What is the answer to the question I uploaded. Thanks Encircle your final answers.1. An entity's unadjusted trial balance does not equal. The following information was determined:• The debit posting for a sale on account was omitted.5,00034,000The balance of Prepaid assets was listed as a credit instead ofdebitThe balance of Office expense was listed as Rent expense16,000Accounts payable was listed as a debit instead of credit4,000How much is the difference between the total debits and total credits in the trial balance?

Trial Balance is a statement made to find out the arithmetical accuracy of books of accounts. It…

Encircle your final answers. 1. An entity's unadjusted trial balance does not equal. The following information was determined: • The debit posting for a sale on account was omitted. • The balance of Prepaid assets was listed as a credit instead of 5,000 34,000 debit • The balance of Office expense was listed as Rent expense 16,000 • Accounts payable was listed as a debit instead of credit 4,000 How much is the difference between the total debits and total credits in the trial balance?

Encircle your final answers. 1. An entity's unadjusted trial balance does not equal. The following information was determined: • The debit posting for a sale on account was omitted. • The balance of Prepaid assets was listed as a credit instead of 5,000 34,000 debit • The balance of Office expense was listed as Rent expense 16,000 • Accounts payable was listed as a debit instead of credit 4,000 How much is the difference between the total debits and total credits in the trial balance?

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter3: Analyzing And Recording Transactions

Section: Chapter Questions

Problem 8TP: Analyze Trusty Companys trial balance and the additional information provided to determine the...

