Effect of Errors on Adjusted Trial BalanceFor each of the following errors, considered individually, indicate whether the error would cause the adjusted trial balance totals to beunequal. If the error would cause the adjusted trial balance totals to be unequal, indicate whether the debit or credit total is higher and byhow much.a. The adjustment for accrued wages of $3,340 was journalized as a debit to Wages Expense for $3,340 and a credit to Accounts Payablefor $3,340.The totals are equal.Enter the difference between the debit and credit totals. If the totals are equal, enter a zero.b. The entry for $3,240 of supplies used during the period was journalized as a debit to Supplies Expense of $3,240 and a credit to Suppliesof $3,420.The totals are unequal; the credit total is higher.' VEnter the difference between the debit and credit totals. If the totals are equenter a zero.200 Adjustment for Prepaid ExpenseThe prepaid insurance account had a beginning balance of $5,910 and was debited for $3,010 of premiums paid during the year.Journalize the adjusting entry required at the end of the year, assuming the amount of unexpired insurance related to future periods is$2,850. If an amount box does not require an entry, leave it blank.Insurance ExpensePrepaid InsuranceAdjustment for Unearned RevenueOn June 1, 20Y2, Herbal Co. received $52,160 for the rent of land for 12 months.Journalize the adjusting entry required for unearned rent on December 31, 20Y2. Round your answers to theamount box does not require an entry, leave it blank.Dec. 31 Unearned Rent -Rent Revenue23 PhotoGrid

Effect of Errors on Adjusted Trial Balance For each of the following errors, considered individually, indicate whether the error would cause the adjusted trial balance totals to be unequal. If the error would cause the adjusted trial balance totals to be unequal, indicate whether the debit or credit total is higher and how much. a. The adjustment for accrued wages of $3,340 was journalized as a debit to Wages Expense for $3,340 and a credit to Accounts Payab for $3,340. The totals are equal. ▼ Enter the difference between the debit and credit totals. If the totals are equal, enter a zero. b. The entry for $3,240 of supplies used during the period was journalized as a debit to Supplies Expense of $3,240 and a credit to Supp of $3,420. The totals are unequal; the credit total is higher. Enter the difference between the debit and credit totals. If the totals are equal, enter a zero.

Effect of Errors on Adjusted Trial Balance For each of the following errors, considered individually, indicate whether the error would cause the adjusted trial balance totals to be unequal. If the error would cause the adjusted trial balance totals to be unequal, indicate whether the debit or credit total is higher and how much. a. The adjustment for accrued wages of $3,340 was journalized as a debit to Wages Expense for $3,340 and a credit to Accounts Payab for $3,340. The totals are equal. ▼ Enter the difference between the debit and credit totals. If the totals are equal, enter a zero. b. The entry for $3,240 of supplies used during the period was journalized as a debit to Supplies Expense of $3,240 and a credit to Supp of $3,420. The totals are unequal; the credit total is higher. Enter the difference between the debit and credit totals. If the totals are equal, enter a zero.

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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