The following errors occurred in posting from a two-column journal: A credit of $6,000 to Accounts Payable was not posted. An entry debiting Accounts Receivable and crediting Fees Earned for $5,300 was not posted. A debit of $2,700 to Accounts Payable was posted as a credit. A debit of $480 to Supplies was posted twice. A debit of $3,600 to Cash was posted to Miscellaneous Expense. A credit of $780 to Cash was posted as $870. A debit of $12,620 to Wages Expense was posted as $12,260. Considering each case individually (i.e., assuming that no other errors had occurred), indicate: Considering each case individually (i.e., assuming that no other errors had occurred):(a) Indicate by "yes" or "no" whether the trial balance would be out of balance.(b) If answer to (a) is "yes", indicate the amount by which the trial balance totals would differ.(c) Indicate 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 $6,000 Debit 2. $ 3. $ 4. $ 5. $ 6. $ 7. $

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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The following errors occurred in posting from a two-column journal:

A credit of $6,000 to Accounts Payable was not posted.
An entry debiting Accounts Receivable and crediting Fees Earned for $5,300 was not posted.
A debit of $2,700 to Accounts Payable was posted as a credit.
A debit of $480 to Supplies was posted twice.
A debit of $3,600 to Cash was posted to Miscellaneous Expense.
A credit of $780 to Cash was posted as $870.
A debit of $12,620 to Wages Expense was posted as $12,260.

Considering each case individually (i.e., assuming that no other errors had occurred), indicate:

Considering each case individually (i.e., assuming that no other errors had occurred):

(a) Indicate by "yes" or "no" whether the trial balance would be out of balance.

(b) If answer to (a) is "yes", indicate the amount by which the trial balance totals would differ.

(c) Indicate 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	$6,000	Debit
2.		$
3.		$
4.		$
5.		$
6.		$
7.		$

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