Trial balance : A trial balance is the summary of all the ledger accounts. The trial balance is prepared to check the total balance of the debit column with the total of the balance of the credit column, which must be equal. The trial balance is usually prepared to check accuracy of ledger balances, and before the preparation of financial statements. To indicate: The errors made would cause the trial balance totals to be unequal, and whether their balance gets higher, and by how much.

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Answer 1

Question

Chapter 2, Problem 2.6APE

(a)

To determine

Trial balance:

A trial balance is the summary of all the ledger accounts. The trial balance is prepared to check the total balance of the debit column with the total of the balance of the credit column, which must be equal. The trial balance is usually prepared to check accuracy of ledger balances, and before the preparation of financial statements.

To indicate: The errors made would cause the trial balance totals to be unequal, and whether their balance gets higher, and by how much.

(b)

To determine

To indicate: The errors made would cause the trial balance totals to be unequal, and whether their balance gets higher, and by how much.

(c)

To determine

To indicate: The errors made would cause the trial balance totals to be unequal, and whether their balance gets higher, and by how much.

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. Trial balance errors For each of the following errors, considered individually, indicate whether the error would cause the trial balance totals to be unequal. If the error would cause the trial balance totals to be unequal, indicate whether the debit or credit total is higher AND by how much. The payment of an insurance premium of $5,400 for a three-year policy was debited to Prepaid Insurance for $5,400 and credited to Cash for $4,500. A payment of $270 on account was debited to Accounts Payable for $720 and credited to Cash for $720. A purchase of supplies on account for $1,600 was debited to Supplies for $1,600 and debited to Accounts Payable for $1,600.

Trial Balance Errors For each of the following errors, considered individually, indicate whether the error would cause the trial balance totals to be unequal. If the error would cause the trial balance totals to be unequal, indicate whether the debit or credit total is higher and by how much. If the debit and credit totals would be equal, enter zero ("0") in the amount box. a. The payment of an insurance premium of $5,610 for a three-year policy was debited to Prepaid Insurance for $6,510 and credited to Cash for $5,610. Which of the following is true?The debit and credit totals of the trial balance would be equal. If the totals on the trial balance are not equal, by how much is one column higher than the other?$ b. A payment of $2,200 on account was debited to Accounts Payable for $2,750 and credited to Cash for $2,750. Which of the following is true? If the totals on the trial balance are not equal, by how much is one column higher than the other?$ c. A purchase of supplies on…

Errors affecting the trial balance For each of the following errors, considered individually, indicate whether the error would cause the trial balance totals to be unequal. If the error would cause the trial balance totals to be unequal, indicate whether the debit or credit total is higher and by how much. If the debit and credit totals would be equal, enter zero ("0") in the amount box. a. The payment of an insurance premium of $2,340 for a three-year policy was debited to Prepaid Insurance for $3,240 and credited to Cash for $2,340. Which of the following is true? If the totals on the trial balance are not equal, by how much is one column higher than the other? $fill in the blank 2 b. A payment of $2,950 on account was debited to Accounts Payable for $3,245 and credited to Cash for $3,245. Which of the following is true? If the totals on the trial balance are not equal, by how much is one column higher than the other? $fill in the blank 4 c. A purchase of supplies on…

Answer 2

Question

Chapter 2, Problem 2.6APE

(a)

To determine

Trial balance:

A trial balance is the summary of all the ledger accounts. The trial balance is prepared to check the total balance of the debit column with the total of the balance of the credit column, which must be equal. The trial balance is usually prepared to check accuracy of ledger balances, and before the preparation of financial statements.

To indicate: The errors made would cause the trial balance totals to be unequal, and whether their balance gets higher, and by how much.

(b)

To determine

To indicate: The errors made would cause the trial balance totals to be unequal, and whether their balance gets higher, and by how much.

(c)

To determine

To indicate: The errors made would cause the trial balance totals to be unequal, and whether their balance gets higher, and by how much.

