In detail why b is correct. 44 mins17.1 The debit side of a trial balance totals $800 more than the credit side.Which one of the following errors would fully account for the difference?$400 paid for plant maintenance has been correctly entered in the cash book and credited to theplant asset account.ACredit note issued to a customer of $400 has been debited to trade receivables.CA receipt of $800 for commission receivable has been omitted from the records.The petty cash balance of $800 has been omitted from the trial balance,17.2 The bookkeeper of Peri madし

The trial balance essentially is a statement which enlists all account balances (whether debit or…

+4 mins 17.1 The debit side of a trial balance totals $800 more than the credit side. Which one of the following errors would fully account for the difference? $400 paid for plant maintenance has been correctly entered in the cash book and credited to the plant asset account. Credit note issued to a customer of $400 has been debited to trade receivables. C A receipt of $800 for commission receivable has been omitted from the records. The petty cash balance of $800 has been omitted from th 72

+4 mins 17.1 The debit side of a trial balance totals $800 more than the credit side. Which one of the following errors would fully account for the difference? $400 paid for plant maintenance has been correctly entered in the cash book and credited to the plant asset account. Credit note issued to a customer of $400 has been debited to trade receivables. C A receipt of $800 for commission receivable has been omitted from the records. The petty cash balance of $800 has been omitted from th 72

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter5: Accounting Systems

Section: Chapter Questions

Problem 19E: After Bunker Hill Assay Services Inc. had completed all postings for March in the current year...

