What is the type of error made?
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A credit sales of RM5,000 to Rima was credited to the Sales Account, but wrongly debited in Rama account (a debtor). What is the type of error made?
Error of original entry
Error of commission
Compensating error
Error of omission
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- 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.Which 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 productWould 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.
- what is the solution for The credit total of a trial balance exceeds the debit total by P350. In investigating the cause of the difference, the following errors were determined:a credit to accounts receivable of P550 was not posted;a P5,000 debit to be made to the Purchases account was debited to Accounts payable instead;a P3,000 credit to be made to the Sales account was credited to the Accounts receivable account instead;the Interest payable account balance of P4,500 was included in the trial balance as P5,400.The correct balance of the trial balance isIndicate which of the following errors, each considered individually, would cause the trial balance totals to be unequal:a. A fee of $21,000 earned and due from a client was not debited to Accounts Receivableor credited to a revenue account, because the cash had not been received.b. A receipt of $11,300 from an account receivable was journalized and posted as a debit of $11,300 to Cash and a credit of $11,300 to Fees Earned.c. A payment of $4,950 to a creditor was posted as a debit of $4,950 to Accounts Payable and a debit of $4,950 to Cash.d. A payment of $5,000 for equipment purchased was posted as a debit of $500 to Equipment and a credit of $500 to Cash.e. 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.Indicate which of the preceding errors would require a correcting entry.Indicate which of the following errors, each considered individually, would cause the trial balance totals to be unequal:a. A fee of $21,000 earned and due from a client was not debited to Accounts Receivable or credited to a revenue account, because the cash had not been received.b. A receipt of $11,300 from an account receivable was journalized and posted as a debit of $11,300 to Cash and a credit of $11,300 to Fees Earned.c. A payment of $4,950 to a creditor was posted as a debit of $4,950 to Accounts Payable and a debit of $4,950 to Cash.d. A payment of $5,000 for equipment purchased was posted as a debit of $500 to Equipment and a credit of $500 to Cash.e. 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.Indicate which of the preceding errors would require a correcting entry.
