Exercise 2-20 Identifying effects of posting errors on the
Posting errors are identified in the following table. In column (1), enter the amount of the difference between the two trial balance columns (debit and credit) due to the error. In column (2), identify the trial balance column (debit or credit) with the larger amount if they are not equal. In column (3), identify the account(s) affected by the error. In column (4) indicate the amount by which the account(s) in column (3) is under- or overstated. Item (a) is completed as an example.
Description of Posting Error | (1) |
Difference between Debit and Credit Columns
Column with the Larger Total
Identify account(s) Incorrectly Started
Amount That Account(S) Is Over. Of Understated
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Chapter 2 Solutions
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