When Ramirez Company purchased supplies worth $5,000, it incorrectly recorded a credit to Supplies for $5,000 and
Question:
When Ramirez Company purchased supplies worth $5,000, it incorrectly recorded a credit to Supplies for $5,000 and a debit to Cash for $5,000. Before correcting this error:
a. Cash is overstated and Supplies is overstated.
b. Cash is understated and Supplies is understated.
c. Cash is understated and Supplies is overstated.
d. Cash is overstated and Supplies is understated.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 57% (7 reviews)
The answer is A To correct the error record a credit in C...View the full answer
Answered By
James Warinda
Hi! I’m James Otieno and I'm an experienced professional online tutor with countless hours of success in tutoring many subjects in different disciplines. Specifically, I have handled general management and general business as a tutor in Chegg, Help in Homework and Trans tutor accounts.
I believe that my experience has made me the perfect tutor for students of all ages, so I'm confident I can help you too with finding the solution to your problems. In addition, my approach is compatible with most educational methods and philosophies which means it will be easy for you to find a way in which we can work on things together. In addition, my long experience in the educational field has allowed me to develop a unique approach that is both productive and enjoyable.
I have tutored in course hero for quite some time and was among the top tutors awarded having high helpful rates and reviews. In addition, I have also been lucky enough to be nominated a finalist for the 2nd annual course hero award and the best tutor of the month in may 2022.
I will make sure that any student of yours will have an amazing time at learning with me, because I really care about helping people achieve their goals so if you don't have any worries or concerns whatsoever you should place your trust on me and let me help you get every single thing that you're looking for and more.
In my experience, I have observed that students tend to reach their potential in academics very easily when they are tutored by someone who is extremely dedicated to their academic career not just as a businessman but as a human being in general.
I have successfully tutored many students from different grades and from all sorts of backgrounds, so I'm confident I can help anyone find the solution to their problems and achieve
0.00
0 Reviews
10+ Question Solved
Related Book For
Accounting Principles
ISBN: 9781119707110
14th Edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Jill E. Mitchell
Question Posted:
Students also viewed these Business questions
-
Jen and Berry's sells ice-creams from its factory-shop in Petone. There is a managing director (Maynard Dibble), a marketing manager (Mary Salman) and a production manager (Peter Pritchard). Maynard...
-
The Crazy Eddie fraud may appear smaller and gentler than the massive billion-dollar frauds exposed in recent times, such as Bernie Madoffs Ponzi scheme, frauds in the subprime mortgage market, the...
-
For each of the following errors, indicate with a Y for yes or an N for no whether it would be detected by preparation of a trial balance. _________ a. Cash is debited instead of Accounts Receivable...
-
Solve Problem using augmented matrix methods. Use a graphing calculator to perform the row operations 5.7x1 - 8.55x2 = -35.91 4.5x1 +5.73x2 = 76.17
-
Suppose that two fair dice (one red and one green) are rolled. Define the events A: a 1 or a 2 shows on the red die B: a 3, 4, or 5 shows on the green die C: the dice total is 4, 11, or 12 Show that...
-
Why must an investor purchasing held-to-maturity securities between interest payment dates pay the previous owner for accrued interest on those securities?
-
Explain monetary base, required reserves and excess reserves.
-
Would IP be more financially successful if it were not so focused on social responsibility? Explain. What image comes to mind when you hear the words industrial corporation? Pollution-belching smoke...
-
a.) Enter the data into your graphing calculator and create a scatterplot. Draw a sketch of it here. b.) What type of function would be best for modeling this data? Why? c.) Determine the appropriate...
-
A market contains two stocks. Tomorrow, the state of the market could be Superb, Good, Bad or Ugly and this will affect the returns of the stocks denoted by R1 and R2 as shown in the table below....
-
Cash of $100 received at the time the service was performed was journalized and posted as a debit to Cash $100 and a credit to Accounts Receivable $100. Assuming the incorrect entry is not reversed,...
-
Which of the following accounts would not appear in the post-closing trial balance? Interest Payable, Equipment, Depreciation Expense, Owner's Drawings, Unearned Service Revenue, Accumulated...
-
Silicon nitride is a commonly used masking material in microfabrication. Based on the positions of silicon and nitrogen in the periodic table, what is the most likely chemical formula for silicon...
-
your program will correctly output the clothing that the user should wear. 1. Create a new java file and save it as NestedIfStatements.java. Copy and paste the code from Clothing PickerIfElself java...
-
Consider the following information from income statement: Sales (Number of Units) 1,290 Sale Price (Per Unit) $190 Variable Costs (Per Unit) $80 Total Fixed Costs $50,000 Interest Expenses $18,000...
-
1. The Ijsselmeer (Ijssel-lake) is an in-land bay in Europe and was recovered from the sea by building a 32 km long dyke between the sea and the now sweet water lake. Initially, the water in the...
-
An inclined manometer has a level difference of 10cm (L) and an angle of 30 degrees. Consider the inclined pipe in the image is open to the atmosphere and the liquid is water (997 Kg/m3). Calculate...
-
What are the differences between conventional mortgages and government-backed mortgages (such as FHA, VA, and USDA loans), and how do these distinctions impact borrower eligibility, down payment...
-
Which of the following book-tax differences does not create a favorable temporary book-tax basis difference? a. Tax depreciation for the period exceeds book depreciation b. Bad debts charged off in...
-
A genetically engineered strain of Escherichia coli (E. coli) is used to synthesize human insulin for people suffering from type I diabetes mellitus. In the following simplified reaction scheme,...
-
In what ways was it felt that the statements issued by the Financial Accounting Standards Board would carry greater weight than the opinions issued by the Accounting Principles Board?
-
How are FASB discussion memoranda and FASB exposure drafts related to FASB statements?
-
Distinguish between FASB statements of financial accounting standards and FASB statements of financial accounting concepts.
-
3. Global Funds, a US-based mutual fund company is currently evaluating the recent performance of shares in Berkeley Homes, a publicly traded British homebuilder listed on the FTSE 100. The baseline...
-
Explain how the global financial crisis affected the banks' profitability.
-
Chee Chew's portfolio has a beta of 1.25 and earned a return of 13.6% during the year just ended. The risk-free rate is currently 3.7%. The return on the market portfolio during the year just ended...
Study smarter with the SolutionInn App