Connect Access Card for Financial Accounting: Information and Decisions
8th Edition
ISBN: 9781259662966
Author: John J Wild
Publisher: McGraw-Hill Education
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Chapter 2, Problem 21E
Summary Introduction
Concept Introduction:
A transaction is recorded using a
To State:Amount of Misstatement.
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Question 10 of 20:
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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?
OA. An asset with a balance of $63 was mistakenly entered in the ledger as a credit for that amount, instead of a debit
OB. 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 debe 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
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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.
8. If a $335.00 debit item in the general journal is posted as a debit for $353.00,
and as a credit for the correct amount of $335.00
a) By how much will the trial balance be out of balance? $
b) Will the debits be understated or overstated?_
c) What do accountants call this type of error?
Chapter 2 Solutions
Connect Access Card for Financial Accounting: Information and Decisions
Ch. 2 - Provide the names of two (a) asset accounts, (b)...Ch. 2 - What is the difference between a note payable and...Ch. 2 - Prob. 3DQCh. 2 - Prob. 4DQCh. 2 - Prob. 5DQCh. 2 - Should a transaction be recorded first in a...Ch. 2 - Prob. 7DQCh. 2 - Why does the recordkeeper prepare a trial balance?Ch. 2 - Prob. 9DQCh. 2 - Prob. 10DQ
Ch. 2 - Prob. 11DQCh. 2 - Prob. 12DQCh. 2 - Prob. 13DQCh. 2 - Prob. 14DQCh. 2 - Prob. 15DQCh. 2 - Review the Apple balance sheet in Appendix A....Ch. 2 - Prob. 17DQCh. 2 - Prob. 18DQCh. 2 - Identify the items from the following list that...Ch. 2 - Prob. 2QSCh. 2 - Prob. 3QSCh. 2 - Prob. 4QSCh. 2 - Prob. 5QSCh. 2 - Prob. 6QSCh. 2 - Prob. 7QSCh. 2 - Prob. 8QSCh. 2 - Prob. 9QSCh. 2 - Prob. 11QSCh. 2 - Prob. 1ECh. 2 - Prob. 2ECh. 2 - Prob. 3ECh. 2 - Prob. 4ECh. 2 - Prob. 5ECh. 2 - Prob. 6ECh. 2 - Prob. 7ECh. 2 - Prob. 9ECh. 2 - Prob. 11ECh. 2 - Prob. 12ECh. 2 - Prob. 13ECh. 2 - Prob. 14ECh. 2 - A corporation had the following assets and...Ch. 2 - Prob. 16ECh. 2 - Prob. 17ECh. 2 - Prob. 18ECh. 2 - Prob. 19ECh. 2 - Prob. 20ECh. 2 - Prob. 21ECh. 2 - Prob. 22ECh. 2 - Prob. 1PSACh. 2 - Prob. 2PSACh. 2 - Prob. 3PSACh. 2 - Prob. 4PSACh. 2 - Prob. 5PSACh. 2 - Prob. 1PSBCh. 2 - Prob. 2PSBCh. 2 - Prob. 3PSBCh. 2 - Nuncio Consulting complete the following...Ch. 2 - Prob. 5PSBCh. 2 - Prob. 2SPCh. 2 - Prob. 1BTNCh. 2 - Key comparative figures for Apple and Google...Ch. 2 - Assume that you are a cashier and your manager...Ch. 2 - Prob. 4BTNCh. 2 - Prob. 6BTNCh. 2 - Prob. 7BTNCh. 2 - Prob. 8BTNCh. 2 - Samsung (www.Samsung.com) is a market leader in...
