twice
C. Failing to record a transaction
D. A $100 debit matched with a $100 credit

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Similar questions

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.
Which of the following errors will be detected by a trial balance? a. Posting a credit to Sales instead of the Accounts Payable b. Incorrecty computing the balance of the cash account c. Not journalizing a complete sales transaction d. Forgetting to post a complete purchase transaction
Your customer has paid their bill, yet the Accounts Receivable balance has not changed. Which of the following could have caused this error? A Bypassing the Pay Bills window and writing a check to the vendor B Deleting the deposit before reconciliation C Running the Open Invoices report before accepting payment D Bypassing the Receive Payments window and entering the payment directly in the Bank Deposits window
Which of the following is not an advantage of the cash receipts journal? a. Transactions do not have to be posted on a regular basis. b. Transactions can be recorded on one line. c. Transactions involving debits to Cash are recorded in one place. d. Repetition in posting is eliminated. e. Special columns can be used for similar transactions.
Account Balancing Match your balance Next are the outstanding transactions which you didn't check off in your register:
Please do not give solution in image format ?
am.103.
Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.
What account is credited when you record a credit memo for uncollectable receivables? A. Accounts receivable B. Checking C. Bad Debt D. Accounts Payable
Please do not give solution in image format ? And Fast Answering Please And Explain Proper Step by Step.
A trial balance does not balance. The owner believes the following mistakes WOULD cause animbalance. Do you agree? (Answer TRUE or FALSE for each statement) A. The owner forgot to record a cash saleB. A credit sale was recorded as a debit to sales and a debit to trade receivablesC. When transferring the bank overdraft from the Cash T account it was entered on thedebit side of the trial balanceD. Rates expense of £500 was debited to rent expenses and credited to cashE. A payment to a supplier of £690 was entered to cash as £690 but to trade payables as£609
Transactions related to revenue and cash receipts completed by Sterling Engineering Services during the period June 2-30 are as follows: June 2. Issued Invoice No. 717 to Yee Co., $1,430. 3. Received cash from Auto-Flex Co. for the balance owed on its account. 7. Issued Invoice No. 718 to Cooper Development Co., $670. 10. Issued Invoice No. 719 to Ridge Communities, $2,840. Post revenue and collections to the accounts receivable subsidiary ledger. 14. Received cash from Cooper Development Co. for the balance owed on June 1. 16. Issued Invoice No. 720 to Cooper Development Co., $400. Post revenue and collections to the accounts receivable subsidiary ledger. 18. Received cash from Yee Co. for the balance due on invoice of June 2. 20. Received cash from Cooper Development Co. for invoice of June 7. 23. Issued Invoice No. 721 to Auto-Flex Co., $860. 30. Received cash from fees earned, $4,520. 30. Received office equipment of $1,800 in partial settlement of balance due on the Ridge…