Sunland Inc. mistakenly recorded a cheque as $653 that was written for $761 in payment of a payable owing to one of the company’s suppliers. In addition, the company noticed that the bank had mistakenly deducted a cheque for $476 from its bank account that was written by another company. (b) Identify any entries required on Sunland’s books to correct these errors. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Sunland Inc. mistakenly recorded a cheque as $653 that was written for $761 in payment of a payable owing to one of the company’s suppliers. In addition, the company noticed that the bank had mistakenly deducted a cheque for $476 from its bank account that was written by another company. (b) Identify any entries required on Sunland’s books to correct these errors. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Quickbooks Online Accounting

3rd Edition

ISBN:9780357391693

Author:Owen

Publisher:Owen

Chapter8: Budgets And Bank Reconciliations

Section: Chapter Questions

Problem 2.10C

See similar textbooks

Similar questions

The Colby Group has the following unadjusted trial balance as of August 31, 2019: 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. Instructions 1. Prepare a corrected unadjusted trial balance as of August 31, 2019. 2. Does the fact that the unadjusted trial balance in (1) is balanced mean that there are no errors in the accounts? Explain.
Tech Support Services has the following unadjusted trial balance as of January 31, 2019: 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 8,000. b. A cash receipt of 4,100 was posted as a debit to Cash of 1,400. c. A debit of 12,350 to Accounts Receivable was not posted. d. A return of 235 of defective supplies was erroneously posted as a 325 credit to Supplies. e. An insurance policy acquired at a cost of 3,000 was posted as a credit to Prepaid Insurance. f. The balance of Notes Payable was overstated by 21,000. g. A credit of 3,450 in Accounts Payable was overlooked when the balance of the account was determined. h. A debit of 6,000 for a withdrawal by the owner was posted as a debit to Thad Engelberg, Capital. i. The balance of 28,350 in Advertising Expense was entered as 23,850 in the trial balance. j. Miscellaneous Expense, with a balance of 4,600, was omitted from the trial balance. Instructions 1. Prepare a corrected unadjusted trial balance as of January 31, 2019. 2. Does the fact that the unadjusted trial balance in (1) is balanced mean that there are no errors in the accounts? Explain.
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…
The accountant at Fidel Trading has received the November 2010 bank statement. She immediately investigates the difference between the bank account balance of the cash book and the balance of the bank statement. The accountant has found the following discrepancies: A cheque for $3,000 received from a debtor was deposited at the bank but no journal entry was made to record the transaction in the cash book. The repayment of a mortgage is made on behalf of the business by the bank on the authority of a standing order. The payment of $18,000 for the month of November 2010 was not recorded in the cash book. A $36,900 deposit made to the bank on November 30, 2010, did not appear on the bank statement. A cheque for $67,000 which was paid to a creditor was incorrectly recorded in the cash book as $76,000. Bank charges of $2,400 appeared on the bank statement only. The direct transfer of $10,000 from Fidel’s bank to the bank of the supplier was not recorded in the cash book. Cheques…
The accountant at Fidel Trading has received the November 2010 bank statement. She immediately investigates the difference between the bank account balance of the cash book and the balance of the bank statement. The accountant has found the following discrepancies: A cheque for $3,000 received from a debtor was deposited at the bank but no journal entry was made to record the transaction in the cash book. The repayment of a mortgage is made on behalf of the business by the bank on the authority of a standing order. The payment of $18,000 for the month of November 2010 was not recorded in the cash book. A $36,900 deposit made to the bank on November 30, 2010, did not appear on the bank statement. A cheque for $67,000 which was paid to a creditor was incorrectly recorded in the cash book as $76,000. Bank charges of $2,400 appeared on the bank statement only. The direct transfer of $10,000 from Fidel’s bank to the bank of the supplier was not recorded in the cash book. Cheques amounting…
The accountant at Fidel Trading has received the November 2010 bank statement. She immediately investigates the difference between the bank account balance of the cash book and the balance of the bank statement. The accountant has found the following discrepancies: A cheque for $3,000 received from a debtor was deposited at the bank but no journal entry was made to record the transaction in the cash book. The repayment of a mortgage is made on behalf of the business by the bank on the authority of a standing order. The payment of $18,000 for the month of November 2010 was not recorded in the cash book. A $36,900 deposit made to the bank on November 30, 2010, did not appear on the bank statement. A cheque for $67,000 which was paid to a creditor was incorrectly recorded in the cash book as $76,000. Bank charges of $2,400 appeared on the bank statement only. The direct transfer of $10,000 from Fidel’s bank to the bank of the supplier was not recorded in the cash book. Cheques…
