FINANCIAL+MANAG.ACCT.
9th Edition
ISBN: 9781260728774
Author: Wild
Publisher: RENT MCG
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Question
Chapter 2, Problem 12QS
To determine
Concept Introduction:
Errors in posting: If the
The error that has created an imbalance of $4,500 on the credit side of the trial balance.
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Students have asked these similar questions
If a $335.00 debit item in the general journal is posted as a credit: By how much will the trial balance be out of balance? Explain how you might detect such an error.
2. MC.03.002
A book of original entry is known as a
a. ledger account.
b. trial balance.
c. general ledger.
d. Taccount.
e. Journal.
3.MC.03.003
An accountant wanting to know the balance of a particular account would refer to the
a. source document.
b. chart of accounts.
c. journal.
d. book of original entry.
e. ledger.
4.MC.03.004
The process of subtotalling both sides of an account and recording the amount on that side is known as
a. Journalizing.
b. footing.
c. balancing the accounts.
d. taking a trial balance.
e. posting.
5.MC.03.005
If the number of an account is 211, this probably means that the account is the first account in the
a. Liabilities section.
b. Owner's Equity section.
c. Revenues section.
d. Expenses section.
e. Assets section.
6. MC.03.006
When an entry is posted, the last step in the process is
a. placing the balance of the account in either the debit or credit column in the ledger.
b. placing the account number in the Post. Ref. column of the ledger.
c. placing…
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.
Note: Select "None" if there is no effect.
Description of Posting Error
a $2,720 debit to Rent Expense is posted as a
$2,270 debit
b. $5,440 credit to Cash is posted twice as two
credits to Cash
c. $2,570 debit to Prepaid Insurance is posted as a
debit to Insurance Expense.
d. $47,600 debit to Machinery is posted as a debit,
to Accounts Payable
e. $6,340 credit to Services Revenue is posted as a
$634 credit.
f. $1,760 debit to Store Supplies is not posted.
(1)
Difference
between
Debit and
Credit
Columns
$…
Chapter 2 Solutions
FINANCIAL+MANAG.ACCT.
Ch. 2 - Prob. 1QSCh. 2 - Prob. 2QSCh. 2 - Reading a chart of accounts C3 A chart of accounts...Ch. 2 - Prob. 4QSCh. 2 - Prob. 5QSCh. 2 - Prob. 6QSCh. 2 - Prob. 7QSCh. 2 - Prob. 8QSCh. 2 - Prob. 9QSCh. 2 - Prob. 10QS
Ch. 2 - Prob. 11QSCh. 2 - Prob. 12QSCh. 2 - Prob. 13QSCh. 2 - Prob. 14QSCh. 2 - Prob. 15QSCh. 2 - Prob. 16QSCh. 2 - Prob. 17QSCh. 2 - Prob. 18QSCh. 2 - Prob. 19QSCh. 2 - Exercise 2-1 Steps in analyzing and recording...Ch. 2 - Prob. 2ECh. 2 - Prob. 3ECh. 2 - Prob. 4ECh. 2 - Prob. 5ECh. 2 - Prob. 6ECh. 2 - Prob. 7ECh. 2 - Prob. 8ECh. 2 - Prob. 9ECh. 2 - Prob. 10ECh. 2 - Prob. 11ECh. 2 - Prob. 12ECh. 2 - Prob. 13ECh. 2 - Prob. 14ECh. 2 - Prob. 15ECh. 2 - Prob. 16ECh. 2 - Prob. 17ECh. 2 - Prob. 18ECh. 2 - Prob. 19ECh. 2 - Prob. 20ECh. 2 - Prob. 21ECh. 2 - Exercise 2-20 Identifying effects of posting...Ch. 2 - Prob. 23ECh. 2 - Prob. 24ECh. 2 - Prob. 25ECh. 2 - Prob. 26ECh. 2 - Prob. 27ECh. 2 - Prob. 28ECh. 2 - Prob. 29ECh. 2 - Prob. 1PSACh. 2 - Problem 2-2A Preparing and posting journal...Ch. 2 - Prob. 3PSACh. 2 - Prob. 4PSACh. 2 - Prob. 5PSACh. 2 - Prob. 6PSACh. 2 - Prob. 7PSACh. 2 - Prob. 1PSBCh. 2 - Prob. 2PSBCh. 2 - Prob. 3PSBCh. 2 - Prob. 4PSBCh. 2 - Prob. 5PSBCh. 2 - Prob. 6PSBCh. 2 - Prob. 7PSBCh. 2 - Prob. 2SPCh. 2 - Prob. 1GLPCh. 2 - Prob. 2GLPCh. 2 - Prob. 3GLPCh. 2 - Prob. 4GLPCh. 2 - Prob. 5GLPCh. 2 - Prob. 6GLPCh. 2 - Prob. 7GLPCh. 2 - Prob. 1.1AACh. 2 - Prob. 1.2AACh. 2 - Prob. 1.3AACh. 2 - Prob. 1.4AACh. 2 - Prob. 2.1AACh. 2 - Prob. 2.2AACh. 2 - Prob. 2.3AACh. 2 - Prob. 3.1AACh. 2 - Prob. 3.2AACh. 2 - Prob. 3.3AACh. 2 - Provide the names of two (a) asset accounts, (b)...Ch. 2 - Prob. 2DQCh. 2 - Prob. 3DQCh. 2 - Prob. 4DQCh. 2 - Prob. 5DQCh. 2 - Prob. 6DQCh. 2 - Prob. 7DQCh. 2 - Prob. 8DQCh. 2 - Prob. 9DQCh. 2 - Prob. 10DQCh. 2 - Prob. 11DQCh. 2 - Prob. 12DQCh. 2 - Prob. 13DQCh. 2 - Prob. 14DQCh. 2 - Prob. 15DQCh. 2 - Prob. 1BTNCh. 2 - Prob. 2BTNCh. 2 - Prob. 3BTNCh. 2 - Prob. 4BTNCh. 2 - Prob. 5BTNCh. 2 - Prob. 6BTN
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Similar questions
