Question 10 of 20: Select the best answer for the question. 10. A trial balance indicates that the debit total exceeds the credit total by $63. Which of the following errors is the most probable source of the discrepancy? OA. An asset with a balance of $63 was mistakenly entered in the ledger as a credit for that amount. Instead of a debit OB. An asset with a balance of $670 was mistakenly entered in the ledger as a $607 debit OC. A liability with a balance of $63 was mistakenly entered in the ledger as a debe for that amount instead of a credit. OD. A liability with a balance of $970 was mistakenly entered in the ledger as a $907 credit. Mark for review (Will be highlighted on the review page) Previous Question Type here to search Next Question Jy O Et

Question 10 of 20: Select the best answer for the question. 10. A trial balance indicates that the debit total exceeds the credit total by $63. Which of the following errors is the most probable source of the discrepancy? OA. An asset with a balance of $63 was mistakenly entered in the ledger as a credit for that amount. Instead of a debit OB. An asset with a balance of $670 was mistakenly entered in the ledger as a $607 debit OC. A liability with a balance of $63 was mistakenly entered in the ledger as a debe for that amount instead of a credit. OD. A liability with a balance of $970 was mistakenly entered in the ledger as a $907 credit. Mark for review (Will be highlighted on the review page) Previous Question Type here to search Next Question Jy O Et

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question 6 Which of the following substantive procedures would most likely help an auditor determine whether accounts payable have been misstated? Examining reported purchases orders that appear to be too low. Reviewing disbursements subsequent to year end to determine if liabilities have been properly recorded on the year-end balance sheet. Searching customer returned goods that were not reported as returns. None of the answers provided
The total of a list of balances in Patricia Co’s receivables ledger was $643,700 on 30 September 20X9. This did not agree with the balance on Patricia Co’s receivables ledger control account. The following errors were discovered: (i) A credit balance on an individual customer’s account of $400 was incorrectly extracted as a debit balance (ii) An invoice for $3,553 was posted to the customer account as £3,535 (iii) The total of the sales returns day book was overcast by $600 What amount should be shown in Patricia Co’s statement of financial position for accounts receivable at 30 September 20X9? A. $642,918 B. $642,882 C. $644,482 D. $643,418
Which of the following statements is true regarding aging accounts receivable? Multiple Choice The aging method of estimating uncollectible accounts is based on the assumption that the longer an account receivable remains outstanding, the less likely it is to be collected. All of the statements are true. The aging of accounts receivable involves applying lower uncollectible percentage estimates to older receivables. An aging schedule is used to improve the estimate used in the percent of revenue method of determining the uncollectible accounts expense.
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background info: Green checkmark means that entry is correct, red is wrong. There is only supposed to be a total of 19 entries. look at 1 picture with the complete journal and adjust to fit the allowance method to go into the second table with green and red corrections. The first entry....you are removing the account so you have to remove the allowance and related receivable (2 parts) The second entry...you want to record the cash received, the removal of the allowance and related receivable (3 parts) The third entry...recording a credit sales (2 parts) The fourth entry...setting up receivable and the allowance (2 parts) The fifth entry...record collection of a previously recorded credit sale (2 parts) The sixth entry...record collection of a previously recorded credit sale (2 parts) The seventh entry...adjusting the allowance by reducing the allowance and reducing 5 customer receivable accounts (6 parts) 1. Finalize the journal entries shown on the Fan-Tastic Sports Gear Inc. panel…
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TRUE or FALSE 3. All allowances to customers for returned or defective merchandise should be supported by serially numbered credit memo signed by an officer or responsible employee having no duties relating to handling cash or the maintenance of customers' ledgers. 4. The auditors should perform alternative auditing procedures on all negative confirmation requests that are not returned. 5. When it is "impossible" to confirm accounts receivable, the auditors can never issue an unqualified oinion, on the client's financial statements. 6. Inspection of notes receivable on hand should be performed concurrently with the count of cash and securities to prevent the concealment of a shortage by substitution of cash for misappropriated negotiable instruments, or vice versa. 7. A confirmation is considered documentary evidence secured from outside the organization and sent directly to the auditors. 8. The auditor needs the client's permission to send out "confirmations" 9. A customer's response…
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…
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A trial balance does not balance. The owner believes the following mistakes WOULD cause animbalance. Do you agree? (Answer TRUE or FALSE for each statement) A. The owner forgot to record a cash saleB. A credit sale was recorded as a debit to sales and a debit to trade receivablesC. When transferring the bank overdraft from the Cash T account it was entered on thedebit side of the trial balanceD. Rates expense of £500 was debited to rent expenses and credited to cashE. A payment to a supplier of £690 was entered to cash as £690 but to trade payables as£609