The following trial balance was prepared incorrectly, rearrange the accounts in proper order, Calculate the total of the trial balance. Assume each account has a normal balance TIMMONY CO. TRIAL BALANCE DECEMBER 31, 201X Dr. Cr. D. Timmony, Capital Equipment Rent Expense Advertising Expense Accounts Payable 48|00 1600 2500 500

The following trial balance was prepared incorrectly, rearrange the accounts in proper order, Calculate the total of the trial balance. Assume each account has a normal balance TIMMONY CO. TRIAL BALANCE DECEMBER 31, 201X Dr. Cr. D. Timmony, Capital Equipment Rent Expense Advertising Expense Accounts Payable 48|00 1600 2500 500

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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Ajournal entry for a $220 payment to purchase office supplies was erroneously recorded as a debit to Office Supplies for $500 and a credit to Cash for $220. Which of the following statements correctly states the effect of the error on the trial balance? O A. The sum of the credits will exceed the sum of the debits by $280. O B. The sum of the debits will exceed the sum of the credits by $220. O C. The sum of the debits will exceed the sum of the credits by $500, O D. The sum of the debits will exceed the sum of the credits by $280.
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emaining Time: 1 hour, 16 minutes, 34 seconds. Question Completion Status: QUESTION 1 The requirements for mora creditoris(default of the creditor) include the following O a. creditor fails to accept proper performance b. the debt must be due O C. the debtor fails to perform on time O d. the delay in accepting performance is due to the fault of the creditor or persons for whose actions he is responsible O e. the delay is due to the fault of the debtor or persons for whose actions he is responsible Of. the debtor must tender proper performance g. b. c and e h. a, b, d and f QUESTION 2 A party to a contract who makes it impossible for performance to take place, commits the following form of breach of contract a. Mora creditoris/default of the creditor b. positive malperformance C. rendering performance impossible/prevention of performance
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