In this problem, you will be given three errors that may or may not affect the trial balance. You are to determine the folle 1. As a result of each error, will the trial balance still balance? Consider each error separately. If you determine that the trial balance will not balance as a result of the error, then answer the following questions: 2. What is the amount of the difference between the two columns of the trial balance? 3. Which trial balance column (debit or credit) will become incrementally larger? Statement of Problem. A credit entry to Accounts Payable for $545 was posted twice. A receipt of $1,600 on account for services already performed was recorded as a debit to Cash for $1,600 and a credit to Service Revenue for $160. The $630 balance in Service Revenue was listed as a debit. Will the trial. balance still balance? O Yes No O Yes No O Yes No What is the amount of the difference? $O 9 $0 SO which trial balance column will become incrementally larger? Debit Debit Debit Credit Credit Credit
In this problem, you will be given three errors that may or may not affect the trial balance. You are to determine the folle 1. As a result of each error, will the trial balance still balance? Consider each error separately. If you determine that the trial balance will not balance as a result of the error, then answer the following questions: 2. What is the amount of the difference between the two columns of the trial balance? 3. Which trial balance column (debit or credit) will become incrementally larger? Statement of Problem. A credit entry to Accounts Payable for $545 was posted twice. A receipt of $1,600 on account for services already performed was recorded as a debit to Cash for $1,600 and a credit to Service Revenue for $160. The $630 balance in Service Revenue was listed as a debit. Will the trial. balance still balance? O Yes No O Yes No O Yes No What is the amount of the difference? $O 9 $0 SO which trial balance column will become incrementally larger? Debit Debit Debit Credit Credit Credit
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:In this problem, you will be given three errors that may or may not affect the trial balance. You are to determine the following:
1. As a result of each error, will the trial balance still balance? Consider each error separately.
If you determine that the trial balance will not balance as a result of the error, then answer the following questions:
2. What is the amount of the difference between the two columns of the trial balance?
3. Which trial balance column (debit or credit) will become incrementally larger?
Statement of Problem
A credit entry to Accounts
Payable for $545 was posted
twice.
A receipt of $1,600 on account
for services already performed
was recorded as a debit to
Cash for $1,600 and a credit to
Service Revenue for $160.
The $630 balance in Service
Revenue was listed as a debit.
Will the trial
balance still
balance?
O Yes No
O Yes No
O Yes No
What is the which trial balance
amount of
column will become
the
incrementally larger?
difference?
$O
$O
$O
X
Debit
Debit
Debit
Credit
Credit
Credit
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