Pharoah Company discovered the following errors made in January 2020.1. A payment of Salaries and Wages Expense of $310 was debited to Equipment and credited to Cash, both for $310.2. A collection of $7,900 from a client on account was debited to Cash $790 and credited to Service Revenue $790.3. The purchase of equipment on account for $480 was debited to Equipment $720 and credited to Acc Correct the errors by reversing the incorrect entry and preparing the correct entry. (Credit account titles are automaticallyindented when amount is entered. Do not indent manually.)No. Account Titles and ExplanationDebitCredit1.(To reverse the incorrect entry)(To record the correct entry)2.(To reverse the incorrect entry)(To record the correct entry)3.(To reverse the incorrect entry)

A journal entry is used to record day-to-day transactions of the business by debiting and crediting…

Pharoah Company discovered the following errors made in January 2020. 1. A payment of Salaries and Wages Expense of $310 was debited to Equipment and credited to Cash, both for $310. 2. A collection of $7,900 from a client on account was debited to Cash $790 and credited to Service Revenue $790. 3. The purchase of equipment on account for $480 was debited to Equipment $720 and credited to Acc

Pharoah Company discovered the following errors made in January 2020. 1. A payment of Salaries and Wages Expense of $310 was debited to Equipment and credited to Cash, both for $310. 2. A collection of $7,900 from a client on account was debited to Cash $790 and credited to Service Revenue $790. 3. The purchase of equipment on account for $480 was debited to Equipment $720 and credited to Acc

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter4: Journalizing And Posting Transactions

Section: Chapter Questions

Problem 8SEA: FINDING AND CORRECTING ERRORS On May 25, after the transactions had been posted, Joe Adams...

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Please answer question correctly Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select, “No entry” for the accounts titles and enter 0 for the amounts. Record journal entries in the order displayed in the problem
Which of the following errors in the journal entry will not be detected by trial balance.a) Debit part is overstated but credit part is correctly recordedb) Debit part is correctly recorded but credit part is understatedc) Both debit and credit parts are overstated by the same amountd) Debit part is correctly recorded but credit part is overstatedBoş bırak
After preparing the trial balance, the accountant finds that the total of debit side is OMR 125,600 and Total of Credit Side OMR 126,500. This difference should be treated before rectification of errors was a. Debit Suspense account with OMR 900 b. Suspense account should be cancelled with OMR 1800 c. Debit Suspense account OMR 125,600 and Credit Trial Balance OMR 126,500 d. Credit Suspense account with OMR 900
A trial balance will disclose that an error has been made in Entering an amount on the wrong side of account Computing the interest expense on note payable Posting an amount to the wrong ledger account Double-posting two both sides of entry with explanation please
A trial balance will disclose that an error has been made in Entering an amount on the wrong side of account Computing the interest expense on note payable Posting an amount to the wrong ledger account Double-posting two both sides of entry
Posting errors are identified in the following table. In column (1), enter the amount of the difference between the two trial balance columns (debit & credit) due to the error. In column (2), identify the trial balance column (debit or credit) with the larger amount if they are not equal. In column (3), identify the account(s) affected by the error. In column (4), indicate the amount by which the account(s) in column (3) is under- or overstated. Item (a) is completed as an example. (No effect then select "None".)
What is the purpose of a worksheet? In a columnar worksheet similar to Illustration 2A–1 , what would be the result of incorrectly transferring the balance in a liability account to column K, the credit column under income statement?
Posting errors are identified in the following table. In column (1), enter the amount of the difference between the two trial balance columns (debit and credit) due to the error. In column (2), identify the trial balance column (debit or credit) with the larger amount if they are not equal. In column (3), identify the account(s) affected by the error. In column (4), indicate the amount by which the account(s) in column (3) is under- or overstated. Item (a) is completed as an example. (Select "None" if there is no effect.)
Posting errors are identified in the following table. In column (1), enter the amount of the difference between the two trial balance columns (debit and credit) due to the error. In column (2), identify the trial balance column (debit or credit) with the larger amount if they are not equal. In column (3), identify the account(s) affected by the error. In column (4), indicate the amount by which the account(s) in column (3) is under- or overstated. Item (a) is completed as an example.
There will be a credit balance to an account if _____. a. The last entry of the accounting period was posted on the credit side b. There is no entry in credit side c. The total amount of credit exceeds the total amount of the debits d. There are more entries on the debit side than on the credit side
The following errors will not be revealed by the trialSelect one: a. Balances incorrectly recordedb. Balances omittedc. Posting to the wrong accountd. Casting of debit or credit columns.
While in the process of posting from the journal to the ledger a company failed to post a $500 credit to Accounts Receivable. The effect of this error will be that Group of answer choices A. Accounts Receivable will be understated. B. the error will overstate the debits listed in the journal. C. the trial balance will not balance. D. the total credits in the trial balance will be larger than the total debits.

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1.		A payment of Salaries and Wages Expense of $310 was debited to Equipment and credited to Cash, both for $310.
2.		A collection of $7,900 from a client on account was debited to Cash $790 and credited to Service Revenue $790.
3.		The purchase of equipment on account for $480 was debited to Equipment $720 and credited to Acc