2 QuizSavedA double-entry accounting system is an accounting system:15Multiple ChoicekippedThat records each transaction twice.That records the effects of transactions and other events in at least two accounts with equal debits and creditsIn which each transaction affects and is recorded in two or more accounts but that could include two debits and no creditsThat may only be used if T-accounts are used.That insures that errors never occur

Double-entry accounting system:Double entry accounting system refers to the double effect of each…

Answered: 2 Quiz Saved A double-entry accounting…

Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter2: Analyzing Transactions Into Debit And Credit Parts

Section: Chapter Questions

Problem 1CP

See similar textbooks

Similar questions

Identify whether ongoing transactions posted to the following accounts would normally have only debit entries (Dr), only credit entries (Cr), or both debit and credit entries (both). Table 3.9
24)If the sum of the debit column equals the sum of the credit column in a trial balance, it indicates A)no errors can be discovered. B)the mathematical equality of the accounting equation. C)that all accounts reflect correct balances. D)no errors have been made.
Parrish 2-7 Pg. 36For this T-account calculate to find the missing amounts.Assume the beginning and ending balances are on the normal side of the account. That being the side where the balance increases. Transactions listed as A, B, or C are not specificed 1) 2/1 Beginning balance $80000 Debit2) 2/15 Transaction A $20000 Debit3) 2/28 Transaction C $6000 Debit4) 2/10 Transaction B $10000 CreditNow find the Ending balance ?
In a double-entry accounting system: A) A credit entry records a decrease in an account B) All accounts have normal debit balances C) Liabilities, common stock, and expense accounts all have normal credit balances D) A debit entry is recorded on the left side of an account
Problem #15Correcting a Trial BalanceBelow is the trial balance of Gualberto Magdaraog Repair Service, which does not balance:The following information is obtained from a review of the record keeping process: a. An account receivable for P19,600 was incorrectly added as P16,900 whencomputing the balance of the Accounts Receivable account.b. A debit posting from the journal for P5,200 is missing from the Advertising Expenseaccount.c. A credit posting of P15,000 to Notes Payable should have been made to AccountsPayable.d. A debit posting of P34,000 to Supplies was incorrectly posted as P3,400.e. Credits to the ledger Accounts Payable account were under-footed by P60,000.f. Revenues are overstated in the ledger account by P40,000.g. A credit posting for Repair Revenues from the journal in the amount of P63,600 ismissing.h. Supplies acquired in the amount of P17,400 have been incorrectly posted to theOffice Equipment account.Required: Prepare a corrected trial balance.
Which 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.
Help me answer the 3 question 18. Which of the following situations will cause total debit balance to be greater than the total credit balance? Select one: a. The amount extracted from a creditor’s account is posted to the wrong side of the trial balance. b. Sales of goods are recorded as purchases of goods in the ledger accounts. c. The amount extracted from the account of a debtor, Mr. Lee is posted as P1,000 instead of P1,100 in the trial balance. d. The purchase of fixture is recorded in the furniture account. 19. Which of the following statements regarding a trial balance is incorrect? Select one: a. A trial balance proves that no errors of any kind have been made in the account during the accounting period. b. A trial balance is a list of all of the open accounts in the ledger with their balances as of a given date. c. A trial balance helps to localize errors within an identifiable time period. d. A trial balance is a test of the equality of the debit…
Answer true or false to the following statements.1. A number entered on the left side of an account is said to be credited to the account. 2. Debits always are positive.3. Footings are always a credit balance.4. “Credit” always means the number should be put on the right side.5. A ledger does not use debits or credits
4-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. Debit Suspense account with OMR 900 c. Suspense account should be cancelled with OMR 1800 d. Credit Suspense account with OMR 900
MULTIPLE CHOICE 1. This process refers to the reporting of the information processed in the accounting system to interested users. A. Journalizingh B. Communicating C. Debiting D. Videoing 2. What is the normal balance of the sales returns account? A. Zero B. Credit C. Debit D. None of these
2. Post the journal to a ledger of four-column accounts. Add the appropriate posting reference to the journal. 6. b. Post the adjusting entries, inserting balances in the accounts affected. 9. b. Post the closing entries, inserting balances in the accounts affected. Leave the ITEM column BLANK for each row. If the account balance is zero (0) after closing entries are posted, enter a zero (0) in the account's normal balance column. LEDGER Account: Cash11Account No.…
number 2 The following errors occurred in posting from a two-column journal: A credit of $4,960 to Accounts Payable was not posted. An entry debiting Accounts Receivable and crediting Fees Earned for $17,100 was not posted. A debit of $1,280 to Accounts Payable was posted as a credit. A debit of $2,220 to Supplies was posted twice. A debit of $1,160 to Cash was posted to Miscellaneous Expense. A credit of $160 to Cash was posted as $610. A debit of $1,420 to Wages Expense was posted as $1,240. Considering each case individually (i.e., assuming that no other errors had occurred), indicate: by "yes" or "no" whether the trial balance would be out of balance; if the answer is "yes," the amount by which the trial balance totals would differ; and 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…

SEE MORE QUESTIONS

Recommended textbooks for you

Century 21 Accounting Multicolumn Journal

Accounting

ISBN:

9781337679503

Author:

Gilbertson

Publisher:

Cengage

Principles of Accounting Volume 1

Accounting

ISBN:

9781947172685

Author:

OpenStax

Publisher:

OpenStax College

Century 21 Accounting Multicolumn Journal

Accounting

ISBN:

9781337679503

Author:

Gilbertson

Publisher:

Cengage

Principles of Accounting Volume 1

Accounting

ISBN:

9781947172685

Author:

OpenStax

Publisher:

OpenStax College

SEE MORE TEXTBOOKS