23. If a cash purchase of an officeequipment for P50,000 was debitedto office supplies expense by thesame amount, what effect thisjournalizing process error has in yourtrial balance? *O A. The trial balance will be out of balanceB. The trial balance will be in-balanceO C. It require correction in journal bookO D. It requires correction in general ledger

Solution: The effect of this journalization in the trial balance is "it require correction in…

If a cash purchase of an office uipment for P50,000 was debited office supplies expense by the me amount, what effect this rnalizing process error has in your al balance? A. The trial balance will be out of balance B. The trial balance will be in-balance C. It require correction in journal book

If a cash purchase of an office uipment for P50,000 was debited office supplies expense by the me amount, what effect this rnalizing process error has in your al balance? A. The trial balance will be out of balance B. The trial balance will be in-balance C. It require correction in journal book

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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5. Identify three (3) accounts that are most likely in error (not normal balances) in the following С. rdentiny three (3) accounts that are most likely in error (not normal balances) in the following trial balance. 5. d. Trial Balance As of September 30, 2020 e. Credit Debit Chase Checking 52,597.00 958.00 )Accounts Receivable (A/R) f. Prepaid Insurance 1,800.00 0.00 Undeposited Funds 15,000.00 Equipment 181.00 Accounts Payable (A/P) 70,000.00 Owner's Investment 1,230.00 Service Revenue. 338.00 2 Automobile Expense 500.00 Marketing Expense 350.00 Taxes & Licenses 71,477.00 71,477.00 $ $ TOTAL
Correcting errors in a trial balance The trial balance of Love to Learn Child Care does not balance. The following errors are detected: a. Cash is understated by $1,800. b. A $3,800 debit to Accounts Receivable was posted as a credit. c. A $1,000 purchase of office supplies on account was neither journalized nor posted. d. Equipment was incorrectly transferred from the ledger as $90,400. It should have been transferred as $82,500. e. Salaries Expense is overstated by $350. f. A $300 cash payment for advertising expense was neither journalized nor posted. g. A $160 cash dividend was incorrectly journalized as $1,600. h. Service Revenue was understated by $4,000. i. A 12-month insurance policy was posted as a $1,400 credit to Prepaid Insurance. Cash was posted correctly. Prepare the corrected trial balance as of May 31, 2018.journal entries are not required.
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Correcting Entries The following errors took place in journalizing and posting the transactions below. Journalize the entries to correct the errors. a. The receipt of $5,670 for services rendered was recorded as a debit to Accounts Receivable and a credit to Fees Earned. If an amount box does not require an entry, leave it blank. b. The purchase of supplies of $1,700 on account was recorded as a debit to Office Equipment and a credit to Supplies. Note: Prepare the entry to reverse the original entry first. If an amount box does not require an entry, leave it blank.
ME11Which of the following errors, each considered individually, would cause the trial balance totals to be unequal?a) A payment of $488 to a creditor was posted as a debit of $848 to Accounts Payable and a debit of $488 to Accounts Receivable.b) Cash received from customers on account was posted as a debit of $450 to Cash and a credit of $450 to Accounts Payable.c) A payment of $79 for supplies was posted as a debit of $907 to Supplies and a credit of $907 to Cash.d) A transaction was not posted.
The unadjusted trial balance of Building Blocks Company does not balance. View the unadjusted trial balance. The following errors are detected: View the errors. Prepare the corrected unadjusted trial balance at August 31, 2025. Journal entries are not required. Account Title Total Building Blocks Company Unadjusted Trial Balance August 31, 2025 Debit Balance Credit Errors a. b. C. d. e. f. g. h. i. Cash is understated by $1,600. A $4,700 debit to Accounts Receivable was posted as a credit. A $900 purchase of supplies on account was neither journalized nor posted. Equipment was incorrectly transferred from the ledger as $87,600. It should have been transferred as $79,000. Salaries Expense is overstated by $500. A $800 cash payment for advertising expense was neither journalized nor posted. A $140 cash dividend was incorrectly journalized as $1,400. Service Revenue was understated by $3,800. A 12-month insurance policy was posted as a $1,300 credit to Prepaid Insurance. Cash was posted…
TRY QUESTIONS – Errors 1. Record the entries needed in the journal to correct the following errors. Narratives are not required: (а) Motor Vehicles account. Motor expenses of GH¢560 entered incorrectly in the (b) entered as GH¢890. (c) account of S Lim. (d) to Sundry expenses account (e) Returns inwards by mistake. (f) had been completely omitted. Insurance of GH¢980 paid by cash should have been Sale of goods for GH¢375 to S Lin entered into the Private withdrawal of GH¢150 cash had been debited Returns outwards of GH¢75 had been credited to Purchase of stock on credit from D Wing for GH¢115
H1.
Correcting errors in a trial balance The trial balance of Beautiful Tots Child Care does not balance. The following errors are detected: a. Cash is understated by $1,500. b. A $4,100 debit to Accounts Receivable was posted as a credit. c. A $1,400 purchase of office supplies on account was neither journalized nor posted. d. Equipment was incorrectly transferred from the ledger as $91,500. It should have been transferred as $83,000. e. Salaries Expense is overstated by $700. f. A $300 cash payment for advertising expense was neither journalized nor posted. g. A $200 cash dividend was incorrectly journalized as $2,000. h. Service Revenue was understated by $4,100, i. A 12-month insurance policy was posted as a $1,900 credit to Prepaid Insurance. Cash was posted correctly. Prepare the corrected trial balance as of August 31, 2018. journal entries are not required.
Multiple choice
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.
this multiple choice questions from ACCOUNTING PRINCIPLES I.I need the final answer.