Which of the following errors, each considered individually, would cause the trial balance totals to be unequal?A payment of $481 to a creditor was posted as a debit of $4,819 to Accounts Payable and a credit of $481 to Cash.A transaction was not posted.Cash received from customers on account was posted as a debit of $163 to Cash and a credit of $163 to Accounts Payable.A payment of $90 for insurance was posted as a debit of $40 to Prepaid Insurance and a credit of $40 to Cash.

at the year-end the trial balance must be matched i,e total of the debits must be equal to total credits. We record all the assets and expenses on the debit side and liabilities and incomes on the credit side. 1) A payment of $481 to a creditor was posted as a debit of $4,819 to Accounts Payable and a credit of $481 to Cash. A transaction was not posted. Accounts payable Dr $4819 Cash account Cr $481 The trial balance will not match because the debit amount = $4819 and the credit amount is $481 2) Cash received from customers on the account was posted as a debit of $163 to Cash and a credit of $163 to Accounts Payable. Cash account Dr $163 Accounts payable $163 Even though the journal entry posted is incorrect but the debit and credit amount posted is correct so the trial balance will match. 3) A payment of $90 for insurance was posted as a debit of $40 to Prepaid Insurance and a credit of $40 to Cash. Prepaid insurance $40 cash account Cr $40 Even though the journal entry posted is incorrect the debit and credit amount posted is correct so the trial balance will be matched.

Answered: Which of the following errors, each…

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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Which of the following errors, each considered individually, would cause the trial balance totals to be unequal?

A payment of $481 to a creditor was posted as a debit of $4,819 to Accounts Payable and a credit of $481 to Cash.

A transaction was not posted.

Cash received from customers on account was posted as a debit of $163 to Cash and a credit of $163 to Accounts Payable.

A payment of $90 for insurance was posted as a debit of $40 to Prepaid Insurance and a credit of $40 to Cash.

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