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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Problem No. 1 On January 1, 2025, Manuel Cruz and Sherimae Diasalo agreed to form a partnership that will manufacture and sell biscuits. The partnership agreement specified that Cruz is to invest cash of P1,000,000 and Diasalo is to contribute land and building to serve as the office and factory of the business. The following amounts are applicable to the property of Diasalo: Acquisition Cost Fair Market Value Land Building P1,000,000 500,000 P1,500,000 850,000 During the formation, it was found out that Cruz has accounts receivable amounting to P70,000 and the partners agreed that it will be assumed by the partnership. The name of the partnership will be Fita Pan. Required: 1. Prepare journal entry to record: a. The investment of Cruz to the partnership b. The investment of Diasalo to the partnershipood relay ni 000,219 2. Prepare the statement of financial position of the partnership as of January 1, 2025 Problem No. 2 The trial balance of Cleint Lumanao Nacho Supplies on February…

A company's stock price is $80, with earnings per share (EPS) of $10 and an expected growth rate of 12%.

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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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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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