Financial and Managerial Accounting
7th Edition
ISBN: 9781259726705
Author: John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher: McGraw-Hill Education
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Textbook Question
Chapter 2, Problem 8QS
identifying a posting error P2
A
- A $2,250 debit to Utilities Expense in a
journal entry was incorrectly posted to the ledger as a $2,250 credit, leaving the Utilities Expense account with a $3,000 debit balance. - A $4,500 debit to Salaries Expense in a journal entry was incorrectly posted to the ledger as a $2,250 debit, leaving the Salaries Expense account with a $750 debit balance.
- A $2,250 credit to Consulting Fees Earned (Revenues) in a journal entry was incorrectly posted to the ledger as a $2,250 debit, leaving the Consulting Fees Earned account with a $6,300 credit balance.
- A $2,250 debit posting to Accounts Receivable was posted mistakenly to Land.
- A $4,500 debit posting to Equipment was posted mistakenly to Cash.
- An entry debiting Cash and crediting Accounts Payable for $4,500 was mistakenly not posted.
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Students have asked these similar questions
2. MC.03.002
A book of original entry is known as a
a. ledger account.
b. trial balance.
c. general ledger.
d. Taccount.
e. Journal.
3.MC.03.003
An accountant wanting to know the balance of a particular account would refer to the
a. source document.
b. chart of accounts.
c. journal.
d. book of original entry.
e. ledger.
4.MC.03.004
The process of subtotalling both sides of an account and recording the amount on that side is known as
a. Journalizing.
b. footing.
c. balancing the accounts.
d. taking a trial balance.
e. posting.
5.MC.03.005
If the number of an account is 211, this probably means that the account is the first account in the
a. Liabilities section.
b. Owner's Equity section.
c. Revenues section.
d. Expenses section.
e. Assets section.
6. MC.03.006
When an entry is posted, the last step in the process is
a. placing the balance of the account in either the debit or credit column in the ledger.
b. placing the account number in the Post. Ref. column of the ledger.
c. placing…
While in the process of posting from the journal to the ledger a company failed to post a $500 credit to Accounts Receivable. The effect of this error will be that
Group of answer choices
A. Accounts Receivable will be understated.
B. the error will overstate the debits listed in the journal.
C. the trial balance will not balance.
D. the total credits in the trial balance will be larger than the total debits.
32-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 OMR 125,600 and Credit Trial Balance OMR 126,500
b.
Suspense account should be cancelled with OMR 1800
c.
Debit Suspense account with OMR 900
d.
Credit Suspense account with OMR 900
Chapter 2 Solutions
Financial and Managerial Accounting
Ch. 2 - Prob. 1MCQCh. 2 - Prob. 2MCQCh. 2 - Prob. 3MCQCh. 2 - Prob. 4MCQCh. 2 - Bonaventure Company has total assets of...Ch. 2 - Provide the names of two (a) asset accounts, (b)...Ch. 2 - Prob. 2DQCh. 2 - Prob. 3DQCh. 2 - Prob. 4DQCh. 2 - Prob. 5DQ
Ch. 2 - Prob. 6DQCh. 2 - Prob. 7DQCh. 2 - Prob. 8DQCh. 2 - Prob. 9DQCh. 2 - Prob. 10DQCh. 2 - Prob. 11DQCh. 2 - Prob. 12DQCh. 2 - Prob. 13DQCh. 2 - Prob. 14DQCh. 2 - Prob. 15DQCh. 2 - APPLE Review the Apple balance sheet in Appendix...Ch. 2 - Prob. 17DQCh. 2 - Prob. 18DQCh. 2 - QS 2-1 Identifying source documents C1
Identifying...Ch. 2 - Prob. 2QSCh. 2 - Reading a chart of accounts C3 A chart of accounts...Ch. 2 - Prob. 4QSCh. 2 - Prob. 5QSCh. 2 - Prob. 6QSCh. 2 - Prob. 7QSCh. 2 - identifying a posting error P2 A trial balance has...Ch. 2 - Prob. 9QSCh. 2 - Prob. 10QSCh. 2 - Prob. 11QSCh. 2 - Prob. 12QSCh. 2 - Exercise 2-1 Steps in analyzing and recording...Ch. 2 - Prob. 2ECh. 2 - Prob. 3ECh. 2 - Prob. 4ECh. 2 - Prob. 5ECh. 2 - Prob. 6ECh. 2 - Prob. 7ECh. 2 - Prob. 8ECh. 2 - Prob. 9ECh. 2 - Prob. 10ECh. 2 - Prob. 11ECh. 2 - Prob. 12ECh. 2 - Prob. 13ECh. 2 - Prob. 14ECh. 2 - Prob. 15ECh. 2 - Prob. 16ECh. 2 - Prob. 17ECh. 2 - Prob. 18ECh. 2 - Exercise 2-19 Analyzing changes in a company’s...Ch. 2 - Exercise 2-20 Identifying effects of posting...Ch. 2 - Prob. 21ECh. 2 - Prob. 22ECh. 2 - Prob. 23ECh. 2 - Prob. 1PSACh. 2 - Problem 2-2A Preparing and posting journal...Ch. 2 - Prob. 3PSACh. 2 - Prob. 4PSACh. 2 - Prob. 5PSACh. 2 - Prob. 6PSACh. 2 - Prob. 1PSBCh. 2 - Prob. 2PSBCh. 2 - Prob. 3PSBCh. 2 - Prob. 4PSBCh. 2 - Prob. 5PSBCh. 2 - Prob. 6PSBCh. 2 - Prob. 2SPCh. 2 - Prob. 1GLPCh. 2 - Prob. 2GLPCh. 2 - Prob. 3GLPCh. 2 - Prob. 1BTNCh. 2 - Prob. 2BTNCh. 2 - Prob. 3BTNCh. 2 - Prob. 4BTNCh. 2 - Prob. 5BTNCh. 2 - Prob. 6BTNCh. 2 - Prob. 7BTNCh. 2 - Prob. 8BTNCh. 2 - Prob. 9BTNCh. 2 - Prob. 10BTN
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