Identify which error will cause the trial balance to be out of balance. Multiple Choice A $370 cash salary payment posted as a $370 debit to Cash and a $370 credit to Salaries Expense. A $270 cash receipt from a customer in payment of her account posted as a $270 debit to Cash and a $27 credit to Accounts Receivable. A $160 cash receipt from a customer in payment of her account posted as a $160 debit to Cash and a $160 credit to Cash. A $101 cash purchase of office supplies posted as a $101 debit to Office Equipment and a $101 credit to Cash.

Identify which error will cause the trial balance to be out of balance. Multiple Choice A $370 cash salary payment posted as a $370 debit to Cash and a $370 credit to Salaries Expense. A $270 cash receipt from a customer in payment of her account posted as a $270 debit to Cash and a $27 credit to Accounts Receivable. A $160 cash receipt from a customer in payment of her account posted as a $160 debit to Cash and a $160 credit to Cash. A $101 cash purchase of office supplies posted as a $101 debit to Office Equipment and a $101 credit to Cash.

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter4: Posting To A General Ledger

Section4.3: Journalizing Correcting Entries And Correcting Posting Errors

Problem 1WT

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FINDING AND CORRECTING ERRORS Joe Adams bought 500 worth of office supplies on account. The following entry was recorded on May 17. Find the error(s) and correct it (them) using the ruling method. On May 25, after the transactions had been posted, Adams discovered that the following entry contains an error. The cash received represents a collection on account, rather than new service fees. Correct the error in the general journal using the correcting entry method.
A trial balance: lists only revenue and expense accounts; lists all accounts and their balances. will help detect omitted journal entries. detects all errors that could be made during the journalizing or posting steps of the accounting cycle.
Journalize correcting entries for each of the following errors and include a brief explanation. a. A cash purchase of office equipment for 680 was journalized as a cash purchase of store equipment for 680. (Use the ruling method; assume that the entry has not been posted.) b. An entry for a 180 payment for office supplies was journalized as 810. (Use the ruling method; assume that the entry has not been posted.) c. A 620 payment for repairs was journalized and posted as a debit to Equipment instead of a debit to Repair Expense. (Use the correcting entry method to journalize the correction.) d. A 750 bill for vehicle insurance was received and immediately paid. It was journalized and posted as 660. (Use the correcting entry method to journalize the correction.)
Errors in trial balance The following preliminary unadjusted trial balance of Ranger Co., a sports ticket agency, does not balance: When the ledger and other records are reviewed, you discover the following: (1) the debits and credits in the cash account total 77,600 and 62,100, respectively; (2) a billing of 9,000 to a customer on account was not posted to the accounts receivable account; (3) a payment of 4,500 made to a creditor on account was not posted to the accounts payable account; (4) the balance of the unearned rent account is 5,400; (5) the correct balance of the equipment account is 190,000; and (6) each account has a normal balance. Prepare a corrected unadjusted trial balance.
Prepare an adjusted trial balance from the adjusted account balances; solve for the one missing account balance: Cash (assume accounts have normal balances).
FINDING AND CORRECTING ERRORS Mary Smith purchased 350 worth of office equipment on account. The following entry was recorded on April 6. Find the error(s) and correct it (them) using the ruling method. On April 25, after the transactions had been posted, Smith discovered the following entry contains an error. When her customer received services, Cash was debited, but no cash was received. Correct the error in the journal using the correcting entry method.
identify which error will cause the trial balance to be out of balance A. a 260 cash salary payment posted as a 260 debit to cash and a 260 credit to salaries expense B. a 160 cash receipt from a customer in payment of her account posted as a 160 debit to cash and a 16 credit to accounts recievable C. a 105 cash receipt from a customer in payment of her account posted as a 105 debit to cash and a 105 credit to cash D. a 68 cash purchase of office supplies posted as a 68 debit to office equipment and a 68 credit to cash E. an 1100 prepayment from a customer for service to be rendered in the future was posted as 1100 debit to unearned revenure and an 1100 credit to cash
Effect of Errors on Trial Balance The following errors occurred in posting from a two-column journal: A credit of $7,320 to Accounts Payable was not posted. A debit of $2,360 to Cash was posted to Miscellaneous Expense. A credit of $250 to Cash was posted as $520. A debit of $4,720 to Wages Expense was posted as $4,270. An entry debiting Accounts Receivable and crediting Fees Earned for $13,300 was not posted. A debit of $660 to Accounts Payable was posted as a credit. A debit of $1,450 to Supplies was posted twice. Considering each case individually (i.e., assuming that no other errors had occurred):(a) Indicate by "yes" or "no" whether the trial balance would be out of balance.(b) If the answer to (a) is "yes", indicate the amount by which the trial balance totals would differ.(c) Indicate whether the debit or credit column of the trial balance would have the larger total. If "no", enter "0" in the difference column and select "neither" from the drop box under "Larger Total". Enter…
Journalize the entries to correct the following errors (for each Journal Entry, omit the 4th journalizing step of providing an explanation): (a) An actual purchase of supplies for $300 on account was recorded and posted as a debit to Supplies for $600 and as a credit to Accounts Receivable for $500. (b) An actual receipt of $5,000 from Fees Earned was recorded and posted as a debit to Fees Earned for $3,000 and a credit to Cash for $3,000. JOURNAL Date Description Post. DR CR (a) (b)
Which of the following errors will not affect the Trial balance? a. Wrong totaling of purchase journal OMR 48,000 instead OMR 84,000 b. Cash paid to Mr. Said OMR 7800: Debit Mr. Said OMR 8700 and Credit Cash OMR 7800 c. Omitting Salary account OMR 12,000 and recording Cash account OMR 12,000 d. Omitting Rent account OMR 8,000 and Cash account RO 8,000
The trial balance will be out of balance if: O P1,000 cash drawing by the owner is debited to Owners Drawing for P10,000 and credited to Cash for P1,000. O The purchase of supplies on account is debited to Supplies and credited to Cash. A P4,500 payment on account is debited to Accounts Payable for P450 and credited to Cash for P450. O A correct journal entry is posted twice. please provide an explanation
Which of the following errors, each considered individually, would cause the trial balance totals to be unequal? Question 14 options: A payment of $248 to a creditor was posted as a debit of $248 to Accounts Payable and a debit of $248 to Accounts Receivable Cash received from customers on account was posted as a debit of $450 to Cash and a credit of $450 to Accounts Payable. A payment of $79 for supplies was posted as a debit of $97 to Supplies and a credit of $97 to Cash A transaction was not posted.