Alpha Company buys $597,000 supplies for cash during the year and half are consumed by end...

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Alpha Company buys $597,000 supplies for cash during the year and half are consumed by end of year. The adjustment for usage was correctly journalized and posted. However, the journal entry for a purchase on account of $83,500 was erroneously posted twice to the ledger. Required 1: The error might or might not impact the trial balance and send it out of balance. If there is a difference between debits and credits, how much is it? $ Required 2: The error might or might not impact the Balance Sheet and send it out of balance. If there is a difference between debits and credits, how much is it? $ Required 3: The error might or might not impact the ending balance of Accounts Payable. If there is a difference between the correct and incorrect ending balance, how much is it? $ Required 4: The error might or might not impact the ending balance of Purchases of Supplies. If there is a difference between the correct and incorrect ending balance, how much is it? $ Required 5: The error might or might not impact the ending balance of Supplies Inventory. If there is a difference between the correct and incorrect ending balance, how much is it? $ Required 6: The error might or might not impact the period's Net Income. If there is a difference between the correct and incorrect Net Income, how much is it? Alpha Company buys $597,000 supplies for cash during the year and half are consumed by end of year. The adjustment for usage was correctly journalized and posted. However, the journal entry for a purchase on account of $83,500 was erroneously posted twice to the ledger. Required 1: The error might or might not impact the trial balance and send it out of balance. If there is a difference between debits and credits, how much is it? $ Required 2: The error might or might not impact the Balance Sheet and send it out of balance. If there is a difference between debits and credits, how much is it? $ Required 3: The error might or might not impact the ending balance of Accounts Payable. If there is a difference between the correct and incorrect ending balance, how much is it? $ Required 4: The error might or might not impact the ending balance of Purchases of Supplies. If there is a difference between the correct and incorrect ending balance, how much is it? $ Required 5: The error might or might not impact the ending balance of Supplies Inventory. If there is a difference between the correct and incorrect ending balance, how much is it? $ Required 6: The error might or might not impact the period's Net Income. If there is a difference between the correct and incorrect Net Income, how much is it?

Answer rating: 100% (QA)

Impact of Alpha Companys Accounting Error The double posting of the 83500 purchase on account will impact several aspects of Alpha Companys accounting ... View the full answer