menu
bartleby
search
close search
Hit Return to see all results
close solutoin list

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. A. The payment of cash for the purchase of office equipment of $12,900 was debited to Land for $12,900 and credited to Cash for $12,900. B. The payment of $1,840 on account was debited to Accounts Payable for $184 and credited to Cash for $1,840. C. The receipt of cash on account of $3,800 was recorded as a debit to Cash for $8,300 and a credit to Accounts Receivable for $3,800.

BuyFindarrow_forward

Corporate Financial Accounting

14th Edition
Carl Warren + 2 others
Publisher: Cengage Learning
ISBN: 9781305653535

Solutions

Chapter
Section
BuyFindarrow_forward

Corporate Financial Accounting

14th Edition
Carl Warren + 2 others
Publisher: Cengage Learning
ISBN: 9781305653535
Chapter 2, Problem 2.6BE
Textbook Problem
191 views

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.

  1. A. The payment of cash for the purchase of office equipment of $12,900 was debited to Land for $12,900 and credited to Cash for $12,900.
  2. B. The payment of $1,840 on account was debited to Accounts Payable for $184 and credited to Cash for $1,840.
  3. C. The receipt of cash on account of $3,800 was recorded as a debit to Cash for $8,300 and a credit to Accounts Receivable for $3,800.

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.

Explanation of Solution

(a)

The trial balance totals are equal, since debit posting of $12,900 to supplies was debited to land which means the amount posted to debit column, and credit column are equal. Thereby, there will be no difference among the debit and credit balance.

(b)

The trial balance totals are unequal. Since the amount posted to debit column is incorrect, instead of $1840 accidently $184 has been debited...

Still sussing out bartleby?

Check out a sample textbook solution.

See a sample solution

The Solution to Your Study Problems

Bartleby provides explanations to thousands of textbook problems written by our experts, many with advanced degrees!

Get Started

Chapter 2 Solutions

Corporate Financial Accounting
Show all chapter solutions
add
Ch. 2 - Rules of debit and credit and normal balances...Ch. 2 - Journal entry for asset purchase Prepare a journal...Ch. 2 - Journal entry for fees earned Prepare a journal...Ch. 2 - Journal entry for dividends Prepare a journal...Ch. 2 - Missing amount from an account On August 1, the...Ch. 2 - Trial balance errors For each of the following...Ch. 2 - Correcting entries The following errors took place...Ch. 2 - Chart of accounts The following accounts appeared...Ch. 2 - Chart of accounts Innerscape Interiors is owned...Ch. 2 - Chart of accounts LeadCo School is a newly...Ch. 2 - Rules of debit and credit The following table...Ch. 2 - Normal entries for accounts During the month,...Ch. 2 - Normal balances of accounts Identify each of the...Ch. 2 - Transactions Zenith Consulting Co. has the...Ch. 2 - Journalizing and posting On October 3, 2018, Regal...Ch. 2 - Transactions and T accounts The following selected...Ch. 2 - Cash account balance During the month, Warwick Co....Ch. 2 - Account balances A. During February, 186,500 was...Ch. 2 - Retained earnings account balance As of January 1,...Ch. 2 - Identifying transactions Napa Tours Co. is a...Ch. 2 - Journal entries Based upon the T accounts in...Ch. 2 - Trial balance Based upon the data presented in...Ch. 2 - Trial balance The accounts in the ledger of...Ch. 2 - Effect of errors on trial balance Indicate which...Ch. 2 - Total of Credit column: 525,000 Error in triad...Ch. 2 - Effect of errors on trial balance The following...Ch. 2 - Errors in trial balance Identify the errors in the...Ch. 2 - Entries to correct errors The following errors...Ch. 2 - Entries to correct errors The following errors...Ch. 2 - Entries into T accounts and trial balance Marjorie...Ch. 2 - Journal entries and trial balance On October 1,...Ch. 2 - Journal entries and trial balance On November 1,...Ch. 2 - Journal entries and trial balance Elite Realty...Ch. 2 - Corrected trial balance The Lexington Group has...Ch. 2 - Entries into T accounts and trial balance Ken...Ch. 2 - Journal entries and trial balance On August 1,...Ch. 2 - Journal entries and trial balance On October 1,...Ch. 2 - Journal entries and trial balance Valley Realty...Ch. 2 - Corrected trial balance Tech Support Services has...Ch. 2 - The transactions completed by PS Music during June...Ch. 2 - Continuing Company AnalysisAmazon: Horizontal...Ch. 2 - Chipotle: Horizontal analysis Chipotle Mexican...Ch. 2 - Target: Horizontal analysis The following data (in...Ch. 2 - Walmart: Horizontal analysis The following data...Ch. 2 - Ethics in Action Buddy Dupree is the accounting...

Additional Business Textbook Solutions

Find more solutions based on key concepts
Show solutions add
Describe service-oriented architecture (SOA).

Accounting Information Systems

What are the various forms of business organization? What are the advantages and disadvantages of each?

Fundamentals Of Financial Management, Concise Edition (mindtap Course List)

Discuss the following statement: All else equal, firms with relatively stable sales are able to carry relativel...

Fundamentals of Financial Management, Concise Edition (with Thomson ONE - Business School Edition, 1 term (6 months) Printed Access Card) (MindTap Course List)

What steps are followed in posting purchases from the general journal to the accounts payable ledger?

College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)