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- Pixel Copies recorded a cash collection on account by debiting Cash and crediting Accounts Payable. What will the trial balance show for this error? a. Cash is overstated b. Liabilities are overstated c. Expenses are overstated d. The trial balance will not balanceWhen the amount of cash in the cash register exceeds the amount in the cash register tapes, the difference is debited to Cash Over and Short account.___________. True or false?Pixel Copies recorded a cash collection on account by debiting Cash and crediting Accounts Payable. What will the trial balance show for this error? Cash is overstated Liabilities are overstated Expenses are overstated The trial balance will not balance
- Suppose we collected cash from a charge customer and the debit was to Cash and the credit to Sales. How and when would this error be discovered?35- Which of the following should be done in case of excess cash and the reason cannot be found that day ? a) It is written to the debtor side of the 197 Counting and Receipt Deficiencies Account B) It is written to the debtor side of Account 397 Counting and Receipt Deficiencies NS) It is written to the creditor side of Account 397 Counting and Receipt Deficiencies D) 659 Debited for other ordinary expenses TO) It is written to the creditor side of Account 197 Counting and Receipt DeficienciesThe type of account and normal balance of Petty Cash is a(n) Select one: A. asset, debit B. revenue, credit C. liability, credit D. expense, debit
- Which of the following errors would not affect net income?A. Post-dated checks are classified as cash upon receipt from customersB. Purchases on account are unrecorded because the goods are still in transit : butthe goods were included in inventoryC. Depreciation expense was recorded twice for the same yearD. The client charged an ordinary repair as part of equipment cost.Which of the following statement is incorrect regarding Cash and Cash Equivalents? a. Postage Stamps and expenses advances should be reported as office supplies or prepaid expense b. Undelivered or unreleased checks should be reverted back to Cash and Accounts payable. c. Cash set aside for long-term specific purpose or for acquisition of a non-current asset should be reported as non-current financial asset. d. Cash in closed banks or banks having difficulty or in bankruptcy should be classify as Cash and should be written down to its recoverable amount.73. Which of the following situation will decrease both receipts and disbursement in the book proof of cash?I. Collection of customers account was recorded higher by P10,000 and corrected in the same period.II. Disbursements of check payment to supplier was recorded higher by P5,000 and corrected in the same period.III. Disbursements of check payment to supplier was recorded lower by P5,000 and corrected in the same period. Group of answer choices III only Both I and III Both I and II II only Both II and III I only
- A check payment for $658 was incorrectly entered in the Cash account as $856. Which of the following adjustments needs to be made? A. increase the book balance B. decrease the book balance C. decrease the bank statement balance D. increase the bank statement balance23.At the end of the accounting period, the petty cash fund/drawer showed petty cash vouchers for expenses paid from the fund that have not been reimbursed. If no adjusting entry is made at year end, a. cash will be understated and expenses will be overstated. b. cash will be overstated and expenses will be understated c. cash and net income will be understated. d. cash and expenses will be overstated.An error was made in posting of cash sales for $2 000. The both accounts were understated by the amount. What type of error is this? Error of Principle Error of Original Entry Error of Commission Reversal of Entries