Horngren's Accounting (12th Edition)
12th Edition
ISBN: 9780134486444
Author: Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura
Publisher: PEARSON
expand_more
expand_more
format_list_bulleted
Videos
Textbook Question
Chapter 2, Problem 8QC
Pixel Copies recorded a cash collection on account by debiting Cash and creditng Accounts Payable. What will the
Learning Objective 4
a. Cash is overstated
b. Liabilities are overstated
c. Expenses e overstated
d. The trial balance will not balance
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
Multiple choice:
1. Correction in accounts should NOT be
A. Traceable
B. Initialed
C. Ruled
D. Covered completely
2. To find an error, you should do all of the following except
A. Double check every entry
B. Find the difference between debits and credits
C. Erase questionable entries
D. Retrace any math computation
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
A characteristic that all entries recorded in a cash receipts journal have in common is
Select one:A. that they all represent collections from customersB. that they originate from the sales of merchandiseC. a debit to the cash accountD. a credit to the cash account
Chapter 2 Solutions
Horngren's Accounting (12th Edition)
Ch. 2 - The detailed record of the changes in a particular...Ch. 2 - Which of the following accounts is a liability?...Ch. 2 - The left side of an account is used to record...Ch. 2 - Which of the following statements is correct?...Ch. 2 - Your business purchased office supplies of $2,500...Ch. 2 - Sedlor Properties puchased office supplies on...Ch. 2 - Posting a $2,500 purchase of office supplies on...Ch. 2 - Pixel Copies recorded a cash collection on account...Ch. 2 - Which sequence correctly summarizes the accounting...Ch. 2 - Nathvile Laundry reported assets of $800 and...
Ch. 2 - Identify the three categones of the accounting...Ch. 2 - What is the purpose of the chart of accounts?...Ch. 2 - What does a ledger show? What’s the difference...Ch. 2 - Accounng uses a double-entry system. Explain what...Ch. 2 - What is T-account? On which side is the debit? On...Ch. 2 - Prob. 6RQCh. 2 - Prob. 7RQCh. 2 - Identify which types of accounts have a normal...Ch. 2 - What are source documents? Provide examples of...Ch. 2 - Prob. 10RQCh. 2 - Explain the five steps in journalizing and posting...Ch. 2 - What are the four parts of a journal entry?Ch. 2 - What is involved in the posting process?Ch. 2 - What is the purpose of the trial balance?Ch. 2 - What is the differnce between the trial balance...Ch. 2 - If total debits equal total credits on the trial...Ch. 2 - What is the calculation for the debt ratio?...Ch. 2 - Identifying accounts Learning Objective 1 Consider...Ch. 2 - Identifying increases and decreases in accounts...Ch. 2 - Identifying normal balances Learning Objective 2...Ch. 2 - Prob. S2.4SECh. 2 - Journalizing transactions Learning Objective 3...Ch. 2 - S2-6 Journalizing transactions
Learning...Ch. 2 - Journalizing transactions and posting to...Ch. 2 - Prob. S2.8SECh. 2 - Prob. S2.9SECh. 2 - Using accounting vocabulary Learning Objectives 1,...Ch. 2 - Creating a chart of accounts Learning Objective 1...Ch. 2 - Identifying accounts, increases in accounts, and...Ch. 2 - Identifying increases and decreases in accounts...Ch. 2 - Identifying source documents Learning Objective 3...Ch. 2 - Analyzing and journalizing transactions Learing...Ch. 2 - Analyzing and journalizing transactions Leaning...Ch. 2 - Posting journal entries to T-accounts Learning...Ch. 2 - Analyzing and journalizing transactions Learning...Ch. 2 - Posting journal entries to four-column accounts...Ch. 2 - Analyzing transactions from T-accounts Learning...Ch. 2 - Journalizing transactions from T-accounts Learning...Ch. 2 - Preparing a trial balance Learning Objective 4...Ch. 2 - Preparing a trial balance from T-accounts Learning...Ch. 2 - Journalizing transactions, posting journal entries...Ch. 2 - Analyzing accounting errors Learning Ojective 4...Ch. 2 - Prob. E2.26ECh. 2 - E2-27 Correcting errors in a trial...Ch. 2 - Prob. E2.28ECh. 2 - Journalizing transactions, posting journal entries...Ch. 2 - Journalizing transactions, posting journal entries...Ch. 2 - Journalizing transactions, posting journal entries...Ch. 2 - Journalizing transactions, posting journal entries...Ch. 2 - Correcting errors in a trial balance Learning...Ch. 2 - Prob. P2.34APGACh. 2 - Prob. P2.35BPGBCh. 2 - Prob. P2.36BPGBCh. 2 - Journalizing transactions, posting journal entries...Ch. 2 - Prob. P2.38BPGBCh. 2 - Correcting errors in a trial balance Learning...Ch. 2 - Prob. P2.40BPGBCh. 2 - Prob. P2.41CTCh. 2 - P2-42 Journalizing transactions, posting to...Ch. 2 - Journalizing transactions, posting to T-accounts,...Ch. 2 - Before you begin this assignment, renew the Tymg...Ch. 2 - Prob. 2.1DCCh. 2 - Prob. 2.1EICh. 2 - Prob. 2.1FCCh. 2 - Prob. 2.1FSC
