If debits do not equal credits, the first step to find the error is to O Call your manager and ask for advice. Add the debit and credit columns again Review the journal entries for errors Make correcting entries rather than adjusting entries
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- The normal balance of an account is the side of the account (either the debit side or the credit side in the ledger) where we expect to find a positive dollar amount. The normal balance of an asset account is a _________________ balance. Group of answer choices break-even debit negative creditPosting 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.…Provide an appropriate response based on the following scenarios. Assume that the accounting clerk posts a customer’s payment for the wrong amount, giving the customer credit for less than he or she actually paid. How will this error be detected? How might this error have been prevented? Assume that the employee who opens the mail steals a customer payment. How will this theft be detected? How might this theft have been prevented?
- Presented below is information related to the purchases of common stock by Carla Company during 2020. Cost Fair Value (at purchase date) (at December 31) Investment in Arroyo Company stock $107,000 $88,000 Investment in Lee Corporation stock 230,000 278,000 Investment in Woods Inc. stock 190,000 200,000 Total $527,000 $566,000 (Assume a zero balance for any Fair Value Adjustment account.) (a) What entry would Carla make at December 31, 2020, to record the investment in Arroyo Company stock if it chooses to report this security using the fair value option? (b) What entry would Carla make at December 31, 2020, to record the investments in the Lee and Woods corporations, assuming that Carla did not select the fair value option for these investments?Saved Help Save In 2021, the internal auditors of Blooper Inc. discovered that goods costing $12 million that were shipped f.o.b. shipping point in December of 2020 were in transit on December 31. The goods were recorded as a purchase in December of 2020 but were not included in the 2020 year-end inventory. Prepare the journal entry needed in 2021 to correct the error. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions (i.e., 10,000,000 should be entered as 10).) View transaction list Journal entry worksheet Record the necessary entry to correct the error. Note: Enter debits before credits. Transaction General Journal Debit CreditSelect all that apply Which of the following statements are true? Credit entries produce increases in some account balances and decreases in other account balances. Increases in account balances are always recorded with debit entries. Decreases in account balances are always recorded with debit entries. Debit entries produce increases in some account balances and decreases in other account balances. Need help? Review these concept resources. Read About the Concept-
- To minimize errors in the accounts payable function, which of the following procedures should be performed? approving the purchase requisition following up on open purchase orders double checking the math on the bank reconciliation matching the supplier’s invoice to the receiving reportThe Intanglble assets and goodwlll reported by Ivanhoe Corporatlon at December 31, 2020, follow: Copyrights (#1) $35,740 Less: Accumulated amortlzatlon 17.870 $ 17,870 Trademarks 50,390 Gంoరnll 119,060 Total $ 187,320 A copyright (#1) was acqulred on January 1, 2019, and has a useful life of four years. The trademarks were acqulred on January 1, 2017, and are expected to have an Indefinlte lfe. The company has a December 31 year end and prepares adjusting Journal entrles annually. The following cash transactlons may have affected Intanglble assets and goodwll during 2o21: Jan. Pald S 6,920 In legal costs to successfully defend the trademarks agalnet Infringement by another company. July Developed a newproduct, Incurring 5 201,940 In research and S 49.500 In development costs with probable fueure benefits. The product Is expected to havea useful life of 18 years, 1. Pald 5 55,670 to a popular hockey player to appear In commerdlals advertising the company's products. The commerclals will…For each of the following situations, indicate whether itrepresents an accounting error and explain why it is or isnot an error. Also state whether a trial balance would indicate that an error exists for each situation.d. The debit side of a journal entry was recorded in theaccounts, but the credit side was not.
- Hi I asked this question previously and the individual did not explain things clearly. For instance he provided the I'm guessing standard method of finding a missing amount on a certain type of T-Account but then would turn around and solve it using a different method. I am posting the response that were not clear below. If you could tell me what the actual method is and if there exceptions and if so what those are.Answer #1 I needed the BEGINNING balance of a debit account. As you can see the response below the individual provided a formula that included the BB which is UNKOWN because that is WHAT I NEED. At the bottom they change around the equation to come to the answer. So what is the proper way???Part-1. Begining balance of cash account is missing. The cash account is having a debit balance always. The formula for Cash account is as under:Ending balance of Cash Account = Begining Balance of cash account + All debits - All creditsHere,Ending Balance of cash = 9800All debits…Accounts often need to be adjusted because Select one: a. there are never enough accounts to record all the transactions. b. many transactions affect more than one time period. c. there are always errors made in recording transactions. d. management can’t decide what they want to report.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.
