Which of the following is an example of an error that would not cause the trial balance to be out of balance? Multiple Choice A journal entry was posted as a debit to Cash and a credit to Sales Revenue when the company received a customer payment on account. A journal entry was posted as a debit to Wages Expense and a debit to Wages Payable. A journal entry was posted as a debit to Cash for $525 and credited to Accounts Receivable for $552. All of the choices errors would cause the trial balance to be out of balance.

Which of the following is an example of an error that would not cause the trial balance to be out of balance? Multiple Choice A journal entry was posted as a debit to Cash and a credit to Sales Revenue when the company received a customer payment on account. A journal entry was posted as a debit to Wages Expense and a debit to Wages Payable. A journal entry was posted as a debit to Cash for $525 and credited to Accounts Receivable for $552. All of the choices errors would cause the trial balance to be out of balance.

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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On August 1, 2021, the beginning of its current fiscal year, the following opening account balances, listed in alphabetical order, were reported by Sheridan Ltd. Accounts payable $2,330 Accounts receivable 4,470 Accumulated depreciation-equipment 1,990 Cash 6,190 Common shares 11,800 Deferred revenue 1,370 Equipment 11,000 Interest receivable 22 Note receivable, due October 31, 2021 4,400 Retained earnings 8,162 Salaries payable 1,540 Supplies 1,110 During August, the following summary transactions were completed. Aug. 1 Paid $410 cash for advertising in local newspapers. Advertising flyers will be included with newspapers delivered during August and September. (Hint: Use the Prepaid Advertising account.) 3 Paid August rent $400. (Hint: Use the Prepaid Rent account.) 6 Received $3,450 cash from customers in payment of accounts. 10 Paid $3,360 for salaries due employees, of which $1,820 is for August and $1,540 is for July salaries payable. 13 Received $3,850 cash for services performed…
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Journalize the entries to correct the following errors: a. A purchase of supplies for $158 on account was recorded and posted as a debit to Supplies for $513 and as a credit to Accounts Receivable for $513. (Record the entry to reverse the error first.) If an amount box does not require an entry, leave it blank. - Select - - Select - - Select - - Select - - Select - - Select - - Select - - Select - b. A receipt of $4,068 from Fees Earned was recorded and posted as a debit to Fees Earned for $4,068 and a credit to Cash for $4,068. If an amount box does not require an entry, leave it blank. - Select - - Select - - Select - - Select -
11) The data collected during the accounts payable process can be converted into several accounts payable reports. Below is a list of some of those reports. Which report summarize purchases by vendor over a specific period of time to look for unusual activity? A) Cash disbursements journal B) Purchases by vendor C) Accounts payable D) Vendor aging report.
Which of the folloving errors cannot be detected by the trial balance? a Incorrect accounts were used to record a given transaction. b. Incorrect amounts were recorded for a given transaction C. A journal entry was posted twice. d. A journal entry was not posted to the general ledger, O a All of the Letters O b C&D A &B B&C
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Prepare the journal entry under basis 2, assuming that Chester Company did not remit payment until July 29. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.)
At the time of the event, which of the following does not result in a journal entry and an update of information in the general ledger? A. Shipping and billing the customer B. Receiving cash from the customer C. Approving payment for the vendor D. Processing of a sales order E. Making a payment to the vendor
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If a $335.00 debit item in the general journal is posted as a credit: By how much will the trial balance be out of balance? Explain how you might detect such an error.
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Suppose a co-worker has recorded a cash disbursement twice (Supplies Expense was debited twice for $100 and Cash was credited twice for $100) and wants you to record a correcting entry that will reverse the mistake. The correcting entry will record a debit to the Cash account and a credit to the Supplies account. Would you make this correcting entry? What should you investigate before making a decision about the correcting entry? Are there any other steps you would take to address this issue?