Principles of Financial Accounting.
24th Edition
ISBN: 9781260158601
Author: Wild
Publisher: MCG
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Textbook Question
Chapter 2, Problem 8QS
Identifying a posting error
A
- 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. - b. A $4,500 debit to Salaries Expense in a journal entry was incorrectly posted to the ledger as a $4,500 credit, leaving the Salaries Expense account with a $750 debit balance.
- c. 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.
- d. A $2,250 debit posting to
Accounts Receivable was posted mistakenly to Land. - e. A $4,500 debit posting to Equipment was posted mistakenly to Cash.
- f. 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
If a $335.00 debit item in the general journal is posted as a credit: By how much will the trial balance be out of balance? Explain how you might detect such an error.
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…
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.
Note: Select "None" if there is no effect.
Description of Posting Error
a $2,720 debit to Rent Expense is posted as a
$2,270 debit
b. $5,440 credit to Cash is posted twice as two
credits to Cash
c. $2,570 debit to Prepaid Insurance is posted as a
debit to Insurance Expense.
d. $47,600 debit to Machinery is posted as a debit,
to Accounts Payable
e. $6,340 credit to Services Revenue is posted as a
$634 credit.
f. $1,760 debit to Store Supplies is not posted.
(1)
Difference
between
Debit and
Credit
Columns
$…
Chapter 2 Solutions
Principles of Financial Accounting.
Ch. 2 - Amalia Company received its utility bill for the...Ch. 2 - On May 1, Mattingly Lawn Service collected 2,500...Ch. 2 - Prob. 3MCQCh. 2 - A trial balance prepared at year-end shows total...Ch. 2 - Prob. 5MCQCh. 2 - Prob. 1DQCh. 2 - What is the difference between a note payable and...Ch. 2 - Prob. 3DQCh. 2 - Prob. 4DQCh. 2 - Are debits or credits typically listed first in...
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 - Define (a) assets, (b) liabilities, (c) equity,...Ch. 2 - Which financial statement is sometimes called the...Ch. 2 - APPLE Review the Apple balance sheet in Appendix...Ch. 2 - Prob. 17DQCh. 2 - Prob. 18DQCh. 2 - Prob. 1QSCh. 2 - Identifying financial statement accounts C2...Ch. 2 - Prob. 3QSCh. 2 - Prob. 4QSCh. 2 - Linking debit or credit with normal balance C4...Ch. 2 - Analyzing transactions and preparing journal...Ch. 2 - Prob. 7QSCh. 2 - Identifying a posting error A trial balance has...Ch. 2 - Prob. 9QSCh. 2 - Prob. 10QSCh. 2 - Prob. 11QSCh. 2 - Preparing an income statement P3 Liu Zhang...Ch. 2 - Prob. 13QSCh. 2 - Preparing a balance sheet P3 Use the information...Ch. 2 - Prob. 15QSCh. 2 - Prob. 1ECh. 2 - Identifying and classifying accounts Enter the...Ch. 2 - Identifying a ledger and chart of accounts C3...Ch. 2 - Prob. 4ECh. 2 - Analyzing effects of a compound entry A1 Groro Co....Ch. 2 - Prob. 6ECh. 2 - Prob. 7ECh. 2 - Preparing T-accounts (ledger) and a trial balance...Ch. 2 - Prob. 9ECh. 2 - Prob. 10ECh. 2 - Prob. 11ECh. 2 - Analyzing and journalizing transactions involving...Ch. 2 - Prob. 13ECh. 2 - Prob. 14ECh. 2 - Prob. 15ECh. 2 - Prob. 16ECh. 2 - Prob. 17ECh. 2 - Prob. 18ECh. 2 - Prob. 19ECh. 2 - Identifying effects of posting errors on the trial...Ch. 2 - Analyzing a trial balance error You are told the...Ch. 2 - Calculating and interpreting the debt ratio A2...Ch. 2 - Prob. 23ECh. 2 - Prob. 5APCh. 2 - Prob. 6APCh. 2 - Prob. 7APCh. 2 - The accounting records of Tama Co. show the...Ch. 2 - Prob. 6BPCh. 2 - Prob. 7BPCh. 2 - Prob. 1AACh. 2 - Prob. 2AACh. 2 - GLOBAL ANALYSIS A2 Key comparative figures for...Ch. 2 - Prob. 1BTNCh. 2 - COMMUNICATING IN PRACTICE Lila Corentine is an...Ch. 2 - Prob. 3BTNCh. 2 - Prob. 5BTNCh. 2 - Prob. 6BTN
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