After all the ledgers had been drawn up, the following differences and errors were identified. Indicate with a cross (X) where you would correct each of the differences and errors listed below, and explain your reasoning as so how, why and where you will make the correction: Hint: some might need to be corrected in more than one place. Difference or error Debtors control Debtors list E.g. The total sales return column in the Debtors Allowance Journal was posted to the debit side of the Debtors Sales returns reduce the amount owing by a debtor. Control Account. The error has occurred in the Debtors control account only, thus there will be no impact on the individual debtor's account. The debtors control account should be credited twice. A credit invoice (issued by the business) has not been recorded at all. The Debtors control column in the debtors journal was "undercast". Notification has been received that the outstanding balance on one of the debtors should be written off as the debtor is insolvent.

Question
After all the ledgers had been drawn up, the following differences and errors were identified.
Indicate with a cross (X) where you would correct each of the differences and errors listed below,
and explain your reasoning as so how, why and where you will make the correction:
Hint: some might need to be corrected in more than one place.
Difference or error
Debtors control
Debtors list
E.g. The total sales return column in
the Debtors Allowance Journal was
posted to the debit side of the Debtors
Sales returns reduce the amount owing by a debtor.
Control Account.
The error has occurred in the Debtors control account
only, thus there will be no impact on the individual
debtor's account. The debtors control account should
be credited twice.
A credit invoice (issued by the
business) has not been recorded at all.
The Debtors control column in the
debtors journal was "undercast".
Notification has been received that the
outstanding balance on one of the
debtors should be written off as the
debtor is insolvent.
View transcribed image text
Expand

Expert Answer

Want to see the step-by-step answer?

Check out a sample Q&A here.

Want to see this answer and more?

Experts are waiting 24/7 to provide step-by-step solutions in as fast as 30 minutes!*

*Response times may vary by subject and question complexity. Median response time is 34 minutes for paid subscribers and may be longer for promotional offers.
Tagged in
Business
Accounting

Accounting Principles

Related Accounting Q&A

Find answers to questions asked by students like you.

Q: At the end of the year, Mercy Cosmetics’ balance of Allowance for Uncollectible Accounts is $600 (cr...

A: Bad debts expense = Accounts receivable x % Estimated uncollectible accounts - Balance of Allowance ...

Q: Q.2.1 Open, post to and balance the debtors control account in the general ledger of Dumbledore Magi...

A: -> In debtor control accounting, all sales made to the customers shall be treated as a debit and ...

Q: Viking Voyager specializes in the design and production of replica Viking boats. On January 1, 2021,...

A: Bonds payable: It can be defined as the type of long term debt that is generally issued by large cor...

Q: Hello question is attached, thanks.

A: Given:

Q: Traverse County needs a new county government building that would cost $10 million. The politicians ...

A: Ethics in financial management enhance and signify the interest of stakeholders involved. Following ...

Q: Berkshire Co. purchases debt investments in trading securities at a cost of $130 on July 1. (This is...

A: Since we answer up to 3 sub-parts, we'll answer the first 3. Please resubmit the question and specif...

Q: The following information is available to reconcile Branch Company’s book balance of cash with its b...

A: Given: Debited balance in cash account = $ 27,497 Cash balance in July = $ 27,233 Amount in Cheque n...

Q: Explain how adjustments affect financial results.

A: Accounting systems are designed to record most recurring daily transactions, particularly any involv...

Q: A company like Golf USA that sells golf-related inventory typically will have inventory items such a...

A: Hi student Since there are multiple subparts in this question, we will answer only first three sub p...

Q: Revision of Depreciation Equipment with a cost of $180,000 has an estimated residual value of $14,40...

A: We have the following information: Cost of equipment = $180,000 Estimated Residual Value = $14,400 ...

Q: Analytical procedures can be used in which of the following ways?a. As a means of overall review nea...

A: Click to see the answer

Q: Alexander Company purchased a piece of equipment for $12,000 and depreciated it for three years over...

A: Depreciable cost of equipment = Cost of equipment - Residual value                                  ...

Q: Define cash and cash equivalents and indicate the types ofitems that should be reported as cash and ...

A: Cash and cash equivalents refer to the line item on the balance sheet that reports the value of a co...

Q: Due to recent beef recalls southwest steakhouse is considering incorporating. Bob the owner wants to...

A: Definition: Corporation: A corporation is a form of business in which the legal entity of the busine...

Q: Assume that you are the president of your company and paid a year-end bonus according to the amount ...

A: Net income: Net income can be defined as income earned during an accounting year by the company or b...

Q: Lizzy's is a retail clothing store, specializing in formal wear for weddings. They purchase their c...

A: Conceptual introduction: An organization can be manufacturing, servicing of merchandising type. For ...

Q: How important are taxes in the decision to sell a property?

A: Taxes: The compulsory financial charge or any other kind of levy that is forced on the payers of tax...

Q: Ellis Company issues 6.5%, five-year bonds dated January 1, 2019, with a $250,000 par value. The bon...

A: It is a fixed income instrument that represents a loan made by an investor to a borrower ( corporate...

Q: A company has the following account balances at the end of the year:• Credit Sales = $400,000• Accou...

A: Bad Debt Expense = Estimates future uncollectible accounts - Beginning balance in Allowance for Unco...

Q: Complete the common-size and common-base year financial statements [Income Statement (IS) and Balanc...

