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Show Me How Calculator Print Item Errors affecting the trial balance For each of the following errors, considered individually, indicate whether the error would cause the trial balance totals to be unequal. If the error would cause the trial balance totals to be unequal, indicate whether the debit or credit total is higher and by how much. If the debit and credit totas would be equal, enter zero ("0") in the amount box. a. The payment of an insurance premium of $9,800 for a three year policy was debited to Prepaid Insurance for $9,800 and credited to Cash for $8,900. Indicate whether the debit or credit total is higher and by how much. The debit total is higher by $ b. A payment of $350 on account was debited to Accounts Payable for $530 and credited to Cash for $530. Indicate whether the debit or credit total is higher and by how much. The debit and credit totals would be equal by $ c. A purchase of supplies on account for $2,900 was debited to Supplies for $2,900 and debited to Accounts Payable for $2,900. Indicate whether the debit or credit total is higher and by how much. The debit total is higher v by $

Show Me How Calculator Print Item Errors affecting the trial balance For each of the following errors, considered individually, indicate whether the error would cause the trial balance totals to be unequal. If the error would cause the trial balance totals to be unequal, indicate whether the debit or credit total is higher and by how much. If the debit and credit totas would be equal, enter zero ("0") in the amount box. a. The payment of an insurance premium of $9,800 for a three year policy was debited to Prepaid Insurance for $9,800 and credited to Cash for $8,900. Indicate whether the debit or credit total is higher and by how much. The debit total is higher by $ b. A payment of $350 on account was debited to Accounts Payable for $530 and credited to Cash for $530. Indicate whether the debit or credit total is higher and by how much. The debit and credit totals would be equal by $ c. A purchase of supplies on account for $2,900 was debited to Supplies for $2,900 and debited to Accounts Payable for $2,900. Indicate whether the debit or credit total is higher and by how much. The debit total is higher v by $

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Show Me How Calculator Print Item Errors affecting the trial balance For each of the following errors, considered individually, indicate whether the error would cause the trial balance totals to be unequal. If the error would cause the trial balance totals to be unequal, indicate whether the debit or credit total is higher and by how much. If the debit and credit totas would be equal, enter zero ("0") in the amount box. a. The payment of an insurance premium of $9,800 for a three year policy was debited to Prepaid Insurance for $9,800 and credited to Cash for $8,900. Indicate whether the debit or credit total is higher and by how much. The debit total is higher by $ b. A payment of $350 on account was debited to Accounts Payable for $530 and credited to Cash for $530. Indicate whether the debit or credit total is higher and by how much. The debit and credit totals would be equal by $ c. A purchase of supplies on account for $2,900 was debited to Supplies for $2,900 and debited to Accounts Payable for $2,900. Indicate whether the debit or credit total is higher and by how much. The debit total is higher v by $
Transcribed Image Text:Show Me How Calculator Print Item Errors affecting the trial balance For each of the following errors, considered individually, indicate whether the error would cause the trial balance totals to be unequal. If the error would cause the trial balance totals to be unequal, indicate whether the debit or credit total is higher and by how much. If the debit and credit totas would be equal, enter zero ("0") in the amount box. a. The payment of an insurance premium of $9,800 for a three year policy was debited to Prepaid Insurance for $9,800 and credited to Cash for $8,900. Indicate whether the debit or credit total is higher and by how much. The debit total is higher by $ b. A payment of $350 on account was debited to Accounts Payable for $530 and credited to Cash for $530. Indicate whether the debit or credit total is higher and by how much. The debit and credit totals would be equal by $ c. A purchase of supplies on account for $2,900 was debited to Supplies for $2,900 and debited to Accounts Payable for $2,900. Indicate whether the debit or credit total is higher and by how much. The debit total is higher v by $
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