COLLEGE ACCOUNTING W/ ACCESS >BI<
13th Edition
ISBN: 9780357531822
Author: Scott
Publisher: CENGAGE L
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Textbook Question
Chapter 2, Problem 8E
Would the following errors cause the
- a. A purchase of office equipment for $380 was recorded as a debit to Office Equipment for $38 and a credit to Cash for $38.
- b. A payment of $280 to a creditor was debited to Accounts Receivable and credited to Cash for $280 each.
- c. A purchase of supplies for $245 was recorded as a debit to Equipment for $245 and a credit to Cash for $245.
- d. A payment of $76 to a creditor was recorded as a debit to Accounts Payable for $76 and a credit to Cash for $67.
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Indicate which of the following errors, each considered individually, would cause the trial balance totals to be unequal:a. A fee of $21,000 earned and due from a client was not debited to Accounts Receivableor credited to a revenue account, because the cash had not been received.b. A receipt of $11,300 from an account receivable was journalized and posted as a debit of $11,300 to Cash and a credit of $11,300 to Fees Earned.c. A payment of $4,950 to a creditor was posted as a debit of $4,950 to Accounts Payable and a debit of $4,950 to Cash.d. A payment of $5,000 for equipment purchased was posted as a debit of $500 to Equipment and a credit of $500 to Cash.e. Payment of a cash withdrawal of $19,000 was journalized and posted as a debit of $1,900 to Salary Expense and a credit of $19,000 to Cash.Indicate which of the preceding errors would require a correcting entry.
Indicate which of the following errors, each considered individually, would cause the trial balance totals to be unequal:a. A fee of $21,000 earned and due from a client was not debited to Accounts Receivable or credited to a revenue account, because the cash had not been received.b. A receipt of $11,300 from an account receivable was journalized and posted as a debit of $11,300 to Cash and a credit of $11,300 to Fees Earned.c. A payment of $4,950 to a creditor was posted as a debit of $4,950 to Accounts Payable and a debit of $4,950 to Cash.d. A payment of $5,000 for equipment purchased was posted as a debit of $500 to Equipment and a credit of $500 to Cash.e. Payment of a cash withdrawal of $19,000 was journalized and posted as a debit of $1,900 to Salary Expense and a credit of $19,000 to Cash.Indicate which of the preceding errors would require a correcting entry.
Which of the following errors would cause a trial balance to have unequal totals? Explain your answers.
a.A payment to a creditor was recorded as a debit to Accounts Payable for $129 and as a credit to Cash for $102.
b.A payment of $150 to a creditor for an account payable was debited to Accounts Receivable and credited to Cash.
c.A purchase of office supplies of $420 was recorded as a debit to Office Supplies for $42 and as a credit to Cash for $42.
d.A purchase of equipment for $450 was recorded as a debit to Supplies for $450 and as a credit to Cash for $450.
Chapter 2 Solutions
COLLEGE ACCOUNTING W/ ACCESS >BI<
Ch. 2 - Determine the balance of the following T account:
...Ch. 2 - Which of the following statements is correct? a....Ch. 2 - Prob. 3QYCh. 2 - R. Nelson invests his personal computer, with a...Ch. 2 - When preparing a trial balance, which of the...Ch. 2 - What would be the net income for Floress Catering?...Ch. 2 - On which financial statement(s) would R. Flores,...Ch. 2 - What is the amount of ending capital shown on the...Ch. 2 - Floress Catering purchased equipment that cost...Ch. 2 - Prob. 1DQ
Ch. 2 - Explain why the term debit doesnt always mean...Ch. 2 - Prob. 3DQCh. 2 - How are the three financial statements shown in...Ch. 2 - Prob. 5DQCh. 2 - List two reasons why the debits and credits in the...Ch. 2 - Prob. 7DQCh. 2 - What do we mean when we say that capital, drawing,...Ch. 2 - On a sheet of paper, draw the fundamental...Ch. 2 - List the classification of each of the following...Ch. 2 - R. Dalberg operates Dalbergs Tours. The company...Ch. 2 - During the first month of operation, Graham...Ch. 2 - Speedy Sewing Services, owned by T. Nguyen, hired...Ch. 2 - During the first month of operations, Landish...Ch. 2 - The following errors were made in journalizing...Ch. 2 - Would the following errors cause the trial balance...Ch. 2 - During December of this year, G. Elden established...Ch. 2 - B. Kelso established Computer Wizards during...Ch. 2 - S. Myers, a speech therapist, opened a clinic in...Ch. 2 - On May 1, B. Bangle opened Self-Wash Laundry. His...Ch. 2 - The financial statements for Daniels Custom...Ch. 2 - During February of this year, H. Rose established...Ch. 2 - J. Carrie established Carries Photo Tours during...Ch. 2 - D. Johnston, a physical therapist, opened...Ch. 2 - On July 1, K. Resser opened Ressers Business...Ch. 2 - The financial statements for Baker Custom Catering...Ch. 2 - Prob. 1ACh. 2 - A fellow accounting student has difficulty...Ch. 2 - What Would You Do? A new bookkeeper cant find the...
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- The following errors were made in journalizing transactions. In each case, calculate the amount of the error and indicate whether the debit or the credit column of the trial balance will be understated or overstated.arrow_forwardWhich 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 Selectionarrow_forwardME11Which 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.arrow_forward
- Which of the following errors, each considered individually, would cause the trial balance to be out of balance? O A transaction was not posted. O A payment of $158 to a creditor was posted as a debit to Accounts Payable and a debit of $158 to Cash. O Cash of $620 received from a customer on account was posted as a debit of $260 to Cash and as a credit of $260 to Accounts Payable. O A payment of $68 for supplies was posted as a debit of $86 to Supplies and a credit of $86 to Cash. Save for Later Attempts: 0 of 1 used Submit Anarrow_forwardWhich 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.arrow_forwardTransactions and T Accounts The following selected transactions were completed during October of the current year: 1. Billed customers for fees earned, $52,490. 2. Purchased supplies on account, $2,260. 3. Received cash from customers on account, $49,340. 4. Paid creditors on account, $1,360. a. Journalize these transactions in a two-column journal, using the appropriate number to iden does not require an entry, leave it blank. Transaction Account Debit Credit (1) (2) (3) (4)arrow_forward
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