CHALLENGE PROBLEM
REQUIRED
1. Find the errors.
2. Explain what caused the errors.
3. Prepare a corrected trial balance.
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Chapter 4 Solutions
College Accounting, Chapters 1-27
- Explain why the ledger can still contain errors even through the trial balance is in balance. Give examples of two such types of errorsarrow_forwardAfter all the ledgers had been drawn up, the following differences and errors were identified. Indicate with a cross (X) where you would correct each of the differences and errors listed below, and explain your reasoning as so how, why and where you will make the correction: Hint: some might need to be corrected in more than one place.arrow_forwardWhat is the most important quality for accounting information as identified in the conceptual framework? Explain why it is the most important. Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.arrow_forward
- Please show:Show all work/equations and write neatly Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.arrow_forward1. What should you do to ensure that errors in journalizing, posting or in the preparation of the trial balance are minimized, if not eliminated?arrow_forwardWhile in the process of posting from the journal to the ledger a company failed to post a $500 credit to Accounts Receivable. The effect of this error will be that Group of answer choices A. Accounts Receivable will be understated. B. the error will overstate the debits listed in the journal. C. the trial balance will not balance. D. the total credits in the trial balance will be larger than the total debits.arrow_forward
- Fill according to the calendar dates in the journal entry section. Please put the date beside your answer. Follow exactly according to the above journal entries, inputting answers to each and every one of the blanks. Note:- • Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. • Answer completely. • You will get up vote for sure.arrow_forwardSelect one of the journal entry testing analytics from the following list and explain why it is useful in detecting journal entry fraud risk. Use the internet to find examples to support your answer. Round dollar entries Revenue reversals Unusual dates Management override General ledger close Dormant accountsarrow_forwardNeed Help filling in the blanks that keep coming up incorrect on the two attached questions.arrow_forward
- Please give me correct answer and full explanation with calculation. Note:- Please avoid using ChatGPT and refrain from providing handwritten solutions; otherwise, I will definitely give a downvote. Also, be mindful of plagiarism. Answer completely and accurate answer. Rest assured, you will receive an upvote if the answer is accurate.arrow_forwardWhich of the following is false? Select one: a. Recording transactions in separate special journals provides users with a more efficient system and access to specific information. b. Source documents provide evidence for journal entries, which are then posted to the general ledger accounts. c. The opening balances from the general ledger accounts are used to create a trial balance, the financial statements and other reports. d. All of the choices are truearrow_forwardWhat is a suspense account? Is it necessary that is suspense account will balance off after rectification of the errors detected by the accountant? If not, then what happens to the balance still remaining in suspense account?arrow_forward
- College Accounting, Chapters 1-27AccountingISBN:9781337794756Author:HEINTZ, James A.Publisher:Cengage Learning,Accounting Information SystemsFinanceISBN:9781337552127Author:Ulric J. Gelinas, Richard B. Dull, Patrick Wheeler, Mary Callahan HillPublisher:Cengage LearningCentury 21 Accounting Multicolumn JournalAccountingISBN:9781337679503Author:GilbertsonPublisher:Cengage