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estion 3 a. On 31st December 2017 Omega extracted a trial balance and found that it did not balance. The debit column totaled $510,450, and the credit columns totaled $505,021. Omega entered the difference in suspense account. Upon investigation he found that the following errors had been made. (i) A purchase for cash of $750 had been correctly entered into the cash account but had not been entered into the purchase account. Ervovs & mission ii) Discount received of $375 had been posted to the debit side of the discounts received account. Errors el Entry Reversedl iii) A purchase of goods for sale of $15,750 paid in cash had been entered in the purchase account as $18,750. (18750 - 3000) 1575 Tra iv) The sales returns day book had been under cast by $1,200.Costing errors v) vi) The sales day book had been overcast by $1,500. Compensating Errors Interest received for the year of $2,625. Had been entered as a debit entry in the interest payable account. Evvors d Omission. vii) Telephone expenses of $258 paid by cheque had been posted to the debit side of the telephone expense account as $285. (285-258 = 27) uired: Transposi 1. Identify the types of errors- Units Y Session u 2. State the effect of each error on Omega's Profit for the period.

estion 3 a. On 31st December 2017 Omega extracted a trial balance and found that it did not balance. The debit column totaled $510,450, and the credit columns totaled $505,021. Omega entered the difference in suspense account. Upon investigation he found that the following errors had been made. (i) A purchase for cash of $750 had been correctly entered into the cash account but had not been entered into the purchase account. Ervovs & mission ii) Discount received of $375 had been posted to the debit side of the discounts received account. Errors el Entry Reversedl iii) A purchase of goods for sale of $15,750 paid in cash had been entered in the purchase account as $18,750. (18750 - 3000) 1575 Tra iv) The sales returns day book had been under cast by $1,200.Costing errors v) vi) The sales day book had been overcast by $1,500. Compensating Errors Interest received for the year of $2,625. Had been entered as a debit entry in the interest payable account. Evvors d Omission. vii) Telephone expenses of $258 paid by cheque had been posted to the debit side of the telephone expense account as $285. (285-258 = 27) uired: Transposi 1. Identify the types of errors- Units Y Session u 2. State the effect of each error on Omega's Profit for the period.

Financial Accounting
Financial Accounting
15th Edition
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter2: Analyzing Transactions
Section: Chapter Questions
Problem 5PB: Tech Support Services has the following unadjusted trial balance as of January 31, 2019: The debit...
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Question 3 a. On 31st December 2017 Omega extracted a trial balance and found that it did not balance. The debit column totaled $510,450, and the credit columns totaled $505,021. Omega entered the difference in suspense account. Upon investigation he found that the following errors had been made. (i) A purchase for cash of $750 had been correctly entered into the cash account but had not been entered into the purchase account. Errors d mission (ii) Discount received of $375 had been posted to the debit side of the discounts received account. Errors el Entry Reversedl (iii) A purchase of goods for sale of $15,750 paid in cash had been entered in the purchase account as $18,750. (18750 3000) TransF 1575 = - (iv) (v) The sales returns day book had been under cast by $1,200.Costing errors" The sales day book had been overcast by $1,500. Compensating Errors Interest received for the year of $2,625. Had been entered as a debit entry in the interest payable account. Evvors d Omission. (vi) (vii) Telephone expenses of $258 paid by cheque had been posted to the debit side of the telephone expense account as $285, (285-258 = 27) Transposition equired: 1. Identify the types of errors Units Y Session u 2. State the effect of each error on Omega's Profit for the period.
Transcribed Image Text:Question 3 a. On 31st December 2017 Omega extracted a trial balance and found that it did not balance. The debit column totaled $510,450, and the credit columns totaled $505,021. Omega entered the difference in suspense account. Upon investigation he found that the following errors had been made. (i) A purchase for cash of $750 had been correctly entered into the cash account but had not been entered into the purchase account. Errors d mission (ii) Discount received of $375 had been posted to the debit side of the discounts received account. Errors el Entry Reversedl (iii) A purchase of goods for sale of $15,750 paid in cash had been entered in the purchase account as $18,750. (18750 3000) TransF 1575 = - (iv) (v) The sales returns day book had been under cast by $1,200.Costing errors" The sales day book had been overcast by $1,500. Compensating Errors Interest received for the year of $2,625. Had been entered as a debit entry in the interest payable account. Evvors d Omission. (vi) (vii) Telephone expenses of $258 paid by cheque had been posted to the debit side of the telephone expense account as $285, (285-258 = 27) Transposition equired: 1. Identify the types of errors Units Y Session u 2. State the effect of each error on Omega's Profit for the period.
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