Errors not affecting trial balance : An error is a mistake committed in the process of book-keeping or in accounting. In some cases, errors may occur but, they will not affect the totals of the trial balance. Such an error can be found while preparing the trial balance or would be indicated by the unusual account balance. For Example, Crediting land account. If such errors have already been journalized, and posted to the ledger, then they should be corrected by preparing a correcting journal entry . To discuss: Whether an error of posting $2,560 instead of $2,650 to cash, and supplies account would cause the trial balance to be out of balance.

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Answer 1

Question

Chapter 2, Problem 7DQ

(a)

To determine

Errors not affecting trial balance:

An error is a mistake committed in the process of book-keeping or in accounting. In some cases, errors may occur but, they will not affect the totals of the trial balance. Such an error can be found while preparing the trial balance or would be indicated by the unusual account balance. For Example, Crediting land account. If such errors have already been journalized, and posted to the ledger, then they should be corrected by preparing a correcting journal entry.

To discuss: Whether an error of posting $2,560 instead of $2,650 to cash, and supplies account would cause the trial balance to be out of balance.

(b)

To determine

To discuss: Whether an error of crediting cash account by $2,560 instead of $2,650, would cause the trial balance to be out of balance.

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Chapter 22 Homework Saved 12 Tableau DA 22-1 (Algo): Quick Study, Allocate indirect expenses LO P2 Help Save & Exit Submit Check my work 1.25 points Skipped Burton Company requests assistance allocating costs and determining the profitability of its two departments: Skis and Snowboards. Shared indirect expenses include rent and supervisor salaries. Use the Tableau Dashboard, with information from Burton's December 31 year-end reports, for our analysis. Select Year→ Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Sales & Costs of Goods Sold Number of Employees eBook $200,000 Ask $150,000 Print $100,000 Skis Snowboards $50,000 References $0 Sales Cost of Goods Sold Sales Cost of Goods Sold SKI SNOWBOARD Square Feet Occupied Snowboards Direct Expenses Skis Snowboards $16,000 $14,000 $12,000 $10,000 $8,000 Skis $6,000 $4,000 Indirect Expense Allocation Base $2,000 Indirect Expense Cost Allocation Base Rent $18,400 Square feet occupied Salaries Expense Supplies Used…

I need assistance with this financial accounting problem using valid financial procedures.

Answer 2

Question

Chapter 2, Problem 7DQ

(a)

To determine

Errors not affecting trial balance:

An error is a mistake committed in the process of book-keeping or in accounting. In some cases, errors may occur but, they will not affect the totals of the trial balance. Such an error can be found while preparing the trial balance or would be indicated by the unusual account balance. For Example, Crediting land account. If such errors have already been journalized, and posted to the ledger, then they should be corrected by preparing a correcting journal entry.

To discuss: Whether an error of posting $2,560 instead of $2,650 to cash, and supplies account would cause the trial balance to be out of balance.

(b)

To determine

To discuss: Whether an error of crediting cash account by $2,560 instead of $2,650, would cause the trial balance to be out of balance.

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Answer 3

Question

Chapter 2, Problem 7DQ

(a)

To determine

Errors not affecting trial balance:

An error is a mistake committed in the process of book-keeping or in accounting. In some cases, errors may occur but, they will not affect the totals of the trial balance. Such an error can be found while preparing the trial balance or would be indicated by the unusual account balance. For Example, Crediting land account. If such errors have already been journalized, and posted to the ledger, then they should be corrected by preparing a correcting journal entry.

To discuss: Whether an error of posting $2,560 instead of $2,650 to cash, and supplies account would cause the trial balance to be out of balance.

(b)

To determine

To discuss: Whether an error of crediting cash account by $2,560 instead of $2,650, would cause the trial balance to be out of balance.

Expert Solution & Answer

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See solution

Answer 4

Question

Chapter 2, Problem 7DQ

(a)

To determine

Errors not affecting trial balance:

An error is a mistake committed in the process of book-keeping or in accounting. In some cases, errors may occur but, they will not affect the totals of the trial balance. Such an error can be found while preparing the trial balance or would be indicated by the unusual account balance. For Example, Crediting land account. If such errors have already been journalized, and posted to the ledger, then they should be corrected by preparing a correcting journal entry.

To discuss: Whether an error of posting $2,560 instead of $2,650 to cash, and supplies account would cause the trial balance to be out of balance.

(b)

To determine

To discuss: Whether an error of crediting cash account by $2,560 instead of $2,650, would cause the trial balance to be out of balance.

Expert Solution & Answer

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Answer 5

Chapter 2, Problem 7DQ

(a)

To determine

Errors not affecting trial balance:

An error is a mistake committed in the process of book-keeping or in accounting. In some cases, errors may occur but, they will not affect the totals of the trial balance. Such an error can be found while preparing the trial balance or would be indicated by the unusual account balance. For Example, Crediting land account. If such errors have already been journalized, and posted to the ledger, then they should be corrected by preparing a correcting journal entry.

To discuss: Whether an error of posting $2,560 instead of $2,650 to cash, and supplies account would cause the trial balance to be out of balance.

(b)

To determine

To discuss: Whether an error of crediting cash account by $2,560 instead of $2,650, would cause the trial balance to be out of balance.

Answer 6

Chapter 2, Problem 7DQ

(a)

To determine

Errors not affecting trial balance:

An error is a mistake committed in the process of book-keeping or in accounting. In some cases, errors may occur but, they will not affect the totals of the trial balance. Such an error can be found while preparing the trial balance or would be indicated by the unusual account balance. For Example, Crediting land account. If such errors have already been journalized, and posted to the ledger, then they should be corrected by preparing a correcting journal entry.

To discuss: Whether an error of posting $2,560 instead of $2,650 to cash, and supplies account would cause the trial balance to be out of balance.

Answer 7

Chapter 2, Problem 7DQ

(a)

To determine

Errors not affecting trial balance:

An error is a mistake committed in the process of book-keeping or in accounting. In some cases, errors may occur but, they will not affect the totals of the trial balance. Such an error can be found while preparing the trial balance or would be indicated by the unusual account balance. For Example, Crediting land account. If such errors have already been journalized, and posted to the ledger, then they should be corrected by preparing a correcting journal entry.

To discuss: Whether an error of posting $2,560 instead of $2,650 to cash, and supplies account would cause the trial balance to be out of balance.

Answer 8

(b)

To determine

To discuss: Whether an error of crediting cash account by $2,560 instead of $2,650, would cause the trial balance to be out of balance.

Answer 9

(b)

To determine

To discuss: Whether an error of crediting cash account by $2,560 instead of $2,650, would cause the trial balance to be out of balance.

Answer 10

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Answer 11

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Answer 12

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Answer 13

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Solution Summary: The author explains that an error is a mistake committed in the process of book-keeping or in accounting, but they will not affect the totals of the trial balance.

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To discuss: Whether an error of crediting cash account by $2,560 instead of $2,650, would cause the trial balance to be out of balance.

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