number 2 The following errors occurred in posting from a two-column journal: A credit of $4,960 to Accounts Payable was not posted. An entry debiting Accounts Receivable and crediting Fees Earned for $17,100 was not posted. A debit of $1,280 to Accounts Payable was posted as a credit. A debit of $2,220 to Supplies was posted twice. A debit of $1,160 to Cash was posted to Miscellaneous Expense. A credit of $160 to Cash was posted as $610. A debit of $1,420 to Wages Expense was posted as $1,240. Considering each case individually (i.e., assuming that no other errors had occurred), indicate: by "yes" or "no" whether the trial balance would be out of balance; if the answer is "yes," the amount by which the trial balance totals would differ; and whether the Debit or Credit column of the trial balance would have the larger total. If "no", enter "0" in the difference column and select "neither" from the drop box under "Larger Total". Enter all amounts as positive numbers. Answers should be presented in the following form, with error (1) given as an example: Error Out of Balance Difference Larger Total 1. Yes $4,960 Debit 2. $fill in the blank 2 3. $fill in the blank 5
number 2 The following errors occurred in posting from a two-column journal: A credit of $4,960 to Accounts Payable was not posted. An entry debiting Accounts Receivable and crediting Fees Earned for $17,100 was not posted. A debit of $1,280 to Accounts Payable was posted as a credit. A debit of $2,220 to Supplies was posted twice. A debit of $1,160 to Cash was posted to Miscellaneous Expense. A credit of $160 to Cash was posted as $610. A debit of $1,420 to Wages Expense was posted as $1,240. Considering each case individually (i.e., assuming that no other errors had occurred), indicate: by "yes" or "no" whether the trial balance would be out of balance; if the answer is "yes," the amount by which the trial balance totals would differ; and whether the Debit or Credit column of the trial balance would have the larger total. If "no", enter "0" in the difference column and select "neither" from the drop box under "Larger Total". Enter all amounts as positive numbers. Answers should be presented in the following form, with error (1) given as an example: Error Out of Balance Difference Larger Total 1. Yes $4,960 Debit 2. $fill in the blank 2 3. $fill in the blank 5
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
number 2
The following errors occurred in posting from a two-column journal:
- A credit of $4,960 to Accounts Payable was not posted.
- An entry debiting
Accounts Receivable and crediting Fees Earned for $17,100 was not posted. - A debit of $1,280 to Accounts Payable was posted as a credit.
- A debit of $2,220 to Supplies was posted twice.
- A debit of $1,160 to Cash was posted to Miscellaneous Expense.
- A credit of $160 to Cash was posted as $610.
- A debit of $1,420 to Wages Expense was posted as $1,240.
Considering each case individually (i.e., assuming that no other errors had occurred), indicate: by "yes" or "no" whether the
| Error | Out of Balance | Difference | Larger Total |
| 1. | Yes | $4,960 | Debit |
| 2. |
|
$fill in the blank 2 |
|
| 3. |
|
$fill in the blank 5 |
|
another quetsion
The following data (in millions) were taken from the financial statements of Costco Wholesale Corporation:
| Recent Year | Prior Year | |||||
| Revenue | $731,962 | $679,000 | ||||
| Operating expenses | 697,766 | 652,000 | ||||
| Operating income | $34,196 | $27,000 |
a. For Costco, determine the amount of change in millions and the percent of change from the prior year to the recent year for:
- Revenue
- Operating expenses
- Operating income
(For those boxes in which you must enter negative numbers use a minus sign. Round percentage answers to one decimal place.)
| Amount of Change (in millions) |
Percent of Change (round to 1 decimal place) |
Increase or Decrease | |
| 1. Revenue | $fill in the blank 1 | fill in the blank 2% |
|
| 2. Operating expenses | $fill in the blank 4 | fill in the blank 5% |
|
| 3. Operating income | $fill in the blank 7 | fill in the blank 8% |
|
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education