The accountant at Fidel Trading has received the November 2010 bank statement. She immediately investigates the difference between the bank account balance of the cash book and the balance of the bank statement. The accountant has found the following discrepancies: A cheque for $3,000 received from a debtor was deposited at the bank but no journal entry was made to record the transaction in the cash book. The repayment of a mortgage is made on behalf of the business by the bank on the authority of a standing order. The payment of $18,000 for the month of November 2010 was not recorded in the cash book. A $36,900 deposit made to the bank on November 30, 2010, did not appear on the bank statement. A cheque for $67,000 which was paid to a creditor was incorrectly recorded in the cash book as $76,000. Bank charges of $2,400 appeared on the bank statement only. The direct transfer of $10,000 from Fidel’s bank to the bank of the supplier was not recorded in the cash book. Cheques amounting…
The accountant at Fidel Trading has received the November 2010 bank statement. She immediately investigates the difference between the bank account balance of the cash book and the balance of the bank statement. The accountant has found the following discrepancies: A cheque for $3,000 received from a debtor was deposited at the bank but no journal entry was made to record the transaction in the cash book. The repayment of a mortgage is made on behalf of the business by the bank on the authority of a standing order. The payment of $18,000 for the month of November 2010 was not recorded in the cash book. A $36,900 deposit made to the bank on November 30, 2010, did not appear on the bank statement. A cheque for $67,000 which was paid to a creditor was incorrectly recorded in the cash book as $76,000. Bank charges of $2,400 appeared on the bank statement only. The direct transfer of $10,000 from Fidel’s bank to the bank of the supplier was not recorded in the cash book. Cheques amounting…
The accountant at Fidel Trading has received the November 2010 bank statement. She immediately investigates the difference between the bank account balance of the cash book and the balance of the bank statement. The accountant has found the following discrepancies: i. A cheque for $3,000 received from a debtor was deposited at the bank but no journal entry was made to record the transaction in the cash book. ii. The repayment of a mortgage is made on behalf of the business by the bank on the authority of a standing order. The payment of $18,000 for the month of November 2010 was not recorded in the cash book. iii. A $36,900 deposit made to the bank on November 30, 2010, did not appear on the bank statement. iv. A cheque for $67,000 which was paid to a creditor was incorrectly recorded in the cash book as $76,000. v. Bank charges of $2,400 appeared on the bank statement only. vi. The direct transfer of $10,000 from Fidel’s bank to the bank of the supplier was not recorded in the cash…
The accountant at Fidel Trading has received the November 2010 bank statement. She immediately investigates the difference between the bank account balance of the cash book and the balance of the bank statement. The accountant has found the following discrepancies: i. A cheque for $3,000 received from a debtor was deposited at the bank but no journal entry was made to record the transaction in the cash book. ii. The repayment of a mortgage is made on behalf of the business by the bank on the authority of a standing order. The payment of $18,000 for the month of November 2010 was not recorded in the cash book. iii. A $36,900 deposit made to the bank on November 30, 2010, did not appear on the bank statement. iv. A cheque for $67,000 which was paid to a creditor was incorrectly recorded in the cash book as $76,000. v. Bank charges of $2,400 appeared on the bank statement only. vi. The direct transfer of $10,000 from Fidel’s bank to the bank of the supplier was not recorded in the cash…
The accountant at Fidel Trading has received the November 2010 bank statement. She immediately investigates the difference between the bank account balance of the cash book and the balance of the bank statement. The accountant has found the following discrepancies: i. A cheque for $3,000 received from a debtor was deposited at the bank but no journal entry was made to record the transaction in the cash book. ii. The repayment of a mortgage is made on behalf of the business by the bank on the authority of a standing order. The payment of $18,000 for the month of November 2010 was not recorded in the cash book. iii. A $36,900 deposit made to the bank on November 30, 2010, did not appear on the bank statement. iv. A cheque for $67,000 which was paid to a creditor was incorrectly recorded in the cash book as $76,000. v. Bank charges of $2,400 appeared on the bank statement only. vi. The direct transfer of $10,000 from Fidel’s bank to the bank of the supplier was not recorded in the cash…