Assume that Sunshine Realty Co. borrowed $300,000 from Columbia First Bank and Trust. In recording the transaction, Sunshine erroneously recorded the receipt as a debit to Cash, $300,000, and a credit to Fees Earned, $300,000. (a) How would this error affect the equality of the trial balance? (b) How would this error affect the income statement, statement of owner’s equity, and balance sheet?

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Q: Which of the following error will be called as an Error of Commission?

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A: Here is the Answer

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Q: If the two totals of a trial balance are equal, does this mean that there are no errors in the…

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Q: Explain how each of the following posting errors affects a trial balance. State whether the trial…

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Q: Using practical example discuss why current asset is not seen not part of the income  statement

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A: 1. Establish pairings of account titles of certain transactions, and unusual pairings of account…

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A:

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A: Note: We’ll answer the first question since the exact one wasn’t specified. Please submit a new…

Q: EITHER TRUE OR FALSE. Describe why the assertion is incorrect if it is in fact incorrect. 1. Cash…

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A:

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A: Answer:   Accounting error.

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A: Rectification entry means where some error has been done in past and we need to rectify that errors.

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A: Unadjusted Trial Balance:   It is a listing of the balances in the general ledger account balances…

Q: 10. While in the process or

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Q: Which of the following sentences is Not correct:    Monetary unit assumption states that only…

A: Book Keeping: Financial transactions are recorded through book keeping.

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