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Required: Indicate whether or not the trial balance will balance after the error. If the trial balance will not balance, indicate the direction of the misstatement for any affecte account (such as Cash will be overstated by $50). a. A cash purchase of supplies of $348 was recorded as a debit to Supplies for $384 and a credit to Cash of $384. b. A cash sale of $3,128 was recorded as a debit to Cash of $3,128 and a credit to Sales of $3,182. c. A purchase of equipment, on account, was recorded once in the journal and posted twice to the ledger. d. Cash paid for salaries of $5,270 was recorded as a debit to Salaries Expense of $5,270 and a credit to Accounts Payable of $5,270. A credit sale of $7,600 was recorded as a credit to Sales Revenue of $7,600; however, the debit posting to Accounts Receivable was omitted.

Required: Indicate whether or not the trial balance will balance after the error. If the trial balance will not balance, indicate the direction of the misstatement for any affecte account (such as Cash will be overstated by $50). a. A cash purchase of supplies of $348 was recorded as a debit to Supplies for $384 and a credit to Cash of $384. b. A cash sale of $3,128 was recorded as a debit to Cash of $3,128 and a credit to Sales of $3,182. c. A purchase of equipment, on account, was recorded once in the journal and posted twice to the ledger. d. Cash paid for salaries of $5,270 was recorded as a debit to Salaries Expense of $5,270 and a credit to Accounts Payable of $5,270. A credit sale of $7,600 was recorded as a credit to Sales Revenue of $7,600; however, the debit posting to Accounts Receivable was omitted.

FINANCIAL ACCOUNTING
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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Subject :- Accounting 

Required: Indicate whether or not the trial balance will balance after the error. If the trial balance will not balance, indicate the direction of the misstatement for any affected account (such as Cash will be overstated by $50). a. A cash purchase of supplies of $348 was recorded as a debit to Supplies for $384 and a credit to Cash of $384. b. A cash sale of $3,128 was recorded as a debit to Cash of $3,128 and a credit to Sales of $3,182. c. A purchase of equipment, on account, was recorded once in the journal and posted twice to the ledger. d. Cash paid for salaries of $5,270 was recorded as a debit to Salaries Expense of $5,270 and a credit to Accounts Payable of $5,270. e. A credit sale of $7,600 was recorded as a credit to Sales Revenue of $7,600; however, the debit posting to Accounts Receivable was omitted.
Transcribed Image Text:Required: Indicate whether or not the trial balance will balance after the error. If the trial balance will not balance, indicate the direction of the misstatement for any affected account (such as Cash will be overstated by $50). a. A cash purchase of supplies of $348 was recorded as a debit to Supplies for $384 and a credit to Cash of $384. b. A cash sale of $3,128 was recorded as a debit to Cash of $3,128 and a credit to Sales of $3,182. c. A purchase of equipment, on account, was recorded once in the journal and posted twice to the ledger. d. Cash paid for salaries of $5,270 was recorded as a debit to Salaries Expense of $5,270 and a credit to Accounts Payable of $5,270. e. A credit sale of $7,600 was recorded as a credit to Sales Revenue of $7,600; however, the debit posting to Accounts Receivable was omitted.
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