The following errors were detected: 1. The cash balance is overstated by $5,000. 2. Rent expense of $340 was erroneously posted as a credit rather than a debit. 3. A S6,800 credit to Service revenue was not posted. 4. A $400 debit to Accounts receivable was posted as $40. 5. The balance of Utilities expense is understated by $70. 6. A $900 purchase of supplies on account was neither journalized nor posted. 7. Equipment should be $16,490.

The following errors were detected: 1. The cash balance is overstated by $5,000. 2. Rent expense of $340 was erroneously posted as a credit rather than a debit. 3. A S6,800 credit to Service revenue was not posted. 4. A $400 debit to Accounts receivable was posted as $40. 5. The balance of Utilities expense is understated by $70. 6. A $900 purchase of supplies on account was neither journalized nor posted. 7. Equipment should be $16,490.

Name: Prepare Trial Balance and owners equity. The following errors were det
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Description: Prepare Trial Balance and owners equity. The following errors were detected:AccountDebltCredit1. The cash balance is overstated by $5,000.2. Rent expense of $340 was erroneously posted as a credit rather than a debit.3. A $6,800 credit to Service rev

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter2: T Accounts, Debits And Credits, Trial Balance, And Financial Statements

Section: Chapter Questions

Problem 8E: Would the following errors cause the trial balance to have equal or unequal totals? As a result of...

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Would the following errors cause the trial balance to have equal or unequal totals? As a result of the errors, which accounts are overstated (by how much) or understated (by how much)? a. A purchase of office equipment for 380 was recorded as a debit to Office Equipment for 38 and a credit to Cash for 38. b. A payment of 280 to a creditor was debited to Accounts Receivable and credited to Cash for 280 each. c. A purchase of supplies for 245 was recorded as a debit to Equipment for 245 and a credit to Cash for 245. d. A payment of 76 to a creditor was recorded as a debit to Accounts Payable for 76 and a credit to Cash for 67.
Based on the data presented in Exercise 5-1, assume that the beginning balances for the customer accounts were zero, except for Sunrise Enterprises, which had a 480 beginning balance. In addition, there were no collections during the period. a. Set up a T account for Accounts Receivable and T accounts for the four accounts b. needed in the customer ledger. c. Post to the T accounts. d. Determine the balance in the accounts. e. Prepare a listing of the accounts receivable customer balances as of March 31, 2016.
Based on the data presented in Exercise 5-1, assume that the beginning balances for the customer accounts were zero, except for Tillman Inc., which had a 590 beginning balance. In addition, there were no collections during the period. a. Set up a T account for Accounts Receivable and T accounts for the four accounts needed in the customer ledger. b. Post to the T accounts. c. Determine the balance in the accounts. d. Prepare a listing of the accounts receivable customer balances as of May 31, 20Y3.
The bookkeeper for Nevado Company has prepared the following trial balance: The bookkeeper has asked for your help. In examining the companys journal and ledger, you discover the following errors. Use this information to construct a corrected trial balance. a. The debits to the Cash account total 8,000, and the credits total 3,300. b. A 500 payment to a creditor was entered in the journal correctly but was not posted to the Accounts Payable account. c. The first two numbers in the balance of the Accounts Receivable account were transposed when the balance was copied from the ledger to the trial balance. d. The 1,500 amount withdrawn by the owner for personal use was debited to Miscellaneous Expense by mistakeit was correctly credited to Cash.
The following errors occurred in posting from a two-column journal: A credit of $6,000 to Accounts Payable was not posted. An entry debiting Accounts Receivable and crediting Fees Earned for $5,300 was not posted. A debit of $2,700 to Accounts Payable was posted as a credit. A debit of $480 to Supplies was posted twice. A debit of $3,600 to Cash was posted to Miscellaneous Expense. A credit of $780 to Cash was posted as $870. A debit of $12,620 to Wages Expense was posted as $12,260. Considering each case individually (i.e., assuming that no other errors had occurred), indicate: Considering each case individually (i.e., assuming that no other errors had occurred):(a) Indicate by "yes" or "no" whether the trial balance would be out of balance.(b) If answer to (a) is "yes", indicate the amount by which the trial balance totals would differ.(c) Indicate whether the debit or credit column of the trial balance would have the larger total. If "no", enter "0" in the difference column and…
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.
The following errors occurred in posting from a two-column journal: A credit of $8,390 to Accounts Payable was not posted. An entry debiting Accounts Receivable and crediting Fees Earned for $11,900 was not posted. A debit of $1,140 to Accounts Payable was posted as a credit. A debit of $2,330 to Supplies was posted twice. A debit of $1,410 to Cash was posted to Miscellaneous Expense. A credit of $460 to Cash was posted as $640. A debit of $8,510 to Wages Expense was posted as $8,150. *I solved everything but number 2, I just need #2 (I thought the amount would be 0 since it was not posted but it says it is not). I am having a hard time with this question.