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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Students have asked these similar questions

Which of the following errors would not affect net income?A. Post-dated checks are classified as cash upon receipt from customersB. Purchases on account are unrecorded because the goods are still in transit : butthe goods were included in inventoryC. Depreciation expense was recorded twice for the same yearD. The client charged an ordinary repair as part of equipment cost.

Which of the following errors would be detected by a trial balance? Group of answer choices The cashier pocketed the cash from a cash sale and did not record it on the register A cash sale was recorded in the sales account as $548 instead of $584 but was correctly recorded in the bank account Supplies purchased on credit were recorded as a debit to the plant and equipment account and a credit to the accounts payable account Staff wages were recorded as office expenses

Which of the following errors will be detected by a trial balance? a. Posting a credit to Sales instead of the Accounts Payable b. Incorrecty computing the balance of the cash account c. Not journalizing a complete sales transaction d. Forgetting to post a complete purchase transaction

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.

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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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