Errors affecting the trial balance For each of the following errors, considered individually, indicate whether the error would cause the trial balance totals to be unequal. If the error wo cause the trial balance totals to be unequal, indicate whether the debit or credit total is higher and by how much. If the debit and credit totals would equal, enter zero ("0") in the amount box. a. The payment of an insurance premium of $9,800 for a three-year policy was debited to Prepaid Insurance for $9,800 and credited to Cash for $8,900. Indicate whether the debit or credit total is higher and by how much. The debit total is higher v by s b. A payment of $350 on account was debited to Accounts Payable for $530 and credited to Cash for $530. Indicate whether the debit or credit total is higher and by how much. The debit and credit totals would be equal v by $ c. A purchase of supplies on account for $2,900 was debited to Supplies for $2,900 and debited to Accounts Payable for $2,900. Indicate whether the debit or credit total is higher and by how much. The debit total is higher by s

Errors affecting the trial balance For each of the following errors, considered individually, indicate whether the error would cause the trial balance totals to be unequal. If the error wo cause the trial balance totals to be unequal, indicate whether the debit or credit total is higher and by how much. If the debit and credit totals would equal, enter zero ("0") in the amount box. a. The payment of an insurance premium of $9,800 for a three-year policy was debited to Prepaid Insurance for $9,800 and credited to Cash for $8,900. Indicate whether the debit or credit total is higher and by how much. The debit total is higher v by s b. A payment of $350 on account was debited to Accounts Payable for $530 and credited to Cash for $530. Indicate whether the debit or credit total is higher and by how much. The debit and credit totals would be equal v by $ c. A purchase of supplies on account for $2,900 was debited to Supplies for $2,900 and debited to Accounts Payable for $2,900. Indicate whether the debit or credit total is higher and by how much. The debit total is higher by s

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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ME11Which of the following errors, each considered individually, would cause the trial balance totals to be unequal?a) A payment of $488 to a creditor was posted as a debit of $848 to Accounts Payable and a debit of $488 to Accounts Receivable.b) Cash received from customers on account was posted as a debit of $450 to Cash and a credit of $450 to Accounts Payable.c) A payment of $79 for supplies was posted as a debit of $907 to Supplies and a credit of $907 to Cash.d) A transaction was not posted.
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