The classes/categories of account that are always Credited except when closing, correcting error, reversing entries or making a mistake are;
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The classes/categories of account that are always Credited except when closing, correcting error,
reversing entries or making a mistake are;
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- The classes/categories of account that are always debited except when closing, correcting error, reversing entries or making a mistake are;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.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.)
- The withdrawals account is normally closed by debiting it. Group of answer choices True FalseFor each of the following situations, indicate whether itrepresents an accounting error and explain why it is or isnot an error. Also state whether a trial balance would indicate that an error exists for each situation.d. The debit side of a journal entry was recorded in theaccounts, but the credit side was not.Errors can occur in posting debits and credits from the journal to the ledger. One way to detect errors is by transferring the balances in each account to summary report called the _____________________ and by adding the debit column and the credit column to see if the totals equal (or balance). Group of answer choices ledger journal balance sheet trial balance
- Example of posting reversing entries in the ledger.Which of the following statements regarding the balance ledger form is inaccurate? It displays multiple accounts within a single form. It shows the balance of the account after each entry is posted It is one of a number of types of general ledger accounts forms Or It includes a posting reference column and a description columnIf a discovered accounting error is a counterbalancing error that has already corrected itself no journal entry is required but financial statements should be restated. no journal entry is required and financial statements need not be restated. one journal entry is required and financial statements should be restated. two journal entries are required and financial statements should be restated.
- Please solve problem completely. If no entry is required select “No entry” for the account titles and enter 0 for the amounts. Record journal entries in the order displayed in the problem statementAfter closing entries have been posted, the temporary accounts will have zero balances. Select one: True FalseAre there any accounts that would never have an adjusting entry? Explain.
