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College Accounting (Book Only): A ...

13th Edition
Scott + 1 other
ISBN: 9781337280570

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BuyFindarrow_forward

College Accounting (Book Only): A ...

13th Edition
Scott + 1 other
ISBN: 9781337280570
Textbook Problem

Flores’s Catering purchased equipment that cost $2,500, but it was recorded as $520. Which of the following is correct?

a. This is a transposition error.

b. This is a slide error.

c. This is neither a transposition error nor a slide error.

d. Both a and b are correct.

To determine

Identify the correct statement.

Explanation

Transposition and slides:

A Transposition error occurs, when digits are transposed, or switched around while the numbers are copied from one place to another and a slide error is caused while placing a wrong decimal point.

Justification for the incorrect options of a, c and d:

“This is a transposition error”, “this is a slide error” and “this is neither a transposition error nor a slide error” are incorrect statements because both transposition and slide error exits in this transaction.

Justification for the correct option d:

Transposition error exists in this transaction because, the purchase of equipment for �...

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