Question 10 of 20: Select the best answer for the question. 10. A trial balance indicates that the debit total exceeds the credit total by $63. Which of the following errors is the most probable source of the discrepancy? OA. An asset with a balance of $63 was mistakenly entered in the ledger as a credit for that amount. Instead of a debit OB. An asset with a balance of $670 was mistakenly entered in the ledger as a $607 debit OC. A liability with a balance of $63 was mistakenly entered in the ledger as a debe for that amount instead of a credit. OD. A liability with a balance of $970 was mistakenly entered in the ledger as a $907 credit. Mark for review (Will be highlighted on the review page) Previous Question Type here to search Next Question Jy O Et

Question 10 of 20: Select the best answer for the question. 10. A trial balance indicates that the debit total exceeds the credit total by $63. Which of the following errors is the most probable source of the discrepancy? OA. An asset with a balance of $63 was mistakenly entered in the ledger as a credit for that amount. Instead of a debit OB. An asset with a balance of $670 was mistakenly entered in the ledger as a $607 debit OC. A liability with a balance of $63 was mistakenly entered in the ledger as a debe for that amount instead of a credit. OD. A liability with a balance of $970 was mistakenly entered in the ledger as a $907 credit. Mark for review (Will be highlighted on the review page) Previous Question Type here to search Next Question Jy O Et

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter5: Sales And Receivables

Section: Chapter Questions

Problem 72E

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32-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 OMR 125,600 and Credit Trial Balance OMR 126,500 b. Suspense account should be cancelled with OMR 1800 c. Debit Suspense account with OMR 900 d. Credit Suspense account with OMR 900
Corrected trial balanceThe Lexington Group has the following unadjusted trial balance as ofMay 31. 20Y6: The debit and credit totals are not equal as a result of the followingerrors:a. The cash entered on the trial balance was overstated by $7,000.b. A cash receipt of $8,200 was posted as a debit to Cash of $2,800.C. A debit of $ 16300 to Accounts Receivable was not posted. d. A return of $ 125 of defective supplies was erroneously posted as a $1.250 credit to Suppliese. An insurance policy acquired at a cost of $3,600 was posted as a creditto Prepaid Insurance.f. The balance of Notes Payable was understated by $9,000. g. A credit of $ 10,000 in Accounts Payable was overlooked whendetermining the balance of the accounth. A debit of $5,000 for dividends was posted as a credit to RetainedEarnings.i. The balance of $60,300 in Rent Expense was entered as $63,000 in the trial balance.j. Gas, Electricity, and Water Expense, with a balance of $16,350, wasomitted from the trial…
6 Mario Company's Accounts Receivable balance atDecember 31 was $300,000 and there was a credit balance of $1,400 in the Alowance for Doubtful Accounts, The year's sales were $1,800,000. Mario estimates credit losses for the year at 1.5% of sales. After the appropriate adjusting entry is made for credit losses, what is the net amount of accounts receivable included in the current assets at year- end? A) $300,000 B) $271,600 C) $325,400 D) $277,400
Corrected trial balanceThe Lexington Group has the following unadjusted trial balance as of May 31, 20Y6:The debit and credit totals are not equal as a result of the following errors:a. The cash entered on the trial balance was overstated by $7,000.b. A cash receipt of $8,200 was posted as a debit to Cash of $2,800.c. A debit of $16,500 to Accounts Receivable was not posted.d. A return of $125 of defective supplies was erroneously posted as a $1,250 credit toSupplies.e. An insurance policy acquired at a cost of $3,600 was posted as a credit to PrepaidInsurance.f. The balance of Notes Payable was understated by $9,000 g. A credit of $10,000 in Accounts Payable was overlooked when determining thebalance of the account.h. A debit of $5,000 for dividends was posted as a credit to Retained Earnings.i. The balance of $60,300 in Rent Expense was entered as $63,000 in the trial balance.j. Gas, Electricity, and Water Expense, with a balance of $16,350, was omitted from thetrial…
4. A trial balance was extracted from the books of Phax Mohutsiwa. It was found that the debit side exceeded the credit side by P40. The following errors were later discovered. i) Purchases were overcast by P20. ii)An amount paid to L Lesego was debited to the control account as P98 instead of P89. iii) Sales were undercast by P11 Required: Enter the above information in the suspense account and balance it off. Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.
4. The debit side of a company’s trial balance totals $800 more than the credit side. Which one of the following errors would fully account for the difference? A $400 paid for plant maintenance has been correctly entered in the cash book and credited to the plant asset account. B Discount received $400 has been debited to discount allowed account C A receipt of $800 for commission receivable has been omitted from the records D The petty cash balance of $800 has been omitted from the trial balance. 7. Which of the following items appear on the same side of the trial balance? (CHOOSE A,B,C or D) A Drawings and accruals B Freight out and prepayments C Freight in and rental income D Opening inventory and purchase returns Answer questions and explain why did you pick this answer
ME11Which of the following errors, each considered individually, would cause the trial balance totals to be unequal?a) A payment of $488 to a creditor was posted as a debit of $848 to Accounts Payable and a debit of $488 to Accounts Receivable.b) Cash received from customers on account was posted as a debit of $450 to Cash and a credit of $450 to Accounts Payable.c) A payment of $79 for supplies was posted as a debit of $907 to Supplies and a credit of $907 to Cash.d) A transaction was not posted.
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
QUESTION 9 As at 30 March 2020 , the accounts receivable balance is $10,000. The allowance for doubtful account balance is $200(credit balance). The management determined to write off an accounts receivable of $400 and accounting entries (following IFRS) were recorded on 30 March 2020. At 31 March 2020. The management estimated that 8% of the outstanding accounts receivable balance is uncollectible. The adjusting entries for bad debt expense to be prepared on 31 March 2020 is $____________. (Assumption: the company prepares the financial statements on an annual basis)
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…
A credit sales of RM5,000 to Rima was credited to the Sales Account, but wrongly debited in Rama account (a debtor). What is the type of error made? Error of original entry Error of commission Compensating error Error of omission
The trial balance of the Sterling investigative Services shown next age does not balance. Your review of the general ledger reveals that each account has a normal balance. You also discovered the following errors. a. The totals of the debit sides of Rent Deposit, Accounts Payable, and Representation Expense were each understood to be P1,000. b. Transposition errors were made in Accounts Receivable and Service Revenue. Based on postings made, the correct balances were P25,700 and P69,600, respectively. c. Check payment for P9.400 was properly recorded, and the cash credit properly posted, but the accountant failed to post to the debit side of the taxes payable account. d. The trial balance shows some accounts are not on their proper sides. e. A cash debit posting for P5,000 was posted on the credit side. Credit P27,500 Sterling Investigative Services Trial Balance May 31, 2017 Debit Cash P55,800 Accounts Receivable Rent Deposit 7,000 Equipment 80,000 Accounts payable Taxes Payable…