Answered: If a $335.00 debit item in the general…

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.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter3: Analyzing And Recording Transactions

Section: Chapter Questions

Problem 11Q: Will an accounts receivable balance increase with a debit or a credit entry? How do you know?

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F SUM of Outstanding balance Status Customer C1003 C1004 C1006 C1010 C1012 C1013 C1026 C1028 C1029 C1036 C1037 C1045 C1048 C1051 G C1055 C1057 C1058 C1061 C1066 C1069 C1075 C1076 C1082 C1085 Grand Total H 0-Not Yet Due 30831 30831 I 1-30 Days 25579 3156 2353 31088 J 11791 26748 31-60 Days 61-90 Days 90+ Days 9367 10460 29297 K 25315 103611 25245 24713 L 49958 4115 1659 18793 12116 22957 20307 7791 30907 12102 12235 22997 25366 200712 M Grand Total 9367 25245 30831 24713 11791 26748 4115 1659 18793 10460 12116 22957 20307 25579 7791 3156 30907 12102 12235 2353 22997 29297 25366 25315 416200 N
Using the ending balances shown in the Partial Adjusted Trial Balance listed below, what is the total dollar ($) balance for the accounts that have a normal credit balance? Fill in the blank with your calculated number. DO NOT include commas, $ signs, period, decimal points, etc., just enter the raw number. Webcourses will add commas to your answer automatically. For example, if you calculated the answer to be $24,123, you would only input: 24123 Partial Adjusted Trial Balance December 31, 20xx Accounts Normal Balance Cash 10,000 Accounts Receivable 5,000 Inventory 150,000 Sales Tax Payable 50,000 Accounts Payable 1,000 Deferred Revenue 10,000 Current Portion Long-term Debt 10,000 Long-term Debt Common Stock 50,000 25,000 Treasury Stock Retained Earnings 3,000 50,000 Dividends 5,000 20,000 Service Revenue Cost of Good Sold 5,000 Rent Expense 5.000 ASUS 13 f4 f5 f6 f7 E3 X f9 f10 f11 4. 5 6 9. C8 图 %24
In the Invoice Lookup, when viewing recorded invoices, The Sage 50 Accounting program will display a: a Invoices not fully paid symbol. b Paid stamp for invoices paid in full. Discount symbol for invoices not paid that have a discount. d Credit terms.
Posting errors are identified in the following table. In column (1), enter the amount of the difference between the two trial balance columns (debit and credit) due to the error. In column (2), identify the trial balance column (debit or credit) with the larger amount if they are not equal. In column (3), identify the account(s) affected by the error. In column (4), indicate the amount by which the account(s) in column (3) is under- or overstated. Item (a) is completed as an example. Note: Select "None" if there is no effect. Description of Posting Error a $2,720 debit to Rent Expense is posted as a $2,270 debit b. $5,440 credit to Cash is posted twice as two credits to Cash c. $2,570 debit to Prepaid Insurance is posted as a debit to Insurance Expense. d. $47,600 debit to Machinery is posted as a debit, to Accounts Payable e. $6,340 credit to Services Revenue is posted as a $634 credit. f. $1,760 debit to Store Supplies is not posted. (1) Difference between Debit and Credit Columns $…
Posting errors are identified in the following table. In column (1), enter the amount of the difference between the two trial balance columns (debit and credit) due to the error. In column (2), identify the trial balance column (debit or credit) with the larger amount if they are not equal. In column (3), identify the account(s) affected by the error. In column (4), indicate the amount by which the account(s) in column (3) is under- or overstated. Item (a) is completed as an example. (Select "None" if there is no effect.)
Posting errors are identified in the following table. In column (1), enter the amount of the difference between the two trial balance columns (debit and credit) due to the error. In column (2), identify the trial balance column (debit or credit) with the larger amount if they are not equal. In column (3), identify the account(s) affected by the error. In column (4), indicate the amount by which the account(s) in column (3) is under- or overstated. Item (a) is completed as an example. Note: Select "None" if there is no effect. (1) Difference between Description of Posting Error Debit and Credit Columns Larger Total (2) Column with the (3) Identify Account(s) Incorrectly Stated (4) Amount of account over- or understatement a. $1,720 debit to Rent Expense is posted as a $1,270 debit. $ 450 Credit Rent Expense Rent Expense is understated by $450 b. $3,440 credit to Cash is posted twice as two credits to Cash. c. $1,570 debit to Prepaid Insurance is posted as a debit to Insurance Expense.…
Posting errors are identified in the following table. In column (1), enter the amount of the difference between the two trial balance columns (debit and credit) due to the error. In column (2), identify the trial balance column (debit or credit) with the larger amount if they are not equal. In column (3), identify the account(s) affected by the error. In column (4), indicate the amount by which the account(s) in column (3) is under- or overstated. Item (a) is completed as an example.
Errors can occur in posting debits and credits from the journal to the ledger. One way to detect errors is by transferring the balances in each account to summary report called the _____________________ and by adding the debit column and the credit column to see if the totals equal (or balance). Group of answer choices ledger journal balance sheet trial balance
The credit memoranda creates a(n) __ in the accounts receivable file of a customer. A. note decline (B) Transfer (C) D. Intensify.
Posting errors are identified in the following table. In column (1), enter the amount of the difference between the two trial balance columns (debit & credit) due to the error. In column (2), identify the trial balance column (debit or credit) with the larger amount if they are not equal. In column (3), identify the account(s) affected by the error. In column (4), indicate the amount by which the account(s) in column (3) is under- or overstated. Item (a) is completed as an example. (No effect then select "None".)
Which of the following transactions will require a journal entry? Indicate if it will be a debit or a credit and to what account the entry will be recorded. Select "NA" if not applicable. No Journal Journal Entry Entry Transaction Needed Needed Debit Credit Outstanding check Interest income NES check Wire transfer by customer Deposit in transit Bank charges
Transactions and T Accounts The following selected transactions were completed during October of the current year: 1. Billed customers for fees earned, $52,490. 2. Purchased supplies on account, $2,260. 3. Received cash from customers on account, $49,340. 4. Paid creditors on account, $1,360. a. Journalize these transactions in a two-column journal, using the appropriate number to iden does not require an entry, leave it blank. Transaction Account Debit Credit (1) (2) (3) (4)