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Analyze Trusty Companys trial balance and the additional information provided to determine the following: A. what is causing the trial balance to be out of balance B. any other errors that require corrections that are identified during your analysis C. the effect (if any) that correcting the errors will have on the accounting equation A review of transactions revealed the following facts: A service fee of $18,000 was earned (but not yet collected) by the end of the period but was accidentally not recorded as revenue at that time. A transposition error occurred when transferring the account balances from the ledger to the trial balance. Salaries expense should have been listed on the trial balance as $64,500 but was inadvertently recorded as $46,500. Two machines that cost $9,000 each were purchased on account but were not recorded in company accounting records.
An entity’s unadjusted trial balance does not equal. The following information was determined: • The debit posting for a sale on account was omitted. 5,000 • The balance of Prepaid assets was listed as a credit instead of debit 34,000 • The balance of Office expense was listed as Rent expense 16,000 • Accounts payable was listed as a debit instead of credit 4,000 How much is the difference between the total debits and total credits in the trial balance? 65,000 30,000 34,000 81,000
AAn entity’s unadjusted trial balance does not equal. The following information was determined: • The debit posting for a sale on account was omitted. 5,000 • The balance of Prepaid assets was listed as a credit instead of debit 34,000 • The balance of Office expense was listed as Rent expense 16,000 • Accounts payable was listed as a debit instead of credit 4,000 How much is the difference between the total debits and total credits in the trial balance? 65,000 30,000 34,000 81,000
1. An entity's unadjusted trial balance does not equal. The following information was determined: Cash balance of P45,000 was erroneously extended to the trial balance as P54,000. The debit posting for a P5,000 sale on account was omitted. . Prepaid rent with a balance of P34,000 was extended to the credit column of the trial balance. Depreciation expense of P16,000 was erroneously recorded as Rent expense. Interest payable with a balance of P4,000 was extended to the debit column of the trial balance. How much is the difference between the total debits and total credits in the trial balance? a. 65,000 b. 81,000 d. 34,000 c. 56,000 2. What is the net effect of the under mentioned errors on the trial balance of an entity? 1 Total of sales was taken as P58,726 instead of P58,762 II. A P52 discount given to a customer was not posted in the sales discount account Sale of old furniture of P130 was credited to Machinery account. A credit sale of P250 was posted twice in the customer's IV…
Choose the correct letter of the answer for each question. 1. The balance of allowance for bad debts in Entity A’s unadjusted trial balance is ₱100,000. If the adjustments columns in the worksheet show a debit adjustment of ₱20,000, how much is the balance of allowance for bad debts that is extended to the adjusted trial balance columns of the worksheet? a. 80,000 b. 100,000 c. 120,000 d. 0 2. The business acquires equipment. The business allocates the equipment’s cost over the equipment’s useful life, instead of expensing it right away. The portion of the equipment’s cost that is expensed during the period is recorded as a. Depletion expense. b. Extraction expense. c. Amortization expense. d. Depreciation expense. 3. Net sales minus cost of sales equals a. Gross profit. b. Net sales. c. Net profit. d. Net cost. 4. Which of the following is equal to total goods available for sale? A. Net purchases –…
Indicate whether a debit or credit is required to close each of the following accounts. Use the sym-bols D if a debit is required, C if a credit is required, and N if the account is not closed at the end of the period.a. Salary Expenseb. Unexpired Insurancec. Consulting Fees Earnedd. Depreciation Expensee. Dividendsf. Retained Earningsg. Interest Revenueh. Accumulated Depreciationi. Income Taxes Expensej. Unearned Revenuek. Income Summary (of a profitable company)l. Income Summary (of an unprofitable company)
Help with all work Indicate whether the terms of the accounting equation will increase, decrease or stay thesame for each transaction by placing a “+” or “-” in the appropriate space. If an item is notchanged by the transaction, leave the space blank. Transaction Assets = Liabilities + Net Worth Deposited salary earnedPurchased a new TV oncredit.Received a cash gift.Purchased fuel for car oncredit.Made a loan paymentincluding interest.Received cash from astudent loan.Received a paycheque.
e. is characterized by a legal distinction between the business as an economic unit and the owner.4. Ture or FalseAdvance payments from customers will be immediately recognized as revenue under cash basis accounting but not under accrual basis accounting.5. CaculatorThe supplies account on June 1 had a credit balance of $5,200, additional supplies were purchased on June 10 for $2,500 and June 23 for $1,400. The supplies on hand at June 30 were $3,000. The amount to be used for the appropriate adjusting entry isWISH GET ANSER BACK IN 1 HR. WILL BE APPRECIATE IF ANYONE CAN DO IT!!!!!!!!!!
Which of the following errors does NOT prove the equality of the trial balance debit and credits? a) A Miscellaneous expense for the transportation was omitted. b) A debit entry of P11,000 for rent was posted as P10,100 c) A payment for utilities was recorded twice. d) A debit to Supplies was recorded as debit to Equipment.
1. When an error is discovered after closing the nominal accounts, one of the accounts to be credited or debited is the owner’s capital account. True or False?2. All property, plant and equipment are capitalized. True or False?3. Accrual basis of accounting recognizes sales on credit and collection from accounts receivable. True or false?
The dual effect of transactions means that every transaction recorded: A.Must be entered twice-once in the accounting records and once in a financial statements B.Must make changes to accounts in two seperate financial statements C.Must have an effect on the dual sides of the Accounting Equation D.Must record changes to two accounts and only two accounts E.Must make at least two changes in its Assets,Liability and Owners Equity accounts
Record each of the following transactions or recognitions in T-account format, label the accounts used, and indicate for each account whether it is an asset (A), liability (L), revenue (R), expense (E), or owners’ equity (OE) account. Make only those entries required to record an event or transaction; do not include balances that may exist in the account as a result of earlier entries. Make sure that the sum of your debit entries equals the sum of your credit entries. a. Company Q sells $4,000 of merchandise to a customer; this merchandise is valued in inventory at $3,200. b. Company Q purchases, on credit, merchandise normally valued at $8,000; because of the size of the order, Q’s vendor provides a 5 percent quantity discount. c. Company Q pays $600 of accrued interest payable on its bank loan. d. Company Q receives $300 due in rent for this month from a tenant who rents an office suite in Q’s headquarters building. e. Company Q borrows an additional $10,000 from the bank.…