Question: Indicate whether the following error would cause the accounting equation to be out of balance and, if so, indicate how it would be out of

Indicate whether the following error would cause the accounting equation to be out of balance and, if so, indicate how it would be out of balance. The payment of utilities of $3,700 was recorded as a decrease in cash of $3,700 and a decrease in retained earnings (utilities expense) of $7,300.

Step by Step Solution

★★★★★

3.43 Rating (159 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

Out of balance Assets are correct but retained earn... View full answer

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Document Format (1 attachment)

59-B-A-F (186).docx

120 KBs Word File

Students Have Also Explored These Related Accounting Questions!

Indicate whether the following statements are true or false. For any false statement, indicate why it is false. 1. A direct cause- and- effect relationship exists between the revenues and expenses of...

Indicate whether the following statements are true or false. For any false statement, indicate why it is false. 1. Enterprise Funds are not used to account for the construction of major highways...

Indicate whether the following statements are true or false: ________ A field audit by the IRS is an audit conducted at the IRS field office. ________ A low Discriminant Function System score for a...

Indicate whether the following error would cause the accounting equation to be out of balance and, if so, indicate how it would be out of balance. The payment of utilities of $1,200 was recorded as a...

Indicate whether the following error would cause the accounting equation to be out of balance and, if so, indicate how it would be out of balance. The payment of wages of $6,750 was recorded as a...

Indicate whether the following error would cause the adjusted trial balance totals to be unequal. If the error would cause the adjusted trial balance totals to be unequal, indicate whether the debit...

Indicate whether the following error would cause the adjusted trial balance totals to be unequal. If the error would cause the adjusted trial balance totals to be unequal, indicate whether the...

Indicate whether the following error would cause the adjusted trial balance totals to be unequal. If the error would cause the adjusted trial balance totals to be unequist, indicate whether the...

4. The correction of a material error that occurred in a previous period must be accounted for by: a. an adjustment in future accounting periods. b. a prospective adjustment t...

For the accompanying screen display, a simple random sample of size n = 40 was obtained from the population of duration times (seconds) of eruptions of the old Faithful geyser. a. What is the number...

Give 3 examples of how a Development Plan can assist an organization in its daily work. What are the benefits of having such a Pllan?

MC 9 - 9 ( LO 9 . 5 ) What is beta and how is it used in a capital asset pricing model ( CAPM ) ? What is beta and how is it used in a capital asset pricing model ( CAPM ) ? Multiple Choice Measure...

Suppose Rick Anselm brought in several items he wanted photocopied. The job required 700 sheets of paper at $0.02 each and 39 minutes of direct labor time. What would have been the cost of Rick's job...

Custom Chip, Inc. is a semiconductor manufacturer specializing in custom chips for use in radio frequency devices such as satellite transmitters. Cost reduction had become a priority because...

In the following network, manually level your resources so that you may not use more than nine laborers per day at any time No. of Laborers Activity Duration IPA A 2 4 A 2 A 4 A 3. B 4 . 2 3 D,E,F 4

True or false? (explain why!) a) 5 element {4, 55, 666} b) 4 elemenr {2^1, 2^2, 2^3} c) element {1, 2, 3, , 9}

Ellipse C: x 2 /a 2 + y 2 /b 2 =1 (a>b>0). Ellipse C pass through point P (1,3/2), Eccentricity e=1/2. Line l: x=4. AB is the chord that intersect with line l on point M, And F is the right foci of...

Financial statement frauds most often occur in large, well-established companies. (True/False)

Specialty Polymers, Inc., processes a base chemical into plastic. Standard costs and actual costs for direct materials, direct labor, and factory overhead incurred for the manufacture of 19,000 units...

Primm Company produces a product that requires three standard hours per unit at a standard hourly rate of $20 per hour. If 2,500 units required 7,900 hours at an hourly rate of $21.50 per hour, what...

Tiger Equipment Inc., a manufacturer of construction equipment, prepared the following factory overhead cost budget for the Welding Department for May 2012. The company expected to operate the...

A manufacturer of video games develops a new game over two years. This costs $800,000 per year with one payment made immediately and the other at the end of two years. When the game is released, it...

You have the following data. DI = $1.60,70=$55.00, and .30% (coestant). What is the cost of equity from retainied earnings based dividend growth approaeh? a. 2.91% b. 6.85% c. 6.419 d. 5.95%

Consider a Poisson process for which events occur at a rate of 1.5/hr, letT1be the time in hours to the 1st event, and letT3be the time in hours to the 3rd event. (Note:T3is the total time (from time...