31. While preparing the. 2017 trial balance, Rome Company's accountant committed the following errors: omission of the prepaid rent account amounting to P4,000; understatement of the inventory account by P72,000; overstatement of the sales account by P1,500; accounts receivables totaling to P123,000 was included in the trial balance as P213,000; accounts payable totaling to P153,000 was included as P135,0003; discount on bonds payable was included as a credit rather than as a debit, P1,500; Revenue expenditures of P35,000 was erroneously capitalized to furniture and fixtures. The difference between the debit and credit amounts in Rome Company's trial balance is a. P2,500 b. P26,000 c. P7,500 d. P27,500
31. While preparing the. 2017 trial balance, Rome Company's accountant committed the following errors: omission of the prepaid rent account amounting to P4,000; understatement of the inventory account by P72,000; overstatement of the sales account by P1,500; accounts receivables totaling to P123,000 was included in the trial balance as P213,000; accounts payable totaling to P153,000 was included as P135,0003; discount on bonds payable was included as a credit rather than as a debit, P1,500; Revenue expenditures of P35,000 was erroneously capitalized to furniture and fixtures. The difference between the debit and credit amounts in Rome Company's trial balance is a. P2,500 b. P26,000 c. P7,500 d. P27,500
College Accounting (Book Only): A Career Approach
12th Edition
ISBN:9781305084087
Author:Cathy J. Scott
Publisher:Cathy J. Scott
ChapterB: Bad Debts
Section: Chapter Questions
Problem 2P
Related questions
Question
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781305084087
Author:
Cathy J. Scott
Publisher:
Cengage Learning
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781305084087
Author:
Cathy J. Scott
Publisher:
Cengage Learning
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College