A $500 purchase of merchandise on account from Hsu Company was properly recorded in the purchases journal.

Question:

A $500 purchase of merchandise on account from Hsu Company was properly recorded in the purchases journal. When posted, however, the amount recorded in the subsidiary ledger was $50. How might this error be discovered?

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Financial and managerial accounting

ISBN: 978-1118016114

1st edition

Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso

See More Books

Question Posted: Dec 29, 2012 03:22 AM

See More Questions

A 500 purchase of merchandise on account from Loire Gourmet Shops was properly recorded in the purchases journal. When posted, however, the amount recorded in the subsidiary ledger was 50. How might...
A $500 purchase of merchandise on account from Lore Company was properly recorded in the purchases journal. When posted, however, the amount recorded in the subsidiary ledger was $50. How might this...
A $500 purchase of merchandise on account from Liu Company was properly recorded in the purchases journal. When posted, however, the amount recorded in the subsidiary ledger was $50. How might this...
To add new components or tools into the NetBeans IDE, one can use . a. The JFrame tool b. Plugins c. The PHP tool d. JavaFX
On her first engineering job, Joy Hayes was given the responsibility of determining the production rate for a new product. She has assembled data as indicated on the two graphs: (a) Select an...
You place an order for 400 units of inventory at a unit price of $115. The supplier offers terms of 1/10, net 30. a. How long do you have to pay before the account is overdue? If you take the full...
How does the concept of inheritance relate to component-based development?
An accountant made the following adjustments at December 31, the end of the accounting period: a. Prepaid insurance, beginning, $800. Payments for insurance during the period, $2,400. Prepaid...
Please provide your prediction for Apple sales for the year ending in September 2 0 2 4 ? Do you think Apple will generate more sales this current year, than they have in prior years? Why yes or why...
Use the data set GPA1 to answer this question. It was used in Computer Exercise C13 in Chapter 3 to estimate the effect of PC ownership on college GPA. (i) Run the regression colGPA on PC, hsGPA, and...
Burguet Company uses special journals. It recorded in a sales journal a sale made on account to P. Starch for $435. A few days later, P. Starch returns $70 worth of merchandise for credit. Where...
Presented below is information related to Cortes Company for its first month of operations. Identify the balances that appear in the accounts receivable subsidiary ledger and the accounts receivable...
John Resch is considering two plans for building an education fund for his children. Plan AInvest $3,000 at the end of each year for ten years. This investment will earn 8% annual interest. Plan...
In calculating personal income for a given year, which of the following would not be subtracted from national income? A. Indirect business taxes B. Undistributed corporate profits C. Unincorporated...
Convergence of incomes over time between emerging market countries and developed countries is most likely due to: A. total factor productivity. B. diminishing marginal productivity of capital. C. the...
Which of the following statements is the most appropriate description of gross domestic product (GDP)? A. GDP is the total income earned by all households, firms, and the government whose value can...
During the contraction phase of a business cycle, it is most likely that: A. inflation indicators are stable. B. aggregate economic activity is decreasing. C. investor preference for government...
The coefficient on the growth rate of labor (0.72) in this equation is best interpreted as: A. the labor force participation rate. B. the marginal productivity of labor. C. the share of income earned...
M is the centre of a square with vertices A, B, C and D taken anticlockwise in that order. If, in the Argand diagram, M and A are represented by the complex numbers 2 + j and 1 + j5 respectively,...
Research corporate acquisitions using Web resources and then answer the following questions: Why do firms purchase other corporations? Do firms pay too much for the acquired corporation? Why do so...
On September 5, De La Hoya Company buys merchandise on account from Junot Diaz Company. The selling price of the goods is $1,500, and the cost to Diaz Company was $800. On September 8, De La Hoya...
JMB Photography reported net income of $100,000 for 2010. Included in the income statement were depreciation expense of $6,000, patent amortization expense of $2,000, and a gain on sale of equipment...
Grinders Corporation issued the following statement of cash flows for 2010. (a) Compute free cash flow for Grinders Corporation. (b) Explain why free cash flow often provides better information than...
Pioneer Corporation had these transactions during 2010. (a) Issued $50,000 par value common stock for cash. (b) Purchased a machine for $30,000, giving a long-term note in exchange. (c) Issued...
You are working in a clinic and have just roomed a patient. When you come out of the room, you overhear me complaining to two co-workers about you and how slow you are. [Take the role of the other...
What are the advantages and pitfalls of the media's appetite for telling and selling stories? As we reach the point where almost all media exist on the Internet in some form, how have our culture and...
When looking at a project to convert data into information, data analysis is the methodology thatshould be used to accomplish the output. When reviewing the tools used in the course and the data that...

A $500 purchase of merchandise on account from Hsu Company was properly recorded in the purchases journal.

Question:

Step by Step Answer:

At the end of the month after all postings to both the general le...View the full answer

Financial and managerial accounting

Students also viewed these Accounting questions