Trial balance : Trial balance is a summary of all the asset, liability, and equity accounts and their balances. To identify : The debit and credit balances of trial balance are equal, for the given errors

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Chapter 2, Problem 2.25E

(1)

To determine

Trial balance: Trial balance is a summary of all the asset, liability, and equity accounts and their balances.

To identify: The debit and credit balances of trial balance are equal, for the given errors

(2)

To determine

To identify: The accounts with incorrect balance, and determine the amount by which the account is either higher or lower

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Analyzing accounting errors Courtney Meehan has trouble keeping her debits and credits equal. During a recent month, Courtney made the following accounting errors: a. In preparing the trial balance, Courtney omitted a $5,000 Notes Payable. The debit to Cash was correct. b. Courtney posted a $1,000 Utilities Expense as $100. The credit to Cash was correct. c. In recording a $600 payment on account, Courtney debited Furniture instead of Accounts Payable. d. In Journalizing a receipt of cash for service revenue, Courtney debited Cash for $50 instead of the correct amount of $500. The credit was correct. e. Courtney recorded a $210 purchase of office supplies on account by debiting Office Supplies for $120 and crediting Accounts Payable for $120. Requirements For each of these errors, state whether total debits equal total credits on the trial balance. Identify each account that has an incorrect balance and the amount and direction of the error (e.g., “Accounts Receivable $500 too high”).

(Corrected Trial Balance) The following trial balance of Blues Traveler Corporation does not balance. An examination of the ledger shows these errors.1. Cash received from a customer on account was recorded (both debit and credit) as $1,380 instead of $1,830.2. The purchase on account of a computer costing $3,200 was recorded as a debit to Office Expense and a credit to AccountsPayable.3. Services were performed on account for a client, $2,250, for which Accounts Receivable was debited $2,250 and ServiceRevenue was credited $225.4. A payment of $95 for telephone charges was entered as a debit to Office Expense and a debit to Cash.5. The Service Revenue account was totaled at $5,200 instead of $5,280. InstructionsFrom this information prepare a corrected trial balance.

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 Show the requisite journal entries to correct the balance.

Answer 2

Question

Chapter 2, Problem 2.25E

(1)

To determine

Trial balance: Trial balance is a summary of all the asset, liability, and equity accounts and their balances.

To identify: The debit and credit balances of trial balance are equal, for the given errors

(2)

To determine

To identify: The accounts with incorrect balance, and determine the amount by which the account is either higher or lower

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Answer 3

Question

Chapter 2, Problem 2.25E

(1)

To determine

Trial balance: Trial balance is a summary of all the asset, liability, and equity accounts and their balances.

To identify: The debit and credit balances of trial balance are equal, for the given errors

(2)

To determine

To identify: The accounts with incorrect balance, and determine the amount by which the account is either higher or lower

Expert Solution & Answer

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Answer 4

Question

Chapter 2, Problem 2.25E

(1)

To determine

Trial balance: Trial balance is a summary of all the asset, liability, and equity accounts and their balances.

To identify: The debit and credit balances of trial balance are equal, for the given errors

(2)

To determine

To identify: The accounts with incorrect balance, and determine the amount by which the account is either higher or lower

Expert Solution & Answer

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Answer 5

Chapter 2, Problem 2.25E

(1)

To determine

Trial balance: Trial balance is a summary of all the asset, liability, and equity accounts and their balances.

To identify: The debit and credit balances of trial balance are equal, for the given errors

(2)

To determine

To identify: The accounts with incorrect balance, and determine the amount by which the account is either higher or lower

Answer 6

Chapter 2, Problem 2.25E

(1)

To determine

Trial balance: Trial balance is a summary of all the asset, liability, and equity accounts and their balances.

To identify: The debit and credit balances of trial balance are equal, for the given errors

Answer 7

Chapter 2, Problem 2.25E

(1)

To determine

Trial balance: Trial balance is a summary of all the asset, liability, and equity accounts and their balances.

To identify: The debit and credit balances of trial balance are equal, for the given errors

Answer 8

(2)

To determine

To identify: The accounts with incorrect balance, and determine the amount by which the account is either higher or lower

Answer 9

(2)

To determine

To identify: The accounts with incorrect balance, and determine the amount by which the account is either higher or lower

Answer 10

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Answer 11

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Answer 12

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Answer 13

Ch. 2 - The detailed record of the changes in a particular...Ch. 2 - Which of the following accounts is a liability? a....Ch. 2 - The left side of an account is used to record...Ch. 2 - Which of the following statements is correct? a....Ch. 2 - Prob. 5QC Ch. 2 - Prob. 6QC Ch. 2 - Posting a 2,500 purchase of office supplies on...Ch. 2 - Prob. 8QC Ch. 2 - Which sequence correctly summarizes the accounting...Ch. 2 - Nathville Laundry reported assets of 800 and...

Trial balance : Trial balance is a summary of all the asset, liability, and equity accounts and their balances. To identify : The debit and credit balances of trial balance are equal, for the given errors

Solution Summary: The author explains that trial balance is a summary of all the asset, liability, and equity accounts and their balances.

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Trial balance: Trial balance is a summary of all the asset, liability, and equity accounts and their balances.

To identify: The debit and credit balances of trial balance are equal, for the given errors

To identify: The accounts with incorrect balance, and determine the amount by which the account is either higher or lower

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Chapter 2 Solutions

Trial balance : Trial balance is a summary of all the asset, liability, and equity accounts and their balances. To identify : The debit and credit balances of trial balance are equal, for the given errors

Solution Summary: The author explains that trial balance is a summary of all the asset, liability, and equity accounts and their balances.

Videos

Trial balance: Trial balance is a summary of all the asset, liability, and equity accounts and their balances. To identify: The debit and credit balances of trial balance are equal, for the given errors

To identify: The accounts with incorrect balance, and determine the amount by which the account is either higher or lower

Want to see the full answer?

Chapter 2 Solutions

Trial balance: Trial balance is a summary of all the asset, liability, and equity accounts and their balances.

To identify: The debit and credit balances of trial balance are equal, for the given errors