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Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Problem 1
By what amount would each of the following errors cause a trial balance to be out of balance?
a. A purchase of supplies of P3,000 was recorded as a debit to equipment and a credit to cash for
P3,000.
b. A P1,200 balance in Prepaid Insurance was copied to the trial balance as a debit of P2, 100
c. A P5,000 balance in Accounts Payable was copied to the trial balance as a debit of P5,000.
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