Required: Indicate whether or not the trial balance will balance after the error. If the trial balance will not balance, indicate the direction of the misstatement for any affecte account (such as Cash will be overstated by $50). a. A cash purchase of supplies of $348 was recorded as a debit to Supplies for $384 and a credit to Cash of $384. b. A cash sale of $3,128 was recorded as a debit to Cash of $3,128 and a credit to Sales of $3,182. c. A purchase of equipment, on account, was recorded once in the journal and posted twice to the ledger. d. Cash paid for salaries of $5,270 was recorded as a debit to Salaries Expense of $5,270 and a credit to Accounts Payable of $5,270. A credit sale of $7,600 was recorded as a credit to Sales Revenue of $7,600; however, the debit posting to Accounts Receivable was omitted.

Required: Indicate whether or not the trial balance will balance after the error. If the trial balance will not balance, indicate the direction of the misstatement for any affecte account (such as Cash will be overstated by $50). a. A cash purchase of supplies of $348 was recorded as a debit to Supplies for $384 and a credit to Cash of $384. b. A cash sale of $3,128 was recorded as a debit to Cash of $3,128 and a credit to Sales of $3,182. c. A purchase of equipment, on account, was recorded once in the journal and posted twice to the ledger. d. Cash paid for salaries of $5,270 was recorded as a debit to Salaries Expense of $5,270 and a credit to Accounts Payable of $5,270. A credit sale of $7,600 was recorded as a credit to Sales Revenue of $7,600; however, the debit posting to Accounts Receivable was omitted.

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter2: T Accounts, Debits And Credits, Trial Balance, And Financial Statements

Section: Chapter Questions

Problem 8E: Would the following errors cause the trial balance to have equal or unequal totals? As a result of...

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The Colby Group has the following unadjusted trial balance as of August 31, 2019: The debit and credit totals are not equal as a result of the following errors: a. The cash entered on the trial balance was understated by 6,000. b. A cash receipt of 5,600 was posted as a debit to Cash of 6,500. c. A debit of 11,000 to Accounts Receivable was not posted. d. A return of 150 of defective supplies was erroneously posted as a 1,500 credit to Supplies. e. An insurance policy acquired at a cost of 1,200 was posted as a credit to Prepaid Insurance. f. The balance of Notes Payable was understated by 20,000. g. A credit of 4,800 in Accounts Payable was overlooked when determining the balance of the account. h. A debit of 7,000 for a withdrawal by the owner was posted as a credit to Terry Colby, Capital. i. The balance of 58,100 in Rent Expense was entered as 51,800 in the trial balance. j. Gas, Electricity, and Water Expense, with a balance of 24,150, was omitted from the trial balance. Instructions 1. Prepare a corrected unadjusted trial balance as of August 31, 2019. 2. Does the fact that the unadjusted trial balance in (1) is balanced mean that there are no errors in the accounts? Explain.
Tech Support Services has the following unadjusted trial balance as of January 31, 2019: The debit and credit totals are not equal as a result of the following errors: a. The cash entered on the trial balance was overstated by 8,000. b. A cash receipt of 4,100 was posted as a debit to Cash of 1,400. c. A debit of 12,350 to Accounts Receivable was not posted. d. A return of 235 of defective supplies was erroneously posted as a 325 credit to Supplies. e. An insurance policy acquired at a cost of 3,000 was posted as a credit to Prepaid Insurance. f. The balance of Notes Payable was overstated by 21,000. g. A credit of 3,450 in Accounts Payable was overlooked when the balance of the account was determined. h. A debit of 6,000 for a withdrawal by the owner was posted as a debit to Thad Engelberg, Capital. i. The balance of 28,350 in Advertising Expense was entered as 23,850 in the trial balance. j. Miscellaneous Expense, with a balance of 4,600, was omitted from the trial balance. Instructions 1. Prepare a corrected unadjusted trial balance as of January 31, 2019. 2. Does the fact that the unadjusted trial balance in (1) is balanced mean that there are no errors in the accounts? Explain.
Would the following errors cause the trial balance to have equal or unequal totals? As a result of the errors, which accounts are overstated (by how much) or understated (by how much)? a. A purchase of office equipment for 380 was recorded as a debit to Office Equipment for 38 and a credit to Cash for 38. b. A payment of 280 to a creditor was debited to Accounts Receivable and credited to Cash for 280 each. c. A purchase of supplies for 245 was recorded as a debit to Equipment for 245 and a credit to Cash for 245. d. A payment of 76 to a creditor was recorded as a debit to Accounts Payable for 76 and a credit to Cash for 67.
The Colby Group has the following unadjusted trial balance as of August 31, 2019 The debit and credit totals are not equal as a result of the following errors:a. The cash entered on the trial balance was understated by $6,000.b. A cash receipt of $5,600 was posted as a debit to Cash of $6,500.c. A debit of $11,000 to Accounts Receivable was not posted.d. A return of $150 of defective supplies was erroneously posted as a $1,500 credit to Supplies.e. An insurance policy acquired at a cost of $1,200 was posted as a credit to PrepaidInsurance.f. The balance of Notes Payable was understated by $20,000.g. A credit of $4,800 in Accounts Payable was overlooked when determining the balanceof the account.h. A debit of $7,000 for a withdrawal by the owner was posted as a credit to Terry Colby, Capital.i. The balance of $58,100 in Rent Expense was entered as $51,800 in the trial balance.j. Gas, Electricity, and Water Expense, with a balance of $24,150, was omitted from thetrial…
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The debit and credit totals are not equal as a result of the following errors:a. The cash entered on the trial balance was understated by $6,000.b. A cash receipt of $5,600 was posted as a debit to Cash of $6,500.c. A debit of $11,000 to Accounts Receivable was not posted.d. A return of $150 of defective supplies was erroneously posted as a $1,500 credit to Supplies.e. An insurance policy acquired at a cost of $1,200 was posted as a credit to Prepaid Insurance.f. The balance of Notes Payable was understated by $20,000.g. A credit of $4,800 in Accounts Payable was overlooked when determining the balance of the account.h. A debit of $7,000 for a withdrawal by the owner was posted as a credit to Terry Colby, Capital.i. The balance of $58,100 in Rent Expense was entered as $51,800 in the trial balance.j. Gas, Electricity, and Water Expense, with a balance of $24,150, was omitted from the trial balance.Instructions1. Prepare a corrected unadjusted trial balance as of August 31, 2014.2. Does…
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