Expert Solution & Answer

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Answer 3

Question

Chapter 2, Problem 2.6APE

(a)

To determine

Trial balance:

A trial balance is the summary of all the ledger accounts. The trial balance is prepared to check the total balance of the debit column with the total of the balance of the credit column, which must be equal. The trial balance is usually prepared to check accuracy of ledger balances, and before the preparation of financial statements.

To indicate: The errors made would cause the trial balance totals to be unequal, and whether their balance gets higher, and by how much.

(b)

To determine

To indicate: The errors made would cause the trial balance totals to be unequal, and whether their balance gets higher, and by how much.

(c)

To determine

To indicate: The errors made would cause the trial balance totals to be unequal, and whether their balance gets higher, and by how much.

Expert Solution & Answer

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Check out a sample textbook solution

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Answer 4

Question

Chapter 2, Problem 2.6APE

(a)

To determine

Trial balance:

A trial balance is the summary of all the ledger accounts. The trial balance is prepared to check the total balance of the debit column with the total of the balance of the credit column, which must be equal. The trial balance is usually prepared to check accuracy of ledger balances, and before the preparation of financial statements.

To indicate: The errors made would cause the trial balance totals to be unequal, and whether their balance gets higher, and by how much.

(b)

To determine

To indicate: The errors made would cause the trial balance totals to be unequal, and whether their balance gets higher, and by how much.

(c)

To determine

To indicate: The errors made would cause the trial balance totals to be unequal, and whether their balance gets higher, and by how much.

Expert Solution & Answer

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Check out a sample textbook solution

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Answer 5

Chapter 2, Problem 2.6APE

(a)

To determine

Trial balance:

A trial balance is the summary of all the ledger accounts. The trial balance is prepared to check the total balance of the debit column with the total of the balance of the credit column, which must be equal. The trial balance is usually prepared to check accuracy of ledger balances, and before the preparation of financial statements.

To indicate: The errors made would cause the trial balance totals to be unequal, and whether their balance gets higher, and by how much.

(b)

To determine

To indicate: The errors made would cause the trial balance totals to be unequal, and whether their balance gets higher, and by how much.

(c)

To determine

To indicate: The errors made would cause the trial balance totals to be unequal, and whether their balance gets higher, and by how much.

Answer 6

Chapter 2, Problem 2.6APE

(a)

To determine

Trial balance:

A trial balance is the summary of all the ledger accounts. The trial balance is prepared to check the total balance of the debit column with the total of the balance of the credit column, which must be equal. The trial balance is usually prepared to check accuracy of ledger balances, and before the preparation of financial statements.

To indicate: The errors made would cause the trial balance totals to be unequal, and whether their balance gets higher, and by how much.

Answer 7

Chapter 2, Problem 2.6APE

(a)

To determine

Trial balance:

A trial balance is the summary of all the ledger accounts. The trial balance is prepared to check the total balance of the debit column with the total of the balance of the credit column, which must be equal. The trial balance is usually prepared to check accuracy of ledger balances, and before the preparation of financial statements.

To indicate: The errors made would cause the trial balance totals to be unequal, and whether their balance gets higher, and by how much.

Answer 8

(b)

To determine

To indicate: The errors made would cause the trial balance totals to be unequal, and whether their balance gets higher, and by how much.

Answer 9

(b)

To determine

To indicate: The errors made would cause the trial balance totals to be unequal, and whether their balance gets higher, and by how much.

Answer 10

(c)

To determine

To indicate: The errors made would cause the trial balance totals to be unequal, and whether their balance gets higher, and by how much.

Answer 11

(c)

To determine

To indicate: The errors made would cause the trial balance totals to be unequal, and whether their balance gets higher, and by how much.

Answer 12

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Answer 13

Expert Solution & Answer

Answer 14

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Answer 15

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Solution Summary: The author explains that a trial balance is the summary of all the ledger accounts.

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To indicate: The errors made would cause the trial balance totals to be unequal, and whether their balance gets higher, and by how much.

To indicate: The errors made would cause the trial balance totals to be unequal, and whether their balance gets higher, and by how much.

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Chapter 2 Solutions