A firm purchased telephone equipment for cash. By mistake, the accountant debited Utilities Expense instead of Office Equipment. The error was discovered after the data posted. The correcting entry should contain

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A: Accounting principles means those set of standards which is followed while preparing the books of…

Q: Which of the following errors would cause a trial balance to have unequal totals? Explain your…

A: Definition: Trial balance: Trial balance is the summary of accounts and their debit and credit…

Q: Business paid RO 280 rent expense was wrongly entered RO 200 in both the accounts. This type of…

A: The error of transposition is an error where the transaction value is recorded with the wrong value…

Q: Adjusting entries are needed:     Whenever revenue is not received in cash.     Whenever expenses…

A: Adjusting entries are journal entries that are prepared at the end of accounting period in order to…

Q: Which one of the following errors is most likely to be revealed by the preparation of a trial…

A: Trial balance is a statement of all accounts of the business shown in two different sides called…

Q: Which of the following statements is incorrect? A. The accrual method, which builds directly on the…

A: Following are the correct statement: 1. The accrual method, which builds directly on the revenue and…

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A: Unearned revenue is a revenue received in advance for the sale or service which is not…

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A: Financial Statements are prepared by the management for reporting purposes. These are the essential…

Q: Which of the following errors cannot be detected by the trial balance? a. Incorrect accounts were…

A: The trial balance shows the summarised items with the debit or credit balance. It is the effect of…

Q: The value of Assets, Drawing and Revenues is normally reflected on the debit side of the Trial…

A: The financial statements of the business include the income statement and balance sheet of the firm.…

Q: Which of the following record keeping errors would result in the wrong total for debits and credits…

A: Unadjusted trial balance has balances of all general ledger accounts without any adjustments.…

Q: hand. (a) Assuming no errors occurred during journalizing or posting, what caused this unusual…

A:

Q: Which of the following error will be called as an Error of Principle? a. A transaction is written…

A: The error of principle states that it is a error when entries are posted correct for amount but in…

Q: Which of the following is not an error of principle:(a) Purchase of furniture debited to purchases…

A: Error of principle: An error of principle is an accounting mistake in which an entry is recorded in…

Q: Which of the following business events would not be recorded in the accounting records? Group of…

A: Option A, B and D are business events which are required to be recorded in accounting records,…

Q: What are some tips for knowing when accounts are debited and when they are credited? I know that…

A: Normal balance: Normal balance refers to the excess of the amount on one side, over the amount on…

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A: Accounting:   Accounting is a system, or a process of collecting and organizing economic…

Q: A company receives cash from a customer. The company does not perform the services the customer has…

A: 6) Correct option is 'Liability'   Reason :- Journal entry would be :- Cash (Dr)…

Q: Which of the following errors, each considered individually, would cause the trial balance to be out…

A: A trial balance is prepared with a view to ensure the arithmetic accuracy of the the account…

Q: Which of the following statements about accounting procedures is not correct? A. The journal shows…

A: Accounting procedure: It can be defined as a standardized process that is used by the business to…

Q: When, at the end of an accounting period, cash has not been paid with respect to an expense that has…

A: Cash flows are the cash generated from the operation of the business organisation. In other words,…

Q: Business receives cash RO 180 from Ms. Asma was wrongly entered RO100 in both the accounts. This…

A: Business receives cash = RO 180 Amount Wrongly entered = RO 100

Q: Assume that Sunshine Realty Co. borrowed $300,000 from Columbia First Bank and Trust. In recording…

A: a) Identify the manner in which the given error would affect the equality of the trial balance.The…

Q: h of the following is most likely considered an adjusting entry? The entry to record the payment of…

A: Adjusting entries are those entries which are prepared to adjust the revenues or expense to the…

Q: Which of the following is not an error of principle Repair or the over hauling of machinery…

A: The error of principle occurs when accounts are debited and credited correctly but wrong account is…

Q: Determine the effect of the following errors on a company's total revenue, total expenses, and net…

A: Meaning of Rectification of Errors The procedure of revising mistakes is known as “Rectification of…

Q: It is the amount collected by the business in advance from the customers before the business…

A: A. Bank overdraft is facility by the bank to borrow the amount of money B. Outstanding expenses is a…

Q: Indicate which principles are violated: The owner-manager bought a computer for personal use. The…

A: Accounting principles: These include all the guidelines and rules that are supposed to be followed…

Q: Indicate which of the following errors, each considered individually, would cause the trial balance…

A: Indicate the errors that requires a correcting entry.

Q: Which of the following errors, considered individually, would cause the trial balance totals to be…

A: Trial balance: Trial balance is a summary of all the asset, liability, and equity accounts and their…

Q: The accountant of Newton Legal Services failed to make an adjusting entry for supplies that had been…

A: Adjusting entries are made in order to the adjust the transactions occurred between the accounting…

Q: Which of the following is not an event that concerns the accounting of the company? A) Paying wages…

A: The accounting of a company is concerned with the funds that is paid and received and increase or…

Q: Which of the following errors would cause a trial balance imbalance? (i) The discounts received…

A: Trial Balance is the Balance of ledger Account where total of debit side of trial equal to credit…

Q: Which of the following error will not affect trial balance? a. Rent expense of 200 were entered in…

A: A statement prepared to show that all the debits in the books are equal to that of the credits is…

Q: All of the following about expense recognition principle are false, except: O a. Business requests a…

A: As per the accrual basis of accounting, we need to record the transaction when it occurred,…

Q: Question To avoid duplication of account names and the use of improper account names, the company…

A: Journal Entry The purpose of preparing the journal entry to enter the required transaction into…

Q: d. and count correctly using Excel b. Auditor check the certificate in order to check whether land…

A: Auditing refers to the process of physically examining or inspecting the financial documents and…

Q: Which of these transactions requires a credit entry to Revenue? A. received cash from services…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

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A: Debit and credit are the two sides of trial balance which always matches if all the accounting…

Q: All of the following about expense recognition principle are false, except: O a. Business buys a…

A: from the given following options  O a. Business buys a building.O b. Business requests a loan from a…

Q: For each of the following situations, indicate whether itrepresents an accounting error and explain…

A: An accounting error indicates a mistake occurred while posting an accounting entry in the books. The…

Q: receipts, sales slips, and other related evidence concerning specific transactions. She has also…

A: The accounting cycle refers to the series of chronological steps taken by an accountant at the time…

Q: When, at the end of an accounting period, cash has not been paid with respect to an expense that has…

A: Financial statements are prepared at the year end so that position and performance of the company…