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- Suppose we collected cash from a charge customer and the debit was to Cash and the credit to Sales. How and when would this error be discovered?arrow_forwardCalculator Entries are made to the petty cash account when Oa. replenishing the petty cash fund Ob. Ob. recording shortages in the fund Oc. establishing the fund Od. making payments out of the fundarrow_forwardWhat are the step(s) when using the Sales with Payment customer workflow? A. Create sales receipts deposited to the Undeposited Funds account > Create Bank Deposit B. Create Sales Receipt deposited to the checking account C. Create Bank Deposit D. Create Invoice > Receive Payment deposited to the Undeposited Funds account > Create Bank Depositarrow_forward
- ect the control objective being tested by placing the correct letter in the blank. A. ExistenceB. CompletenessC. AuthorizationD. AccuracyE. ClassificationF. Accounting and postingG. Proper period_______ 1. For a sample of recorded cash receipts, the auditors compared the date of receipt to the recording date._______ 2. The auditors traced a sample of daily cash reports to the cash receipts journal._______ 3. The auditors vouched a sample of recorded cash receipts to the deposits in the bank statement._______ 4. The auditors recalculate the cash listed on the daily deposit for a sample of recorded cash receipts._______ 5. The auditors traced a sample of recorded cash receipts to postings in the correct customers' accounts.arrow_forwardWhat are mistakes committed by the drawer? A. Bank errors B. Book errors C. Deposit in transit D. NSF Checkarrow_forward7. What is the purpose of double entry bookkeeping system? A. To avoid careless mistakes. B. To prepare the books of prime entry accurately. C. To ensure that every transaction is recorded on the debit and credit sides with the same amount in at least two accounts. D. To record cash received and paid from business transactions. Reset Selectionarrow_forward
- Moving to another question will save this response. Question 12 The entry to establish a petty cash fund includes: O A. A debit to Cash and a credit to Cash Over and Short. A debit to Cash and a credit to Petty Cash Over and Short. A debit to Petty Cash and a credit to Cash. A debit to Cash and a credit to Petty Cash. В. OC. Moving to another question will save this response. O000arrow_forwardConstruct a list of steps for making a cash withdrawal from an automated teller machine (ATM). Assume that the process begins at the ATM with your bank card in hand. Then identify the potential failure points (i.e., where problems might arise in the process). For each failure point, state onepotential problem.arrow_forwardMultiple choice:arrow_forward
- Which of the following is not an advantage of the cash receipts journal? a. Transactions do not have to be posted on a regular basis. b. Transactions can be recorded on one line. c. Transactions involving debits to Cash are recorded in one place. d. Repetition in posting is eliminated. e. Special columns can be used for similar transactions.arrow_forwardUse the following cash receipts journal to record the transactions. (If a box is not used in the journal leave the box empty; do not select any information and do not enter a zero. Abbreviations used: Disc. = Discounts, Forfeit. = Forfeited; Rec. = Receivables, Rev. = Revenue, Accts = Accounts, Inv. = Inventory) A (Click the icon to view the transactions.) Cash Receipts Journal Page 3 Post. Accounts Sales Sales Disc. Other Cost of Goods Sold DR Date Account Credited Ref. Cash DR Rec. CR Rev. CR Forfeit. CR Accts CR Merchandise Inv. CR 2024 Jul. More Info Jul. 5 Sold merchandise inventory for cash, $2,300. Cost of goods, $2,000. Jul. 12 Collected interest revenue of $2,400. Jul. 18 Received cash from Hank Noll, $900, on account. There was no discount. Jul. 29 Received $5,600 from Mckenna Door in full settlement of his account receivable including sales discounts forfeited of $65. Print Donearrow_forwardMoving to another question will save this response. Quèstion 9 The entry to decrease a petty cash fund includes: A debit to Petty Cash and a credit to Cash. A debit to Cash and a credit to Petty Cash. A debit to Cash and a credit to Cash Over and Short. A debit to Cash and a credit to Petty Cash Over and Short. А. В. D. A Moving to another question will save this response.arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Auditing: A Risk Based-Approach (MindTap Course L...AccountingISBN:9781337619455Author:Karla M Johnstone, Audrey A. Gramling, Larry E. RittenbergPublisher:Cengage Learning
College Accounting (Book Only): A Career ApproachAccountingISBN:9781337280570Author:Scott, Cathy J.Publisher:South-Western College Pub
Auditing: A Risk Based-Approach (MindTap Course L...
Accounting
ISBN:9781337619455
Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Publisher:Cengage Learning
College Accounting (Book Only): A Career Approach
Accounting
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:South-Western College Pub
Accounting Changes and Error Analysis: Intermediate Accounting Chapter 22; Author: Finally Learn;https://www.youtube.com/watch?v=c2uQdN53MV4;License: Standard Youtube License