The following would cause the trial balance not to balance. Payment of a cash withdrawal of $19,000 was journalized and posted as a debit of $1,900 to Salary Expense and a credit of $19,000 to Cash. True or False?
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The following would cause the
Payment of a cash withdrawal of $19,000 was journalized and posted as a debit of $1,900 to Salary Expense and a credit of $19,000 to Cash. True or False?
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- Post the following February transactions to T-accounts for Accounts Receivable and Cash, indicating the ending balance (assume no beginning balances in these accounts). A. provided legal services to customers for cash, $5,600 B. provided legal services to customers on account, $4,700 C. collected cash from customer accounts, $3,500On January 24, 20Y8, Niche Consulting collected $5,700 it had hilled its clients for services rendered on December 31, 20Y7. How would you record the January 24 transaction, using the accrual basis? A. Increase Cash, $5,700; decrease Fees Earned, $5,700 B. Increase Accounts Receivable, $5,700; increase Fees Earned, $5,700 C. Increase Cash, $5,700; decrease Accounts Receivable, $5,700 D. Increase Cash, $5,700; increase Fees Earned, $5,700Which of these transactions requires a credit entry to Revenue? A. received cash from services performed this month B. collected balance due from customers C. received cash from bank loan D. refunded a customer for a defective product
- A 250 payment for salaries expense was incorrectly journalized and posted as a debit to Salaries Expense for 2,500 and a credit to Cash for 2,500. Using the one-step method, how would the entry be corrected? a. Cash2,500 Salaries Expense2,500 b. Salaries Expense250 Cash250 c. Cash2,250 Salaries Expense2,250 d. Salaries Expense2,250 Cash2,250A payment of a cash withdrawal of $19,000 was journalized and posted as a debit of $1,900 to Salary Expense and a credit of $19,000 to Cash. Is this the correct way?A payment of $4,950 to a creditor was posted as a debit of $4,950 to Accounts Pay-able and a debit of $4,950 to Cash. This entry would cause the trial balance to be unequal. True or False?
- 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.a. The payment of cash for the purchase of office equipment of $12,900 was debited to Land for $12,900 and credited to Cash for $12,900.b. The payment of $1,840 on account was debited to Accounts Payable for $184 and credited to Cash for $1,840.c. The receipt of cash on account of $3,800 was recorded as a debit to Cash for $8,300 and a credit to Accounts Receivable for $3,800.In the trial balance below, total debits do not equal total credits. Find and correct the likely error(s) to bring the totals into balance. Debit Credit Cash 158,000 Office Supplies 25,000 Equipment 180,000 Accum. Depreciation—Equipment 44,000 Accounts Payable 47,700 Wages Payable 13,000 W. Shannon, Capital 20,970 W. Shannon, Withdrawals 25,000 Entertainment Revenue 338,000 Rent Expense 26,800 Gas and Oil Expense 3,000 Wage Expense 219,700 Advertising Expense 12,500 Legal Expense 11,400 Totals 636.400 488,670 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.Jetson Corp. performed services for a customer worth $500 and the customer will pay for those services next month. When the transaction was journalized, however, Jetson's accountant debited the "Cash" account and credited the "Service Revenue" account for $500 each. Question: As a result of this error, which of the following statements is/are true? (check all that apply) Select one or more: a. Total debits and total credits will still equal but the balance sheet equation will not be satisfied. b. Total debits and total credits will still equal and the balance sheet equation will be satisfied. c. The "Accounts Receivable" account balance will be too low (understated) while the "Cash" account balance will be too high (overstated). d. The "Accounts Receivable" account balance will be too low (understated) while the "Service Revenue" account balance will be too high (overstated).
- The following errors took place in journalizing and posting transactions: a ) A withdrawal of $5,000 by Saleem, owner of the business, was recorded as a debit to Office Expense and a credit to Cash. b) An accounts receivable payment for $7,800 was recorded as a debit to Cash and a credit to Fees Earned. Journalize the entries to correct the errors.Assume that Sunshine Realty Co. borrowed $300,000 from Columbia First Bank and Trust. In recording the transaction, Sunshine erroneously recorded the receipt as a debit to Cash, $300,000, and a credit to Fees Earned, $300,000. (a) How would this error affect the equality of the trial balance? (b) How would this error affect the income statement, statement of owner’s equity, and balance sheet?Which of the following accounts decreases with a debit? A) notes payable B) cash C) accounts receivable D) rent expense For expenses, the category of account and its normal balance is ______ A) assets and a debit balance B) equity, and a credit balance C) equity, and a debit balance D) assets, and a credit balance Ranger pool company received cash of $40,000 and issued common stock which of the following accounts will be credited? A) cash B) accounts receivable C) common stock D) accounts payable 
