errorCr£6Answer to32.1activityThe Journal.eview questions32.1 Give anbalance.doubleto the appropriate ledger accountsvia the Journal, where entriesexample of each of the different types of error which are not revealed by a trial32.2 Show the journal entries necessary to correct the following errors:(a) A sale of goods for £412 to T. More had been entered in T. Mone's account.(b) The purchase of a machine on credit from J. Frank for £619 had been completely omitted fromour books.(c) The purchase of a computer for £550 had been entered in error in the Office Expenseaccount.(d) A sale of £120 to B. Wood had been entered in the books, both debit and credit, as £102.e) Commission received £164 had been entered in error in the Sales account.A receipt of cash from T. Blair £68 had been entered on the credit side of the cash boothe debit side of T. Blair's account.A purchase of goods for £372 had been entered in error on the debit side of the Daccount.Discounts Allowed £48 had been entered in error on the debit side of the Discountsaccount.

a) Debit T. More's account and credit Sales account to correct the error of entering the sale in the…

Answered: error Cr £ 6 Answer to 32.1 activity…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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If a $335.00 debit item in the general journal is posted as a credit: By how much will the trial balance be out of balance? Explain how you might detect such an error.
4. A trial balance was extracted from the books of Phax Mohutsiwa. It was found that the debit side exceeded the credit side by P40. The following errors were later discovered. i) Purchases were overcast by P20. ii)An amount paid to L Lesego was debited to the control account as P98 instead of P89. iii) Sales were undercast by P11 Required: Enter the above information in the suspense account and balance it off. Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.
A £500 cash sale was entered as a debit in the sales account and a credit in the bank account. What type of error is this? Select one: A. Compensating B. Ommission C. Reversal of entries O D. Original entry E. Commission O F. Principle
2. MC.03.002 A book of original entry is known as a a. ledger account. b. trial balance. c. general ledger. d. Taccount. e. Journal. 3.MC.03.003 An accountant wanting to know the balance of a particular account would refer to the a. source document. b. chart of accounts. c. journal. d. book of original entry. e. ledger. 4.MC.03.004 The process of subtotalling both sides of an account and recording the amount on that side is known as a. Journalizing. b. footing. c. balancing the accounts. d. taking a trial balance. e. posting. 5.MC.03.005 If the number of an account is 211, this probably means that the account is the first account in the a. Liabilities section. b. Owner's Equity section. c. Revenues section. d. Expenses section. e. Assets section. 6. MC.03.006 When an entry is posted, the last step in the process is a. placing the balance of the account in either the debit or credit column in the ledger. b. placing the account number in the Post. Ref. column of the ledger. c. placing…
While in the process of posting from the journal to the ledger a company failed to post a $500 credit to Accounts Receivable. The effect of this error will be that Group of answer choices A. Accounts Receivable will be understated. B. the error will overstate the debits listed in the journal. C. the trial balance will not balance. D. the total credits in the trial balance will be larger than the total debits.
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Exercise for two-side errors Following are some accounting errors: ( the followings are two side errors) 1. Sales for R.O 20,000 made to Ahmed was not entered in the Sales book. 2. Cash R.O 50,000 paid to the creditor Ali was debited to Ahmed's A/c. 3. Purchase account was overcast by R.O 4000 and sales account was overcast by RO4000 4. Payment to a creditor “X" was wrongly credited to his account and debited to cash by R.O 1,200. 5. Purchase of furniture for R.O 5,000 entered in purchase account. 6. Amount of R.O 1,500 received from Ali was credited to Alia Account. 7. Cash received from Saleh R.O 2,500 were recorded as R.O 5,200. 8. Total of the Sales Book was overcast by R.O 1,000 and Interest received account was undercast by RO 1,000 Rectify the above error by making journal entry.
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What is the appropriate name of the error which was made under the following circumstances: A payment of N$442 to a supplier by the business was recorded in the relevant ledger accounts for N$424? O a. Error of original entry O b. Error of complete reversal O c. Error of omission O d. Commission error
After preparing the trial balance, the accountant finds that the total of debit side is OMR 125,600 and Total of Credit Side OMR 126,500. This difference should be treated before rectification of errors was a. Debit Suspense account with OMR 900 b. Suspense account should be cancelled with OMR 1800 c. Debit Suspense account OMR 125,600 and Credit Trial Balance OMR 126,500 d. Credit Suspense account with OMR 900
Required: Post the rectification entry for each of the above errors. Question five: Rectify the following errors: 1. Other income received of Tshs880,000 was correctly recorded in the cash book, but was debited to the other income account. 2. Cash paid for wages of Tshs9.6 million was posted to the wages account as Tshs6.9 million. 3. The purchases day book was overcast by Tshs2 million. 4. The sales day book was undercast by Tshs6 million. 5. The cash book credit side was undercast by Tshsl.3 million. 6. The prepaid expense account debit side was undercast by Tshs0.6 million. 7. A sale of Tshsl.5 million was fully credited to the sales account. However, sales tax of Tshs0.5 million was included in it. 8. A building purchased for Tshs60 million was entered in the building account as Tshs50 million. The company charges 2% depreciation. 9. Repairs to machinery of Tshs5 million were capitalised and a depreciation of 5% was charged on it. Question six: How much will appear in the suspense…

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