you will be given three errors that may or may not affect the trial balance. You...

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you will be given three errors that may or may not affect the trial balance. You are to determine the following: 1. As a result of each error, will the trial balance still balance? Consider each error separately. If you determine that the trial balance will not balance as a result of the error, then answer the following questions: 2. What is the amount of the difference between the two columns of the trial balance? 3. Which trial balance column (debit or credit) will become incrementally larger? Statement of Problem A $710 credit to Service Revenue was posted as a $710 credit to Deferred Revenue. A credit to Accounts Payable for $805 was omitted. A receipt of $600 on account for services already performed was recorded as a debit to Cash for $60 and a credit to Accounts Receivable for $60. Will the trial balance still balance? Yes Yes Yes O No No No What is the amount of the difference? $0 $0 $0 Which trial balance column will become incrementally larger? Debit Debit Debit Credit Credit Credit you will be given three errors that may or may not affect the trial balance. You are to determine the following: 1. As a result of each error, will the trial balance still balance? Consider each error separately. If you determine that the trial balance will not balance as a result of the error, then answer the following questions: 2. What is the amount of the difference between the two columns of the trial balance? 3. Which trial balance column (debit or credit) will become incrementally larger? Statement of Problem A $710 credit to Service Revenue was posted as a $710 credit to Deferred Revenue. A credit to Accounts Payable for $805 was omitted. A receipt of $600 on account for services already performed was recorded as a debit to Cash for $60 and a credit to Accounts Receivable for $60. Will the trial balance still balance? Yes Yes Yes O No No No What is the amount of the difference? $0 $0 $0 Which trial balance column will become incrementally larger? Debit Debit Debit Credit Credit Credit

Answer rating: 100% (QA)

1 As a result of the error where a 710 credit to Service Revenue was posted as a 710 credit to Defer... View the full answer