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On March 24, MS Companys Accounts Receivable consisted of the following customer balances: S. Burton 310 A. Tangier 240 J. Holmes 504 F. Fullman 110 P. Molty 90 During the following week, MS made a sale of 104 to Molty and collected cash on account of 207 from Burton and 360 from Holmes. Prepare a schedule of accounts receivable for MS at March 31, 20--.
After Bunker Hill Assay Services Inc. had completed all postings for March in the current year (20Y4), the sum of the balances in the following accounts payable ledger did not agree with the 36,600 balance of the controlling account in the general ledger: Assuming that the controlling account balance of 36,600 has been verified as correct, (a) determine the error(s) in the preceding accounts and (b) prepare a listing of accounts payable creditor balances (from the corrected accounts payable subsidiary ledger).
Choose A, B, C or D and give an explanation The debit side of a company’s trial balance totals $800 more than the credit side.Which one of the following errors would fully account for the difference?A $400 paid for plant maintenance has been correctly entered in the cash book and credited to the plant asset account.B Discount allowed $400 has been debited to discount received accountC A receipt of $800 for commission receivable has been omitted from the recordsD The petty cash balance of $800 has been recorded to the trial balance twice.
4. The debit side of a company’s trial balance totals $800 more than the credit side. Which one of the following errors would fully account for the difference? A $400 paid for plant maintenance has been correctly entered in the cash book and credited to the plant asset account. B Discount received $400 has been debited to discount allowed account C A receipt of $800 for commission receivable has been omitted from the records D The petty cash balance of $800 has been omitted from the trial balance. 7. Which of the following items appear on the same side of the trial balance? (CHOOSE A,B,C or D) A Drawings and accruals B Freight out and prepayments C Freight in and rental income D Opening inventory and purchase returns Answer questions and explain why did you pick this answer
E8-4 Recording Write-Offs and Recoveries [LO 8-2] Prior to recording the following, Elite Electronics, Inc., had a credit balance of $2,300 in its Allowance for Doubtful Accounts. Required: Prepare journal entries for each transaction. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) On August 31, a customer balance for $330 from a prior year was determined to be uncollectible and was written off. On December 15, the customer balance for $330 written off on August 31 was collected in full.
Corrected trial balanceThe Lexington Group has the following unadjusted trial balance as ofMay 31. 20Y6: The debit and credit totals are not equal as a result of the followingerrors:a. The cash entered on the trial balance was overstated by $7,000.b. A cash receipt of $8,200 was posted as a debit to Cash of $2,800.C. A debit of $ 16300 to Accounts Receivable was not posted. d. A return of $ 125 of defective supplies was erroneously posted as a $1.250 credit to Suppliese. An insurance policy acquired at a cost of $3,600 was posted as a creditto Prepaid Insurance.f. The balance of Notes Payable was understated by $9,000. g. A credit of $ 10,000 in Accounts Payable was overlooked whendetermining the balance of the accounth. A debit of $5,000 for dividends was posted as a credit to RetainedEarnings.i. The balance of $60,300 in Rent Expense was entered as $63,000 in the trial balance.j. Gas, Electricity, and Water Expense, with a balance of $16,350, wasomitted from the trial…
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
The debit side of a trial balance totals $50 more than the credit side. Which one of the following could this be due to? A A purchase of goods for $50 being omitted from the payables control account B A sale of goods for $50 being omitted from the receivables control account C An invoice of $25 for electricity being credited to the electricity account D A receipt for $50 from a customer being omitted from the cash book
The total of a list of balances in Patricia Co’s receivables ledger was $643,700 on 30 September 20X9. This did not agree with the balance on Patricia Co’s receivables ledger control account. The following errors were discovered: (i) A credit balance on an individual customer’s account of $400 was incorrectly extracted as a debit balance (ii) An invoice for $3,553 was posted to the customer account as £3,535 (iii) The total of the sales returns day book was overcast by $600 What amount should be shown in Patricia Co’s statement of financial position for accounts receivable at 30 September 20X9? A. $642,918 B. $642,882 C. $644,482 D. $643,418
Part of Tsibog Co.'s unadjusted trial balance at December 31 showed a Cash balance of 17, 400 The balance per bank statement was P12.000 on December 31. Outstanding checks amounted to P6,900 Interest of P40 was credited to the enterprise's account by the bank during December, but has not yet been entered on the company's books. Assuming no errors exist in the company's cash balance, deposits in transit at December 31 amount to a. P12.260 b. P5.400 c. P12,340 d. P12,300
Corrected trial balanceThe Lexington Group has the following unadjusted trial balance as of May 31, 20Y6:The debit and credit totals are not equal as a result of the following errors:a. The cash entered on the trial balance was overstated by $7,000.b. A cash receipt of $8,200 was posted as a debit to Cash of $2,800.c. A debit of $16,500 to Accounts Receivable was not posted.d. A return of $125 of defective supplies was erroneously posted as a $1,250 credit toSupplies.e. An insurance policy acquired at a cost of $3,600 was posted as a credit to PrepaidInsurance.f. The balance of Notes Payable was understated by $9,000 g. A credit of $10,000 in Accounts Payable was overlooked when determining thebalance of the account.h. A debit of $5,000 for dividends was posted as a credit to Retained Earnings.i. The balance of $60,300 in Rent Expense was entered as $63,000 in the trial balance.j. Gas, Electricity, and Water Expense, with a balance of $16,350, was omitted from thetrial…
The debit and credit totals are not equal as a result of the following errors:a. The cash entered on the trial balance was understated by $6,000.b. A cash receipt of $5,600 was posted as a debit to Cash of $6,500.c. A debit of $11,000 to Accounts Receivable was not posted.d. A return of $150 of defective supplies was erroneously posted as a $1,500 credit to Supplies.e. An insurance policy acquired at a cost of $1,200 was posted as a credit to Prepaid Insurance.f. The balance of Notes Payable was understated by $20,000.g. A credit of $4,800 in Accounts Payable was overlooked when determining the balance of the account.h. A debit of $7,000 for a withdrawal by the owner was posted as a credit to Terry Colby, Capital.i. The balance of $58,100 in Rent Expense was entered as $51,800 in the trial balance.j. Gas, Electricity, and Water Expense, with a balance of $24,150, was omitted from the trial balance.Instructions1. Prepare a corrected unadjusted trial balance as of August 31, 2014.2. Does…