Effect of errors on trial balance The following errors occurred in posting from a two-column journal: 1. A credit of $4,560 to Accounts Payable was not posted. 2. An entry debiting Accounts Receivable and crediting Fees Eamed for $19,300 was not posted. 3. A debit of $870 to Accounts Payable was posted as a credit. 4. A debit of $1,270 to Supplies was posted twice. 5. A debit of $1,080 to Cash was posted to Miscellaneous Expense. 6. A credit of $270 to Cash was posted as $720. 7. A debit of $5,820 to Wages Expense was posted as $5,280. Considering each case individually (I.e., assuming that no other errors had occurred): (a) Indicate by "yes" or "no" whether the trial balance would be out of balance. (b) If the answer to (a) is "yes", indicate the amount by which the trial balance totals would differ. (c) Indicate whether the debit or credit column of the trial balance would have the larger total. If "no", enter "0" in the difference column and select "neither" from the drop box under "Larger Total". Enter all amounts as positive numbers. Answers should be presented in the following form, with error (1) given as an example:

Effect of errors on trial balance The following errors occurred in posting from a two-column journal: 1. A credit of $4,560 to Accounts Payable was not posted. 2. An entry debiting Accounts Receivable and crediting Fees Eamed for $19,300 was not posted. 3. A debit of $870 to Accounts Payable was posted as a credit. 4. A debit of $1,270 to Supplies was posted twice. 5. A debit of $1,080 to Cash was posted to Miscellaneous Expense. 6. A credit of $270 to Cash was posted as $720. 7. A debit of $5,820 to Wages Expense was posted as $5,280. Considering each case individually (I.e., assuming that no other errors had occurred): (a) Indicate by "yes" or "no" whether the trial balance would be out of balance. (b) If the answer to (a) is "yes", indicate the amount by which the trial balance totals would differ. (c) Indicate whether the debit or credit column of the trial balance would have the larger total. If "no", enter "0" in the difference column and select "neither" from the drop box under "Larger Total". Enter all amounts as positive numbers. Answers should be presented in the following form, with error (1) given as an example:

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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