Financial and Managerial Accounting
15th Edition
ISBN: 9780357297162
Author: Carl S. Warren; Jefferson P. Jones; William B. Tayler, Ph.D., CMA
Publisher: Cengage Learning US
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Textbook Question
Chapter 2, Problem 20E
Errors in
Identify the errors in the following trial balance. All accounts have normal balances.
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Students have asked these similar questions
If an incorrect amount is journalized and posted to the accounts, how should the error be corrected?
Which of the following errors will not affect the Trial balance?
a.
Wrong balancing of an account
b.
Wrong totaling of an account
c.
Omitting one aspect of account
d.
Omitting two aspect of account
Which error cannot be revealed on the preparation of the trial balance?
Wrong Totalling of account
Compensatory Errors
Error of Commission
Wrong Balancing of an account
Chapter 2 Solutions
Financial and Managerial Accounting
Ch. 2 - What is the difference between an account and...Ch. 2 - Prob. 2DQCh. 2 - Prob. 3DQCh. 2 - eCatalog Services Company performed services in...Ch. 2 - If the two totals of a trial balance are equal,...Ch. 2 - Prob. 6DQCh. 2 - Assume that when a purchase of supplies of 2,650...Ch. 2 - Assume that Muscular Consulting erroneously...Ch. 2 - Assume that Sunshine Realty Co. borrowed 300,000...Ch. 2 - Checking accounts are one of the most common forms...
Ch. 2 - Rules of debit and credit and normal balances...Ch. 2 - Journal entry for asset purchase Prepare a journal...Ch. 2 - Journal entry for fees earned Prepare a journal...Ch. 2 - Journal entry for dividends Prepare a journal...Ch. 2 - Missing amount from an account On August 1, the...Ch. 2 - Trial balance errors For each of the following...Ch. 2 - Correcting entries The following errors took place...Ch. 2 - Prob. 8BECh. 2 - Prob. 1ECh. 2 - Chart of accounts Superior Interiors is owned and...Ch. 2 - Chart of accounts LeadCo School is a newly...Ch. 2 - Rules of debit and credit The following table...Ch. 2 - Normal entries for accounts During the month,...Ch. 2 - Normal balances of accounts Identify each of the...Ch. 2 - Transactions Innovative Consulting Co. has the...Ch. 2 - Journalizing and posting On February 11, 20Y9,...Ch. 2 - Transactions and T accounts The following selected...Ch. 2 - Cash account balance During the month, Bavarian...Ch. 2 - Account balances A. During February, 186,500 was...Ch. 2 - Retained earnings account balance As of January 1,...Ch. 2 - Identifying transactions Rocky Mountain Tours Co....Ch. 2 - Journal entries Based upon the T accounts in...Ch. 2 - Trial balance Based upon the data presented in...Ch. 2 - Trial balance The accounts in the ledger of...Ch. 2 - Effect of errors on trial balance Indicate which...Ch. 2 - Errors in trial balance The following preliminary...Ch. 2 - Effect of errors on trial balance The following...Ch. 2 - Errors in trial balance Identify the errors in the...Ch. 2 - Entries to correct errors The following errors...Ch. 2 - Entries to correct errors The following errors...Ch. 2 - Entries into T accounts and trial balance Marjorie...Ch. 2 - Journal entries and trial balance On October 1,...Ch. 2 - Journal entries and trial balance On November 1,...Ch. 2 - Journal entries and trial balance Elite Realty...Ch. 2 - Corrected trial balance The Lexington Group has...Ch. 2 - Entries into T accounts and trial balance Ken...Ch. 2 - Journal entries and trial balance On August 1,...Ch. 2 - Journal entries and trial balance On October 1,...Ch. 2 - Journal entries and trial balance Valley Realty...Ch. 2 - Corrected trial balance Tech Support Services has...Ch. 2 - The transactions completed by PS Music during June...Ch. 2 - Analyze Amazon.com Amazon.com, Inc. (AMZN) is the...Ch. 2 - Prob. 2MADCh. 2 - Prob. 3MADCh. 2 - Analyze Target The following data (in millions)...Ch. 2 - Prob. 5MADCh. 2 - Prob. 6MADCh. 2 - Prob. 1TIFCh. 2 - Prob. 4TIFCh. 2 - Prob. 5TIF
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- Explain why the ledger can still contain errors even through the trial balance is in balance. Give examples of two such types of errorsarrow_forwardThe following errors will not be revealed by the trialSelect one: a. Balances incorrectly recordedb. Balances omittedc. Posting to the wrong accountd. Casting of debit or credit columns.arrow_forwardThe trial balance is a proof about the following accuracies except one: a. That there are no other errors b. That the double entry has been complied with c. That all accounts have been listed in the trial balance d. That the balances of accounts are accuratearrow_forward
- Which of the following errors will cause the trial balance totals to be unequal? A. posting the debit portion of a journal entry incorrectly when the credit portion of the entry is correctly posted B. recording the same transaction more than once C. recording the same erroneous amount for both the debit and the credit parts of a transactionarrow_forwardA debit balance in which of the following accounts would indicate a likely error? a.Notes Payable b.Supplies c.Salaries Expense d.Accounts Receivablearrow_forwardWhat is a suspense account? Is it necessary that is suspense account will balance off after rectification of the errors detected by the accountant? If not, then what happens to the balance still remaining in suspense account?arrow_forward
- Identify at least four types of errors and /or omissions that would NOT be identified by a trial balance that is in equilibrium. Provide a brief description of each one or present examples of transactions being recorded in a way that will still allow the trial balance to “balance”.arrow_forwardFor each of the following situations, indicate whether itrepresents an accounting error and explain why it is or isnot an error. Also state whether a trial balance would indicate that an error exists for each situation.d. The debit side of a journal entry was recorded in theaccounts, but the credit side was not.arrow_forwardWhat kinds of errors would cause difference in the trial balance. Also listexamples that would not be revealed by a trial balance?arrow_forward
- Which of the following errors in the journal entry will not be detected by trial balance.a) Debit part is overstated but credit part is correctly recordedb) Debit part is correctly recorded but credit part is understatedc) Both debit and credit parts are overstated by the same amountd) Debit part is correctly recorded but credit part is overstatedBoş bırakarrow_forwardWhich of the following is the postclosing trial balance not designed to verify?arrow_forwardWhere the correct accounts are used but each item is shown on the wrong side of the account is an example of which type of error? a. Error of transposition b. Error of partial omission c. Complete reversal d. Error of compensationarrow_forward
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