МЕ10If an expense is incurred but not paid, thena) Liabilities will increaseb) Stockholder's equity will increasec) Assets will decreased) Expenses will decreaseМЕ11Which of the following errors, each considered individually, would cause the trial balance totals tobe unequal?a) A payment of $488 to a creditor was posted as a debit of $848to 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 creditof $450 to Accounts Payable.c) A payment of $79 for supplies was posted as a debit of $907 to Supplies and a credit of $907to Cash.d) A transaction was not posted.

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If an expense is incurred but not paid, then a) Liabilities will increase b) Stockholder's equity will increase c) Assets will decrease d) Expenses will decrease

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter2: T Accounts, Debits And Credits, Trial Balance, And Financial Statements

Section: Chapter Questions

Problem 8E: Would the following errors cause the trial balance to have equal or unequal totals? As a result of...

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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.
Which of the following errors, each considered individually, would cause the trial balance totals to be unequal? a payment of P96 for insurance was posted as a debit of P46 to Prepaid Insurance and a credit of P46 to Cashcash received from customers on account was posted as a debit of P140 to Cash and a credit of P140 to Accounts Payablea payment of P311 to a creditor was posted as a debit of P3,111 to Accounts Payable and a debit of P311 to Accounts Receivablea transaction was not posted
8. If a $335.00 debit item in the general journal is posted as a debit for $353.00, and as a credit for the correct amount of $335.00 a) By how much will the trial balance be out of balance? $ b) Will the debits be understated or overstated?_ c) What do accountants call this type of error?
The trial balance of SamSan Tech. shown below does not balance. Your review of the ledger reveals the following: (a) Each Account had a normal balance. (b) The debit footings in Prepaid Insurance, Accounts Payable, and Property Tax Expense were each understated by P100. (C) A transposition error was made in Accounts Receivable; the correct balances for Accounts receivable and Service revenue are P2,750 and P6,690, respectively. (d) A debit posting to Advertising Expense for P300 was omitted. (e) A P1,500 cash drawing by the owner was debited to Ozawa Capital and credited to Cash. Trial Balance Cash P4,800 Accounts Receivable 2,750 Prepaid Insurance 700 Equipment P8,000 Accounts Payable 4,500 Property Tax Payable 560 Samsan, Capital 11,200 Service Revenue 6,960 Salaries Expense 4,200 Advertising Expense 1,100 Property Tax Expense 800 P20,890 P24,500 The corrected trial balance of the company should show total debits of A. P24,350 B. P23,070 C. P22,850 D. P21,570
Which of the following record keeping errors would result in the wrong total for debits and credits on the unadjusted trial balance? O A. A cash sale of $1500 was recorded as a debit to cash and a credit to accounts payable. O B. A payment of $2,000 in dividends was recorded as debit to salary expense instead of a debit to dividends. C. A bill for telephone expense was recorded as a debit to utilities expense and credit to cash. O D. A payment to a supplier for the amount owing on account was recorded as a debit to accounts receivable and a credit to cash. Reset Selection
1. While reviewing a trial balance, you notice the following account balances. Which one is likely to be an error? a. Inventory with a debit balance of $43,000 b. Discount on Bonds Payable with a debit balance of $4,000 c. Accumulated Depreciation with a debit balance of $8,000 d. Allowance for Doubtful Accounts with a credit balance of $23,000 2. Debiting an insurance payment to Rent Expense instead of Insurance Expense is an example of... a. an accrual error b. a deferral error c. a classification error d. use of an incorrect accounting principle 3. InCo. recorded a customer's $20,000 check as a $20,000 debit to Cash and as a $2,000 credit to Accounts Receivable. This is an example of: a. an oversight b. an incorrect account classification c. a transposition error d. a slide error 4. During a bank reconciliation, a deposit recorded by the bank but not in the company's ledger Cash account is... a. added to both the bank balance and the ledger Cash account balance b. added to the…
The purchase of fixed assets totalling $ 100 on account was incorrectly recorded as a debit to expense and a credit to O The trial balance will not balance. cash. As a result of this error, which of the following statements is true? O Liabilities would be overstated. O Expenses would be understated O Total assets would be understated
Effect of Errors on Adjusted Trial Balance For each of the following errors, considered individually, indicate whether the error would cause the adjusted trial balance totals to be unequal. If the error would cause the adjusted trial balance totals to be unequal, indicate whether the debit or credit total is higher and by how much. a. The adjustment of $9,800 for accrued fees earned was journalized as a debit to Accounts Receivable for $9,800 and a credit to Fees Earned for $8,900. Enter the difference between the debit and credit totals. If the totals are equal, enter a zero.$fill in the blank 2 b. The adjustment of depreciation of $3,600 was omitted from the end-of-period adjusting entries. Enter the difference between the debit and credit totals. If the totals are equal, enter a zero.$fill in the blank 4
Which of the following errors, each considered individually, would cause the trial balance totals to be unequal? Question 14 options: A payment of $248 to a creditor was posted as a debit of $248 to Accounts Payable and a debit of $248 to Accounts Receivable Cash received from customers on account was posted as a debit of $450 to Cash and a credit of $450 to Accounts Payable. A payment of $79 for supplies was posted as a debit of $97 to Supplies and a credit of $97 to Cash A transaction was not posted.
For each of the following errors, considered individually, indicate whether the error would cause the trial balance totals to be unequal. If the error would caus 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 be equal, ente zero ("0") in the amount box. a. The payment of an insurance premium of $890 for a three-year policy was debited to Prepaid Insurance for $980 and credited to Cash for $890. Which of the following is true? The debit column on the trial balance would be higher than the credit total. If the totals on the trial balance are not equal, by how much is one column higher than the other? b. A payment of $2,575 on account was debited to Accounts Payable for $1,803 and credited to Cash for $1,803. Which of the following is true? The debit and credit totals of the trial balance would be equal. If the totals on the trial balance are not equal, by how much is one column higher than…
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
Which of the following errors, each considered individually, would cause the trial balance totals to be unequal? A payment of $481 to a creditor was posted as a debit of $4,819 to Accounts Payable and a credit of $481 to Cash. A transaction was not posted. Cash received from customers on account was posted as a debit of $163 to Cash and a credit of $163 to Accounts Payable. A payment of $90 for insurance was posted as a debit of $40 to Prepaid Insurance and a credit of $40 to Cash.