While in the process of posting from the journal to the ledger a company failed to post a $500 credit to Accounts Receivable.  The effect of this error will be that

Q: Which of the following errors will be detected by a trial balance? a. Posting a credit to Sales…

A: Posting a credit to sales instead of accounts payable may be an incorrect entry but it will have the…

Q: The purpose of testing the quality of debits and credits is to find errors recorded in the amounts.…

A: The purpose of testing the quality of debits and credits in accounting is to ensure that all…

Q: A high average collection period may indicate:     a. Management's willingness to quickly write-off…

A: The average collection period(ACP) refers to the time gap between the credit sale date and the date…

Q: If you review your credit report and find an error, and you’re able to prove it is, indeed, an…

A: Credit score is defined as the numerical expression on the basis of the analysis level of the credit…

Q: Which of the following misstatements would relate to the occurrence assertion? Cash payment shown…

A: Payment refers to the transfer of money or other value from one party (the payer) to another party…

Q: Cougar Company credited cash for a prepayment. They did this because: a. Cash payment (or an…

A: A prepaid expense seems to be a sort of asset on the balance sheet that emerges from a company…

Q: The companies dispose their accounts receivable because _____________ a. of shortage of accounting…

A: Business might sell their receivable accounts if they need to make money quickly, increase cash…

Q: A customer of Mutare paid for merchandise originally purchased on account with a check thathas been…

A: Adjusting journal entry: At year-end when the company finalizes its accounts then any unrecognized…

Q: f an accountant mistakenly uses the General journal to record a payment of cash for a bill that is…

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Q: The following situations represent errors and frauds that could occur in financial…

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Q: Granting the credit is one business function of the sales returns and allowance class of…

A: Note: We’ll answer the first question since the exact one wasn’t specified. Please submit a new…

Q: Purchases on a credit card appear in the account payable aging report as soon as they are entered in…

A: The Accounts Payable Aging Report is a detailed record of the amounts owed to a business by its…

Q: The Allowance for Doubtful Accounts represents: a. The amount of uncollected accounts written off to…

A: The allowance for doubtful accounts is a contra-asset account that is associated with accounts…

Q: When an audit team does not receive a response on a positive accounts receivable confirmation,…

A: Audit: Audit is the process of verification of the compliance of the financial statements. It…

Q: A company seeking a line of credit at a bank was turned down. Among other things, the bank started…

A: The ideal current ratio is considered to be 2:1 on the idealogy that the company has to have 2 times…

Q: pense and accounts receivable balance. Under different circumstances, another method is used called…

A: When there is only one large accounts receivable due from one client the direct write off method if…

Q: en a company adjusts its accounts receivable balance downward due to potential uncollectible…

A: Accounts receivable is an amount that is to be received by a company from an individual or a…

Q: Which one of the following statements is NOT true about account receivables? Select one: a. Account…

A: Accounts receivable: if sale is made on cash the supplier immediately collects the cash and no…

Q: D. A trial balance indicates that the debit total exceeds the credit total by $63. Which of the…

A: If a liability with a balance of $970 was mistakenly entered in the ledger as a $907 credit then the…

Q: 4. A trial balance was extracted from the books of Phax Mohutsiwa. It was found that the debit side…

A: Rectification entry means where some error has been done in past and we need to rectify that errors.…

Q: Which of the following is a valid alternative action for an organization to take to minimize credit…

A: Accounts receivables refer to the amount that is yet to be received from the customers to whom goods…

Q: Which of the following manipulations would understate accounts payable on the financial statements?…

A: Account payable  means the amount owed by business to outsider for the goods received and services…

Q: What classes and associations would be included in a model that describes the information needed for…

A: Accounts receivable are the overdue payments owed to a firm by its customers or clients for products…