Subject: accounting The accountant for Splish Brothers Inc. should have recorded the following correct entry:Jan.15Notes ReceivableJan15Jan15Instead, he misunderstood the transaction and recorded an incorrect entry. Which of the following wrong entries pertaining to thistransaction could have been detected as erroneous when using a trial balance?Jan15EquipmentJan15EquipmentNotes ReceivableNotes ReceivableEquipmentNotes PayableCashNotes Receivable292Equipment292292292292281292281292281

Journal entry is the first stage of accounting process. Journal entry used to record business…

Instead, he misunderstood the transaction and recorded an incorrect entry. Which of the following wrong entries pertaining to t transaction could have been detected as erroneous when using a trial balance? Jan 15 Jan 15 Equipment Notes Receivable Notes Receivable 292 292 292

Instead, he misunderstood the transaction and recorded an incorrect entry. Which of the following wrong entries pertaining to t transaction could have been detected as erroneous when using a trial balance? Jan 15 Jan 15 Equipment Notes Receivable Notes Receivable 292 292 292

Auditing: A Risk Based-Approach to Conducting a Quality Audit

10th Edition

ISBN:9781305080577

Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Chapter10: Auditing Cash And Marketable Securities

Section: Chapter Questions

Problem 33MCQ

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Concept explainers

Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.

Question

Subject: accounting

The accountant for Splish Brothers Inc. should have recorded the following correct entry:
Jan.
15
Notes Receivable
Jan
15
Jan
15
Instead, he misunderstood the transaction and recorded an incorrect entry. Which of the following wrong entries pertaining to this
transaction could have been detected as erroneous when using a trial balance?
Jan
15
Equipment
Jan
15
Equipment
Notes Receivable
Notes Receivable
Equipment
Notes Payable
Cash
Notes Receivable
292
Equipment
292
292
292
292
281
292
281
292
281

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