- 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.arrow_forwardPosting 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. Note: Select "None" if there is no effect. (1) Difference between Description of Posting Error Debit and Credit Columns Larger Total (2) Column with the (3) Identify Account(s) Incorrectly Stated (4) Amount of account over- or understatement a. $1,720 debit to Rent Expense is posted as a $1,270 debit. $ 450 Credit Rent Expense Rent Expense is understated by $450 b. $3,440 credit to Cash is posted twice as two credits to Cash. c. $1,570 debit to Prepaid Insurance is posted as a debit to Insurance Expense.…arrow_forwardPosting 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.)arrow_forward
- Which of the following errors will be detected by a trial balance? a. Posting a credit to Sales instead of the Accounts Payable b. Incorrecty computing the balance of the cash account c. Not journalizing a complete sales transaction d. Forgetting to post a complete purchase transactionarrow_forwardSelect the best answer for the question. 10. A trial balance indicates that the debit total exceeds the credit total by $63. Which of the following errors is the most probable source of the discrepancy? A. An asset with a balance of $63 was mistakenly entered in the ledger as a credit for that amount instead of a debit B. An asset with a balance of $670 was mistakenly entered in the ledger as a $607 debit OC. A liability with a balance of $63 was mistakenly entered in the ledger as a debit for that amount, instead of a credit OD. A liability with a balance of $970 was mistakenly entered in the ledger as a $907 credit O Mark for review (Will be highlighted on the review page) Previous Question Next Question >>arrow_forwardErrors 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 balancearrow_forward
- If debits do not equal credits, the first step to find the error is to O Call your manager and ask for advice. O Add the debit and credit columns again O Review the journal entries for errors Make correcting entries rather than adjusting entriesarrow_forwardA trial balance will disclose that an error has been made in Entering an amount on the wrong side of account Computing the interest expense on note payable Posting an amount to the wrong ledger account Double-posting two both sides of entryarrow_forwardComplete the following table by filling in the blanks. For each of the listed posting errors: 1. Enter in column (1) the amount of the difference that the error would create between the two trial balance columns (show a zero if the columns would balance). 2. Identify if there would be a difference between the two columns, and identify in column (2) the trial balance column that would be larger. 3. Identify the account(s) affected in column (3). 4. Identify the amount by which the account(s) is (are) under- or overstated in column (4). The answer for the first error is provided as an example. (1) Difference (2) column With the Larger Total Stated (3) Identify Account(s) Incorrectly Stated (4) Account(s) is Overstated or Understated Description Between Debit and Credit Columns A $2.400 debit to Rent expense was posted as a $1,590 debit. $ 810 Credit Rent expenses Understated a. A $42,000 debit to Machinery was posted as a debit b. to Accounts payable. A $4.950 credit to Services revenue…arrow_forward
- In a cash receipts journal, both the Accounts Receivable Credit column and the Cash Debit column were mistakenly underadded by 700. How will this error be discovered?arrow_forwardAfter Bunker Hill Assay Services Inc. had completed all postings for March in the current year (20Y4), the sum of the balances in the following accounts payable ledger did not agree with the 36,600 balance of the controlling account in the general ledger: Assuming that the controlling account balance of 36,600 has been verified as correct, (a) determine the error(s) in the preceding accounts and (b) prepare a listing of accounts payable creditor balances (from the corrected accounts payable subsidiary ledger).arrow_forwardA suspense account was opened when a trial balance failed to agree. The following errors were later discovered. A gas bill of $420 had been recorded in the gas account as $240. A discount of $50 given to a customer had been credited to discounts received. Interest received of $70 had been entered in the bank account only. What was the original balance on the suspense account?arrow_forward
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