I Only Want The Correct Option in these MCQs can u please help me 27. Sami returned faulty goods to Yasmin, the supplier.Which document did Sami send to Yasmin?a. credit noteb. debit notec. invoiced. statement of accountThe totals of a trial balance did not agree. The total of the debit column was $13 400. It wasfound that the purchases journal had been overcast by $195 and goods bought from supplier Xfor $85 had been incorrectly credited28. What was the total of the credit column of the trial balance?a. $13 120b. $13 205c. $13 595d. $13 68029. Jon paid $18 000 for machinery on 1 January 2016. He depreciated this asset using thediminishing (reducing) balance method at 5% per annum.What was the balance on the provision for depreciation account on 1 January 2018?a. $1755 creditb. $1755 debitc. $1800 creditd. $1800 debit30. A trader spreads the cost of a machine over the years which benefit from the use of thatmachine. Which accounting principle is being applied?a. accounting yearb. dual aspectc. matching / accrualsd. materiality31. Performing services on account will have the following effects on the components of thebasic accounting equation:a. increase assets and decrease owner's equity.b. increase assets and increase owner's equity.c. increase assets and increase liabilities.d. increase liabilities and increase owner's equity8 32. During 2012, Gibson Company's assets decreased $50,000 and its liabilities decreased$90,000. Its owner's equity therefore:a. increased $40,000b. decreased $140,000c. decreased $40,000d. increased $140,00033. An account that will have a zero balance after closing entries have been journalized andposted is:a. Service Revenue.b. Supplies.c. Prepaid Insurance.d. Accumulated Depreciation-Equipment.34. The trial balance shows Supplies $0 and Supplies Expense $1,500. If $800 of supplies are onhand at the end of the period, the adjusting entry is:a. Debit Supplies $800 and credit Supplies Expense $800.b. Debit Supplies Expense $800 and credit Supplies $800.c. Debit Supplies $700 and credit Supplies Expense $700.d. Debit Supplies Expense $700 and credit Supplies $70035. Adjustments for accrued revenues:a. have a liabilities and revenues account relationship.b. have an assets and revenues account relationship.c. decrease assets and revenues.d. decrease liabilities and increase revenues.36. When Alexander Company purchased supplies worth $500, it incorrectly recorded a credit toSupplies for $5,000 and a debit to Cash for $5,000. Before correcting this error:a. Cash is overstated and Supplies is overstated.b. Cash is understated and Supplies is understated.c. Cash is understated and Supplies is overstated.d. Cash is overstated and Supplies is understated9.

