FIN.ACCT-TOOLS F/DECI.MAKERS-TEXT+WILEY+
9th Edition
ISBN: 9781119598312
Author: Kimmel
Publisher: WILEY C
expand_more
expand_more
format_list_bulleted
Videos
Question
Chapter 3, Problem 3.20E
To determine
Trial balance is the list of accounts and their debit and credit balances at a given time. It is usually prepared at end of the accounting period. Debit balances are listed in left column and credit balances are listed in right column. The totals of debit and credit column should be equal. Trial balance is useful in the preparation of the financial statements.
Balancing of trial balance:
Trial balance may balance even when any of the following errors occurs:
- 1) a transaction is not journalized,
- 2) a correct
journal entry is not posted in the ledger, - 3) a journal entry is posted twice,
- 4) incorrect accounts are used in journalizing or posting, or
- 5) Compensating errors are made in recording the amount of a transaction.
To analyze: the errors made by book keeper and their effect in trial balance.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
Answer. General Account
Colfax Company incurred production labor costs of $5,400 in February
(payable In March) for work requiring 1,100 standard hours at a
standard rate of $15 per hour; 1,200 actual direct labor hours were
worked. Based on this information, which one of the following would be
included in the journal entry to record the labor costs?
a. $16,500 credit to Work-in-process Inventory.
b. $1,500 credit to labor Efficiency Variance.
c. $16,200 credit to Wages Payable.
d. $1,500 credit to Labor Rate Variance.
Consider the following event: Owner made contribution to the firm.
Which of the following combination of changes in the accounting
equation describes the given event?
a. Liabilities decrease; Owners' equity increase
b. Assets decrease; Liabilities decrease
c. Assets decrease; Owners' equity decrease
d. Assets increase; Assets decrease
e. Assets increase; Liabilities increase
f. Assets increase; Owners' equity increase
Chapter 3 Solutions
FIN.ACCT-TOOLS F/DECI.MAKERS-TEXT+WILEY+
Ch. 3 - Prob. 1QCh. 3 - Can a business enter into a transaction that...Ch. 3 - Are the followingevents recorded in the accounting...Ch. 3 - Prob. 4QCh. 3 - Prob. 5QCh. 3 - Prob. 6QCh. 3 - Prob. 7QCh. 3 - Misty Reno, a beginning accounting student,...Ch. 3 - Prob. 9QCh. 3 - What is the normal balance for each of these...
Ch. 3 - Prob. 11QCh. 3 - Prob. 12QCh. 3 - Prob. 13QCh. 3 - Prob. 14QCh. 3 - Prob. 15QCh. 3 - (a) When entering a transaction in the journal,...Ch. 3 - (a) Should accounting transaction debits and...Ch. 3 - Journalize these accounting transactions. (a)...Ch. 3 - Prob. 19QCh. 3 - Prob. 20QCh. 3 - Prob. 21QCh. 3 - Prob. 22QCh. 3 - Prob. 3.1BECh. 3 - For each of the following accounts, indicate the...Ch. 3 - Prob. 3.6BECh. 3 - Prob. 3.7BECh. 3 - Prob. 3.9BECh. 3 - Tilton Corporation has the following transactions...Ch. 3 - Prob. 3.11BECh. 3 - Selected transactions for Montes Company are...Ch. 3 - Prob. 3.1DIECh. 3 - Prob. 3.2DIECh. 3 - Prob. 3.3DIECh. 3 - Prob. 3.4DIECh. 3 - Prob. 3.1ECh. 3 - Prob. 3.6ECh. 3 - Prob. 3.7ECh. 3 - Prob. 3.8ECh. 3 - Prob. 3.9ECh. 3 - Prob. 3.10ECh. 3 - Prob. 3.11ECh. 3 - Prob. 3.12ECh. 3 - Prob. 3.15ECh. 3 - Prob. 3.20ECh. 3 - Prob. 3.23ECh. 3 - Prob. 3.1APCh. 3 - Prob. 3.4APCh. 3 - Prob. 3.11APCh. 3 - Prob. 3.2EYCTCh. 3 - Prob. 3.3EYCTCh. 3 - Prob. 3.4EYCTCh. 3 - Prob. 3.7EYCTCh. 3 - Prob. 3.8EYCTCh. 3 - Prob. 3.9EYCTCh. 3 - Prob. 3.11EYCTCh. 3 - Prob. 3.1IFRS
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
- SUBJECT = GENERAL ACCOUNTarrow_forwardthis is general account questionarrow_forwardThompson Company has a standard of 3.1 pounds of materials per unit, at $15.10 per pound. In producing 980 units, Thompson used 2,830 pounds of materials at a total cost of $44,500. What is Thompson's total materials variance? a. $1,767 Favorable b. $1,374 Favorable c. $1,374 Unfavorable d. $1,767 Unfavorablearrow_forward
- Financial Accountarrow_forwardA parcel of land that was originally purchased for $85,000 is offered for sale at $150,000, is assessed for tax purposes at $95,000, is recognized by its purchasers as easily being worth $140,000, and is sold for $137,000. What is the effect of the sale on the accounting equation for the seller? A) Assets increase by $52,000; owner's equity increases by $52,000. B) Assets increase by $85,000; owner's equity increases by $85,000. C) Assets increase by $137,000; owner's equity increases by $137,000. D) Assets increase by $140,000; owner's equity increases by $140,000. E) None of the above.arrow_forwardNeed general account solutionsvarrow_forward
- General accountarrow_forwardOverhead application to costs is a critical issue for the costing of your products. We are studying several ways to handle this situation. Describe overhead and the overhead application process. What would cause an overhead to be overapplied, or underapplied. Discuss the results to your decision making and the financial statements for each of those two situations. Describe how the over or under application of overhead should be corrected in the accounting records.arrow_forwardDon't use ai to answer I will report you answerarrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
College Accounting (Book Only): A Career ApproachAccountingISBN:9781337280570Author:Scott, Cathy J.Publisher:South-Western College Pub
Financial AccountingAccountingISBN:9781337272124Author:Carl Warren, James M. Reeve, Jonathan DuchacPublisher:Cengage Learning
Principles of Accounting Volume 1AccountingISBN:9781947172685Author:OpenStaxPublisher:OpenStax College
College Accounting (Book Only): A Career Approach
Accounting
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:South-Western College Pub
Financial Accounting
Accounting
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Cengage Learning
Principles of Accounting Volume 1
Accounting
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax College
Accounting Changes and Error Analysis: Intermediate Accounting Chapter 22; Author: Finally Learn;https://www.youtube.com/watch?v=c2uQdN53MV4;License: Standard Youtube License