Which of the following error will be a complete reversal of entries for the purchase of furnitures for cash OMR 500 by a Wholesale electronics business? a. Debit Cash OMR 500 and Credit furnitures OMR 500 b. Debit furnitures OMR 500 and Credit Cash OMR 500 c. Debit Purchase OMR 500 and Credit Cash OMR 500 d. Debit Cash OMR 500 and Credit Purchase OMR 500

Which of the following error will be a complete reversal of entries for the purchase of furnitures for cash OMR 500 by a Wholesale electronics business? a. Debit Cash OMR 500 and Credit furnitures OMR 500 b. Debit furnitures OMR 500 and Credit Cash OMR 500 c. Debit Purchase OMR 500 and Credit Cash OMR 500 d. Debit Cash OMR 500 and Credit Purchase OMR 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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Review Questions Chapter 2 1.Which of the following statements are true? a. Recording purchase transactions in a general journal is considered efficient. b. Most businesses will carefully enter all purchase orders using the purchase order journal. c. A purchase requisition follows a purchase order. d. It is important for a company to verify all numbers on a supplier's invoice e. In general, cash discounts are so minor they can be ignored. 2. From the following, prepare a Schedule of Accounts Payable for Digital Co. for September 30, 2022. Accounts Payable 210 L. Von Co. Dr. Cr. Dr. Cr. 100 9/5 GJ4 100 9/5 GJ4 200 9/7 GJ5 300 9/15 GJ6 Xon Co. 800 9/18 GJ6 Dr. Cr. 300 9/15 GJ6 J. Bee Co. Zero Co. Dr. Cr. Dr. Cr. 800 9/18 GJ6 200 9/7 GJ5
Which of the following errors will not affect the Trial balance? a. Wrong totaling of purchase journal OMR 48,000 instead OMR 84,000 b. Cash paid to Mr. Said OMR 7800: Debit Mr. Said OMR 8700 and Credit Cash OMR 7800 c. Omitting Salary account OMR 12,000 and recording Cash account OMR 12,000 d. Omitting Rent account OMR 8,000 and Cash account RO 8,000
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9 - Which of the following should be done if there is a shortage of cash and the reason cannot be found that day ? a) It is written to the creditor side of Account 197 Counting and Receipt Deficiencies B) It is written to the creditor side of Account 397 Counting and Receipt Deficiencies NS) 659 Debited for other ordinary expenses D) It is written to the debtor side of the 197 Counting and Receipt Deficiencies Account TO) It is written to the debtor side of Account 397 Counting and Receipt Deficiencies
Which of the following error will be a complete reversal of entries for the purchase of stationery for cash OMR 50 by the business? a. Debit Stationery OMR 50 and Credit Cash OMR 50 b. Debit Cash OMR 50 and Credit Purchase OMR 50 c. Debit Cash OMR 50 and Credit Stationery OMR 50 d. Debit Purchase OMR 50 and Credit Cash OMR 50
9-Which of the following errors will not affect the Trial balance? a. Omitting Salary account OMR 12,000 and recording Cash account OMR 12,000 b. Cash paid to Mr. Said OMR 7800: Debit Mr. Said OMR 8700 and Credit Cash OMR 7800 c. Omitting Rent account OMR 8,000 and Cash account RO 8,000 d. Wrong totaling of purchase journal OMR 48,000 instead OMR 84,000
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32) he correcting errors, adjusting and closing entries of the business are recorded in the form of ____________________. a. Purchases daybook b. Petty cash book c. General journal d. Cash payments book
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