A: The statement of the balance sheet is calculated as per common size by dividing every line item by t...

Q: what do you mean by management accounting? differentiate between financial accounting, cost accounti...

A: Management Accounting Management Accounting is basically a tool which assist the management in bette...

Q: Ries, Bax, and Thomas invested $80,000, $112,000, and $128,000, respectively, in a partnership. Duri...

A: Journal: Recording of a business transactions in a chronological order.

Q: At one time, Boeing closed a giant deal to acquire another manufacturer, McDonnell Douglas. Boeing p...

A: Given: The deal was closed by the Boeing to attain another manufacturer named, McDonnell Douglas.

Q: What is the difference between document examination and reperformance when conducting testsof contro...

A: Test of controls are performed to obtain evidence about whether controls that are candidates to be r...

Q: Which of the following statements is false? Group of answer choices A. The four dimensions of perfo...

A: A balanced scorecard is an overall performance criteria used to perceive, enhance, and control an en...

Q: PROBLEM THREE: Accounting analysis and basic financial statementsOn January 1 of the current year, t...

A: The accounting equation:  The accounting equation, also known as the basic accounting equation, prov...

Q: Identify the ratio that is relevant to answering each of the following questions.a. How much net inc...

A: Hello,  I am only answering first three sub-parts as per the policy and if you want the others to be...

Q: Boots, Inc. is a “C” corporation engaged in the show manufacturing business. Boots is a Calendar yea...

A: Since there are multi sub parts in one question, calculation will be given for first three sub parts...

Q: A reason to believe that a fraud has occurred is calleda. Deliberation.b. Forensics.c. Predication.d...

A: Answer: Option c

Q: Describe the two primary strategies firms use to increase cash return on assets.

A:  

Q: Mo, Lu, and Barb formed the MLB Partnership by making investments of $67,500, $262,500, and $420,000...

A: We have the following information for plan (c): salary allowances of $80,000 to Mo, $60,000 to Lu, ...

Q: On January 1, Payson Inc. had a retained earnings balance of $20,000. During the year, Payson report...

A: Ending Retained earnings balance = Beginning Retained earnings balance + Net Income - Dividend paid

Q: What are noncash investing and financing activities?Give one example.

A:  

Q: Buffalo BBQ Restaurant is trying to become more efficient in training its chefs. It is experimenting...

A: (1) Average hours of employee training per chef: Program A: Employee Hours of basic training Hour...

Q: Calculate the following profitablity leverage management ratios a. Gross profit margin b. Net profit...

A: Profitability leverage management ratios   a. Gross profit Margin: [Revenue-cost of goods sold]/Reve...

Q: Speedy Company uses the double-declining-balance method to depreciate its property, plant, andequipm...

A: Click to see the answer

Q: Accounting Question

A: Since the second question that is posted below in the image looks incomplete, we have answered the f...

Q: What is the purpose of performing preliminary analytical procedures in audit planning?

A: Click to see the answer

Q: Which of the following is not a characteristic of a good performance measurement system? Group of an...

A: There are many measures used by an organization to measure the performance of its employees. The bes...

Q: A company reports the following in its balance sheet:Total assets of $800,000 and total liabilities ...

A: Stockholders' equity: Stockholders' equity means the remaining net assets available to shareholders....

Q: Solve it both subparts early.  Note:- not solve this question in excel works.  Use handwriting or ty...

A: Present value is the current value of a future sum of money or stream of cash flows given a specifie...

Q: Sample Results Evaluation. Jamie Plane is testing the effectiveness of an important controlfor Black...

A: Click to see the answer

Q: A company uses a spreadsheet to prepare its statement of cash flows. Indicate whether each of the fo...

A: Cash flow statement is a statement which provides detail of all cash inflows and outflows of the bus...

Q: Describe the purpose, structure, and content of the fourbasic financial statements.

A:  

Q: Accounting Question

A: “Since you have asked multiple questions, we will solve the first question for you. If you want any ...

Q: Read and T for True and F for False of the following phrases 1Accounting is France and its standards...

A: F

Q: What reporting options are available if predecessor auditors examined prior years’ financialstatemen...

A:    

Q: Write a tax research memo regarding the scenario detailed below.   SCENARIO: The Pima and Southern R...

A: Memorandum means an informal record which helps in assisting various parties to memorize specific po...

Q: An increase in of $1,000 in fixed selling overheads will affect the net profit reported under margin...

A: c) Decrease net profit equally in both absorption and marginal costing

Q: Which of the following is an intangible asset?a. Landb. Leasehold improvementsc. Equipmentd. Copyrig...

A: Assets: These are the resources owned and controlled by business and used to produce benefits for t...

Transcribed Image Text

After all the ledgers had been drawn up, the following differences and errors were identified. Indicate with a cross (X) where you would correct each of the differences and errors listed below, and explain your reasoning as so how, why and where you will make the correction: Hint: some might need to be corrected in more than one place. Difference or error Debtors control Debtors list E.g. The total sales return column in the Debtors Allowance Journal was posted to the debit side of the Debtors Sales returns reduce the amount owing by a debtor. Control Account. The error has occurred in the Debtors control account only, thus there will be no impact on the individual debtor's account. The debtors control account should be credited twice. A credit invoice (issued by the business) has not been recorded at all. The Debtors control column in the debtors journal was "undercast". Notification has been received that the outstanding balance on one of the debtors should be written off as the debtor is insolvent.