1. Whenever the Buyer Returns any goods to the seller he has to provide them the Debit note and the…

Answered: Only Want The Correct Option in these…

Business

Accounting

Only Want The Correct Option in these MCQs can u please help me

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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The credit column of a trial balance is $1,200 more than the debit column. Which of the following errors would explain the difference? A No entries had been made for the purchase of goods costing $1,200. B A payment of $1,200 for electricity had been correctly entered in the cash account, and a credit was made to the electricity account. C Cash sales of $600 had been correctly entered in the sales account, and credited in the cash account D The debit side of the cash account shows a balance which is $1,200 higher than it should be
The debit side of a trial balance totals $50 more than the credit side. Which one of the following could this be due to? A A purchase of goods for $50 being omitted from the payables control account B A sale of goods for $50 being omitted from the receivables control account C An invoice of $25 for electricity being credited to the electricity account D A receipt for $50 from a customer being omitted from the cash book
30-A Wholesale merchandise trader has prepared the trial balance which results an imbalance in the list of account balances was revealed which resulted in the creation of a suspense account with a Credit balance of RO 18,000. Investigations revealed that a business sold goods on Credit RO 13,000 made to Rafa Trading (Accounts receivable) has been correctly recorded in the Sales account, but posted as RO 31,000 in the debit side of Rafa Trading account. Which of the following rectification entry will be correct? a. Debit Sales RO 12,000 Credit Suspense account RO 12,000 b. Debit Rafa Trading (Accounts receivable) RO 18,000 Credit Suspense account RO 18,000 c. Debit Suspense account RO 6,000 Credit Rafa Trading (Accounts receivable RO 6,000 d. Debit Suspense account RO 18,000 Credit Rafa Trading (Accounts receivable) RO 18,000
Emily is a sole trader. Emily’s payables ledger control account shows a balance of $24,903 which does not agree with the payables ledger. She has found three errors: A purchase invoice has been entered into the purchase day book as $594 rather than $495 The purchase day book has been undercast by $200 Discounts received of $150 from credit suppliers have not been entered in the control account What is the corrected payables ledger control account balance?
Assume that you have been hired to work as an accountant in ASDA at 1/12/2020 and you found that the account receivable has a balance of 80000 and allowance for doubtful accounts 8000 and you have the following transaction that happened at Walmart during the month 1- At 1 / 12Sold goods on account to CVS, Inc. for $ 10,000, terms 2/10, n / 30 but some of these goods did not meet the quality requirement and goods worth 2000 was rețurned on 3/12. 2- At 5/12 you billed a customer who used his ASDA credit card (to purchase goods worth 15000 on 4/11 but didn't pay the balance) finance charge 396. 3- At 11/12 CVS paid what it owns to ASDA in full. 4- At 15/12 the manager at ASDA estimated the bad debts to be 1296 of account receivables. 5. At 20/12 the manager wrote of 654 of bad debts. 6- At 31/12 you were hired by the manager to be a custodian of the previously issued petty cash fund which worth 200 and you submitted the following cash receipts for replenishment when there is $ 50 cash in…
what is the solution for The credit total of a trial balance exceeds the debit total by P350. In investigating the cause of the difference, the following errors were determined:a credit to accounts receivable of P550 was not posted;a P5,000 debit to be made to the Purchases account was debited to Accounts payable instead;a P3,000 credit to be made to the Sales account was credited to the Accounts receivable account instead;the Interest payable account balance of P4,500 was included in the trial balance as P5,400.The correct balance of the trial balance is
The debit and credit totals are not equal as a result of the following errors:a. The cash entered on the trial balance was understated by $6,000.b. A cash receipt of $5,600 was posted as a debit to Cash of $6,500.c. A debit of $11,000 to Accounts Receivable was not posted.d. A return of $150 of defective supplies was erroneously posted as a $1,500 credit to Supplies.e. An insurance policy acquired at a cost of $1,200 was posted as a credit to Prepaid Insurance.f. The balance of Notes Payable was understated by $20,000.g. A credit of $4,800 in Accounts Payable was overlooked when determining the balance of the account.h. A debit of $7,000 for a withdrawal by the owner was posted as a credit to Terry Colby, Capital.i. The balance of $58,100 in Rent Expense was entered as $51,800 in the trial balance.j. Gas, Electricity, and Water Expense, with a balance of $24,150, was omitted from the trial balance.Instructions1. Prepare a corrected unadjusted trial balance as of August 31, 2014.2. Does…
Ordan received a statement from one of its suppliers, Alta, showing a balance due of $3,980. The amount due according to the payables ledger account of Alta in Ordan's records was only $230. Comparison of the statement and the ledger account revealed the following differences: 1 A cheque sent by Ordan for $270 has not been allowed for in Alta's statement. 2 Alta has not allowed for goods returned by Ordan $180. 3 Ordan made a contra entry, reducing the amount due to Alta by $3,200, for a balance due from Alta in Ordan's receivables ledger. No such entry has been made in Alta's records. What difference remains between the two companies' records after adjusting for these items? A $460 B $640 C $6,500 D $100
37-Which of the following error will be a complete reversal of entries for the purchase of furnitures for cash OMR 500 by a Wholesale electronics business? a. Debit Cash OMR 500 and Credit furnitures OMR 500 b. Debit furnitures OMR 500 and Credit Cash OMR 500 c. Debit Cash OMR 500 and Credit Purchase OMR 500 d. Debit Purchase OMR 500 and Credit Cash OMR 500
27-Which of the following error will be a complete reversal of entries for the purchase of furnitures for cash OMR 500 by a Wholesale electronics business? a. Debit Cash OMR 500 and Credit furnitures OMR 500 b. Debit furnitures OMR 500 and Credit Cash OMR 500 c. Debit Purchase OMR 500 and Credit Cash OMR 500 d. Debit Cash OMR 500 and Credit Purchase OMR 500
The following errors were discovered during the financial year ended 28 February 2021. a) A debtor that was owing N$ 600 was erroneously written-off as bad debt; b) Cash receipt of $300 was recorded as bank receipt; c) A payment of N$ 1 500 received from a customer was recorded on supplier; d) Credit sales of N$ 4 300 was recorded to supplier account; Page 18 of 19 e) Bank charge of $420 was completely omitted from the records; f) Stationery purchased of $ 580 was debited to advertisement; g) Printing that was purchased by EFT was completely ignored in the books, $630; h) A customer that was owing $1 250 was declared bankrupt and the transaction was not recorded; i) The owner withdraws a cheque for $900 and deposited in the business; j) Depreciation for motor vehicle was not provided for. Depreciation is at 10% straight line and no residual value. k) Depreciation for computer equipment was not provided for. Depreciation as at 15%, straight line with N$ 2 000 residual value. REQUIRED…
The following errors were discovered during the financial year ended 28 February 2021.a) A debtor that was owing N$ 600 was erroneously written-off as bad debt;b) Cash receipt of $300 was recorded as bank receipt;c) A payment of N$ 1 500 received from a customer was recorded on supplier;d) Credit sales of N$ 4 300 was recorded to supplier account; Page 18 of 19e) Bank charge of $420 was completely omitted from the records;f) Stationery purchased of $ 580 was debited to advertisement;g) Printing that was purchased by EFT was completely ignored in the books, $630;h) A customer that was owing $1 250 was declared bankrupt and the transaction was notrecorded;i) The owner withdraws a cheque for $900 and deposited in the business;j) Depreciation for motor vehicle was not provided for. Depreciation is at 10% straight lineand no residual value.k) Depreciation for computer equipment was not provided for. Depreciation as at 15%,straight line with N$ 2 000 residual value.REQUIREDPrepare a…