What is the correct balance of each account below and it the balance a debit or a credit? -The pencil footings for Accounts Payable were debits of $5,320 and credits of $8,800. - A debit of $180 to Prepaid Rent was not posted. - Office Supplies bought for $60 was posted as a credit to Office Supplies -A debit of $120 to Accounts Receivable was not posted. -The pencil footing of the credits to Cash was overstated by $400. And a cash payment of $420 was credited to Cash for $240.
What is the correct balance of each account below and it the balance a debit or a credit? -The pencil footings for Accounts Payable were debits of $5,320 and credits of $8,800. - A debit of $180 to Prepaid Rent was not posted. - Office Supplies bought for $60 was posted as a credit to Office Supplies -A debit of $120 to Accounts Receivable was not posted. -The pencil footing of the credits to Cash was overstated by $400. And a cash payment of $420 was credited to Cash for $240.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
What is the correct balance of each account below and it the balance a debit or a credit?
-The pencil footings for Accounts Payable were debits of $5,320 and credits of $8,800.
- A debit of $180 to Prepaid Rent was not posted.
- Office Supplies bought for $60 was posted as a credit to Office Supplies
-A debit of $120 to Accounts Receivable was not posted.
-The pencil footing of the credits to Cash was overstated by $400. And a cash payment of $420 was credited to Cash for $240.
Transcribed Image Text:Fees Earned
Cash
Accounts Receivable
Office Equipment
Accounts Payable
D. Hampton, Capital
D. Hampton, Withdrawals
Wage Expense
Rent Expense
Utilities Expense
Office Supplies
Prepaid Rent
Totals
.
.
Trial Balance
.
●
●
DEBIT
3,260.00
5,660.00
8,400.00
What is the correct balance of each account below and it the balance a debit or a credit?
The pencil.footings for Accounts Payable were debits of $5,320 and credits of $8,800.
A debit of $180 to Prepaid Rent was not posted.
Office Supplies bought for $60 was posted as a credit to Office Supplies
2,600.00
940.00
26.00
120.00
180.00
21,186.00
CREDIT
5,720.00
4,160.00
11,560.00
700.00
22,140.00
A debit of $120 to Accounts Receivable was not posted.
The pencil footing of the credits to Cash was overstated by $400. And a cash payment of
$420 was credited to Cash for $240.
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