College Accounting (Book Only): A Career Approach
12th Edition
ISBN: 9781305084087
Author: Cathy J. Scott
Publisher: Cengage Learning
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Textbook Question
Chapter 2, Problem 7E
The following errors were made in journalizing transactions. In each case, calculate the amount of the error and indicate whether the debit or the credit column of the
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Students have asked these similar questions
Posting errors are identified in the following table. In column (1), enter the amount of the difference between the two trial balance
columns (debit and credit) due to the error. In column (2), identify the trial balance column (debit or credit) with the larger amount if they
are not equal. In column (3), identify the account(s) affected by the error. In column (4), indicate the amount by which the account(s) in
column (3) is under- or overstated. Item (a) is completed as an example.
Note: Select "None" if there is no effect.
Description of Posting Error
a $2,720 debit to Rent Expense is posted as a
$2,270 debit
b. $5,440 credit to Cash is posted twice as two
credits to Cash
c. $2,570 debit to Prepaid Insurance is posted as a
debit to Insurance Expense.
d. $47,600 debit to Machinery is posted as a debit,
to Accounts Payable
e. $6,340 credit to Services Revenue is posted as a
$634 credit.
f. $1,760 debit to Store Supplies is not posted.
(1)
Difference
between
Debit and
Credit
Columns
$…
Posting errors are identified in the following table. In column (1), enter the amount of the difference between the two trial balance columns (debit and credit) due to the error. In column (2), identify the trial balance column (debit or credit) with the larger amount if they are not equal. In column (3), identify the account(s) affected by the error. In column (4), indicate the amount by which the account(s) in column (3) is under- or overstated. Item (a) is completed as an example.
Posting errors are identified in the following table. In column (1), enter the amount of the difference between the two trial balance
columns (debit and credit) due to the error. In column (2), identify the trial balance column (debit or credit) with the larger amount if they
are not equal. In column (3), identify the account(s) affected by the error. In column (4), indicate the amount by which the account(s) in
column (3) is under- or overstated. Item (a) is completed as an example.
Note: Select "None" if there is no effect.
(1)
Difference
between
Description of Posting Error
Debit and
Credit
Columns
Larger
Total
(2)
Column
with the
(3)
Identify Account(s)
Incorrectly Stated
(4)
Amount of account over- or understatement
a. $1,720 debit to Rent Expense is posted as a
$1,270 debit.
$
450 Credit
Rent Expense
Rent Expense is understated by $450
b. $3,440 credit to Cash is posted twice as two
credits to Cash.
c. $1,570 debit to Prepaid Insurance is posted as a
debit to Insurance Expense.…
Chapter 2 Solutions
College Accounting (Book Only): A Career Approach
Ch. 2 - Determine the balance of the following T account:
...Ch. 2 - Which of the following statements is correct? a....Ch. 2 - Prob. 3QYCh. 2 - R. Nelson invests his personal computer, with a...Ch. 2 - When preparing a trial balance, which of the...Ch. 2 - What would be the net income for Floress Catering?...Ch. 2 - On which financial statement(s) would R. Flores,...Ch. 2 - What is the amount of ending capital shown on the...Ch. 2 - Floress Catering purchased equipment that cost...Ch. 2 - Prob. 1DQ
Ch. 2 - Explain why the term debit doesnt always mean...Ch. 2 - Prob. 3DQCh. 2 - How are the three financial statements shown in...Ch. 2 - Prob. 5DQCh. 2 - List two reasons why the debits and credits in the...Ch. 2 - Prob. 7DQCh. 2 - What do we mean when we say that capital, drawing,...Ch. 2 - Prob. 1ECh. 2 - List the classification of each of the following...Ch. 2 - R. Dalberg operates Dalbergs Tours. The company...Ch. 2 - During the first month of operation, Graham...Ch. 2 - Speedy Sewing Services, owned by T. Nguyen, hired...Ch. 2 - During the first month of operations, Landish...Ch. 2 - The following errors were made in journalizing...Ch. 2 - Would the following errors cause the trial balance...Ch. 2 - During December of this year, G. Elden established...Ch. 2 - B. Kelso established Computer Wizards during...Ch. 2 - S. Myers, a speech therapist, opened a clinic in...Ch. 2 - On May 1, B. Bangle opened Self-Wash Laundry. His...Ch. 2 - The financial statements for Daniels Custom...Ch. 2 - During February of this year, H. Rose established...Ch. 2 - J. Carrie established Carries Photo Tours during...Ch. 2 - D. Johnston, a physical therapist, opened...Ch. 2 - On July 1, K. Resser opened Ressers Business...Ch. 2 - The financial statements for Baker Custom Catering...Ch. 2 - Prob. 1ACh. 2 - What Would You Say? A fellow accounting student...Ch. 2 - Prob. 3A
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- Posting errors are identified in the following table. In column (1), enter the amount of the difference between the two trial balance columns (debit and credit) due to the error. In column (2), identify the trial balance column (debit or credit) with the larger amount if they are not equal. In column (3), identify the account(s) affected by the error. In column (4), indicate the amount by which the account(s) in column (3) is under- or overstated. Item (a) is completed as an example. (Select "None" if there is no effect.)arrow_forwardPosting errors are identified in the following table. In column (1), enter the amount of the difference between the two trial balance columns (debit & credit) due to the error. In column (2), identify the trial balance column (debit or credit) with the larger amount if they are not equal. In column (3), identify the account(s) affected by the error. In column (4), indicate the amount by which the account(s) in column (3) is under- or overstated. Item (a) is completed as an example. (No effect then select "None".)arrow_forwardPlease help me to solve this problemarrow_forward
- For 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_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_forwardIdentify the errors in the following trial balance. All accounts have normal balances.arrow_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_forwardWhich 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_forwardc. Assume that the unadjusted trial balance on July 31 shows a credit balance for Accounts Receivable. Does this credit balance mean an error has occurred?arrow_forward
- 21.Which of the following errors will not cause the debit and credit columns of the trial balance to be unequal? a. A debit was entered in an account as a credit. b. The balance of an account was incorrectly computed. c. The account balance was carried to the wrong column of the trial balance. d. A debit entry was recorded in the wrong account.arrow_forwardWhich of the following statements about a journal is false? (a) It is not a book of original entry. (b) It provides a chronological record of transactions. (c) It helps to locate errors because the debit and credit amounts for each entry can be readily compared. (d) It discloses in one place the complete effect of a transaction.arrow_forwardErrors can occur in posting debits and credits from the journal to the ledger. One way to detect errors is by transferring the balances in each account to summary report called the _____________________ and by adding the debit column and the credit column to see if the totals equal (or balance). Group of answer choices ledger journal balance sheet trial balancearrow_forward
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