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- Select 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_forwardIdentify which error will cause the trial balance to be out of balance. Multiple Choice 6:38 A $440 cash salary payment posted as a $440 debit to Cash and a $440 credit to Salaries Expense. A $340 cash receipt from a customer in payment of her account posted as a $340 debit to Cash and a $34 credit to Accounts Receivable. A $195 cash receipt from a customer in payment of her account posted as a $195 debit to Cash and a $195 credit to Cash. A $122 cash purchase of office supplies posted as a $122 debit to Office Equipment and a $122 credit to Cash. An $2,000 prepayment from a customer for services to be rendered in the future was posted as an $2.000 debit to Unearned Revenue and an $2,000 credit to Cash. 10 of 30 MacBook Air 出arrow_forwardExercise of rectifying errors using suspense account Rectify the following accounting errors through Suspense Account by making journal entries: (the following are all one side errors) Purchase of goods from Muna for R.O 2,500 was entered in the Sales Book; however, Muna's Account was correctly credited. Cash received from Ali, a debtor, R.O 3,200 was correctly entered in the Cash Book but was omitted to be posted to his account. 3. Sales Book was overcast by R.O 1,500. 4. Cash of R.O 4,000 paid to Hani was credited to Rafi A/c as R.O 1,400. 5.The total of Purchase Returns Book of R.O 3,150 was carried forward as R.O 1,530. 1. 2. 6. Noor, a creditor, was paid cash R.O 6,500 but Muna was debited by R.O 6,000.arrow_forward
- 27. A debit balance of R1 123 in the general ledger was shown in the trial balance as a credit balance of R2 123. By how much will the trial balance not balance due to the above-mentioned error? A. R3 246 B. R3 266 C. R1 000 D. R1 633arrow_forwardFINDING AND CORRECTING ERRORS On May 25, after the transactions had been posted, Joe Adams discovered that the following entry contains an error. The cash received represents a collection on account, rather than new service fees. Correct the error in the general journal using a correcting entry.arrow_forwardFINDING AND CORRECTING ERRORS Joe Adams bought 500 worth of office supplies on account. The following entry was recorded on May 17. Find the error(s) and correct it (them) using the ruling method. On May 25, after the transactions had been posted, Adams discovered that the following entry contains an error. The cash received represents a collection on account, rather than new service fees. Correct the error in the general journal using the correcting entry method.arrow_forward
- 23. If a cash purchase of an office equipment for P50,000 was debited to office supplies expense by the same amount, what effect this journalizing process error has in your trial balance? * O A. The trial balance will be out of balance B. The trial balance will be in-balance O C. It require correction in journal book O D. It requires correction in general ledgerarrow_forwardEntries to Correct Errors The following errors took place in journalizing and posting transactions: a. Cash of $4,380 received on account was recorded as a debit to Fees Earned and a credit to Cash. b. A $1,850 purchase of supplies for cash was recorded as a debit to Supplies Expense and a credit to Accounts Payable. Note: Prepare the entry to reverse the original entry first. Journalize the entries to correct the errors. If an amount box does not require an entry, leave it blank. а. b. >arrow_forwardCorrection of Errors Grace’s trial balance did not balance, the debits exceeded the credits by $1 560. A suspense account was opened for the difference. You are asked to help and after inspection of the ledgers the following errors were found. $2 500 received from sales of old motor vehicle had been entered in the Sales Account. Purchases day book had been overcast by $200. A cheque of $1 900 from A. Brent was accidentally credited to A. Brian’s account. The owner took $2 800 worth of goods out of the business purchases. Bank charges $440 entered in the cash book have not been posted to the bank charges account. A sale of goods to R Christie $4 600 was correctly entered in the Cash Book but entered in the personal account ad $6 400. Required: a Show the requisite journal entries to correct the balance.arrow_forward
- Correction of Errors Grace’s trial balance did not balance, the debits exceeded the credits by $1 560. A suspense account was opened for the difference. You are asked to help and after inspection of the ledgers the following errors were found. $2 500 received from sales of old motor vehicle had been entered in the Sales Account. Purchases day book had been overcast by $200. A cheque of $1 900 from A. Brent was accidentally credited to A. Brian’s account. The owner took $2 800 worth of goods out of the business purchases. Bank charges $440 entered in the cash book have not been posted to the bank charges account. A sale of goods to R Christie $4 600 was correctly entered in the Cash Book but entered in the personal account ad $6 400. Required: a. The Net profit originally calculated for the previous year was $56 800. Show your calculation of the correct figure. Please answer ASAParrow_forwardAjournal entry for a $220 payment to purchase office supplies was erroneously recorded as a debit to Office Supplies for $500 and a credit to Cash for $220. Which of the following statements correctly states the effect of the error on the trial balance? O A. The sum of the credits will exceed the sum of the debits by $280. O B. The sum of the debits will exceed the sum of the credits by $220. O C. The sum of the debits will exceed the sum of the credits by $500, O D. The sum of the debits will exceed the sum of the credits by $280.arrow_forwardTest: Second Exam F17 This Question: 1 pt The entry to write off an account receivable under the allowance method will T A. increase total assets O B. increase net income C. reduce net income D. have no effect on net income Click to select your answer Search the web and Windowsarrow_forward
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