FREE Trial

The purchase of an office computer has been debited to Office Expenses instead of to Office Equipment. What effect will

Question:

The purchase of an office computer has been debited to Office Expenses instead of to Office Equipment. What effect will this have on the Balance Sheet?

Transcribed Image Text:

Fixed assets A no effect B no effect C understated D understated Profit understated understated no effect understated Capital no effect understated understated no effect

This problem has been solved!


Do you need an answer to a question different from the above? Ask your question!

Step by Step Answer:

Answer rating: 100% (QA)

The correct answer is D understated The purchase of an office computer being debited to Office Ex…View the full answer


answer-question
Answered By
tutor-profile-image
Chandrasekhar Karri
I have tutored students in accounting at the high school and college levels. I have developed strong teaching methods, which allow me to effectively explain complex accounting concepts to students. Additionally, I am committed to helping students reach their academic goals and providing them with the necessary tools to succeed.
0.00 0 Reviews 10+ Question Solved
Related Book For  answer-question
Accounting A Level And AS Level

Accounting A Level And AS Level

ISBN: 9780521539937

1st Edition

Authors: Harold Randall

See More Books
Question Details
Chapter # 8- Balance Sheets for sole traders
Section: Multiple Choice Questions
Problem: 1
View Solution
Create a free account to access the answer
Cannot find your solution?
Post a FREE question now and get an answer within minutes. * Average response time.
Question Posted: August 27, 2023 09:16:35
See More Questions

Students also viewed these Business questions

Q:
Q1- Corp X has 50 units in beginning inventory with a cost of $300. During the year purchases were made as follows: January 15- 100 units @ 5.75 per unit June 15- 100 units @ 5.50 per unit October...
A:
Q1 LIFO 60 units 5 00 per unit 300 FIFO 60 units 5 75 per unit 355 Q2 1 Profit margin Increase 2 Asset turnover Increase 3 Return on assets Increase 4......
Q:
A credit note for $46 sent to A. Moses has been debited to A. Mason's account in the sales ledger. What effect will this have on the trial balance? Debit total A none B $46 overstated C none D $92...
A:
The incorrect debiting of a credit note for 46 sent to A Moses to A Ma......
Q:
Read the case study "Southwest Airlines," found in Part 2 of your textbook. Review the "Guide to Case Analysis" found on pp. CA1 - CA11 of your textbook. (This guide follows the last case in the...
A:
Click to View...
Q:
The PredatoryCreditCard class provides a processMonth( ) method that models the completion of a monthly cycle. Modify the class so that once a customer has made ten calls to charge during a month,...
A:
private int chargesThisMonth 0 new instance variable public void......
Q:
Solomon Company manufactures and currently sells 20,000 units per year. The manufacturing cost per unit is as follows: Direct materials ...................$10 Direct labor...
A:
a Normal case 20 000 Special order Particulars Normal case 20 000 Special order 3000 units Normal or......
Q:
The following table represents the market share (in number of movies, gross in millions of dollars, and millions of tickets sold) of each type of movie in 2013: a. Construct a bar chart, a pie chart,...
A:
a Number of Movies Gross in millions Number of Tickets Sold millions b Based on the Pareto chart f......
Q:
Debate the significance of impression management, including your own views on the importance of dress codes.
A:
Significance of Impression Management Social Interaction Impression management plays a crucial role in social interactions It helps individuals navigate various social situations by presenting themsel......
Q:
Darwin Company holds assets with a fair value of $120,000 and a book value of $90,000 and liabilities with a book value and fair value of $25,000. Required Compute the following amounts if Brad...
A:
a 57 000 120 000 25 0......
Q:
Charlie is currently living in a rented apartment in Newry. His only investment inproperty to date was his residence in Belfast. On 1 July 2022, Charlie received 1.3million for his Belfast property...
A:
Click to View...
Q:
Devram extracted a trial balance at 31 December 2003 from his books after he had prepared his Trading Account for the year ended on that date. It was as follows. Further information 1. At 31 December...
A:
Click to View...
Q:
Prepare a Balance Sheet at 31 December 2003 for Corrine from the trial balance given in exercise 1. Data from Exercises 1. Corrine began trading on 1 January 2003. The following trial balance as at...
A:
Here s the balanced balance sheet as of December 31 2003 Balance Sheet As of December 31 2003 Assets......
Q:
The balance sheet of Collingwood International Inc. at December 31, 2016, presented the following shareholders' equity: Contributed capital Common shares, 2,000,000 shares authorized, 500,000 shares...
A:
Req 1 General Journal DATE 2017 ACCOUNT TITLES AND EXPLANATION POST REF DEBIT CREDIT Mar 29 Retained......
Q:
Interest rates in Turkey are currently 25% p.a. and in Europe interest rates are currently offered at 4.25% p.a. Current exchange rates are EUR/USD 1.0809 and USD/TRY 26.4810 The EUR/USD one year...
A:
Let s calculate the current cross rate for the value of the Euro in terms of Turkish Lira in the spo......
Q:
Benford's Law is a probability rule frequently used by accounting auditors to detect systematic fraud. It states that approximately 12.3% of numbers will begin with the number 2. An auditor decides...
A:
To determine the sample proportion that will trigger further investigation we need to find the cutof......
Q:
You have a professor that doesn't trust iCollege to compute final grades correctly, but, for some reason, she is going to trust you to write a program to do it. Please don't let her down! She wants...
A:
Create a Python program named grade calc py to calculate and display the final grade based on the gi......
Q:
You take out a loan in the amount of $242,000 with annual equal repayments over the next 20 years. What is the balance of the loan after the 5th payment?i=9%. (Round answer to O decimal places, e.g....
A:
To calculate the balance of the loan after the 5th payment we......
Q:
Purnama Merindu reports the following components of shareholders' equity on December 31, 2016 Share Capital-Ordinary, RM10 par value, 50,000 shares authorized, 20,000 shares issued and outstanding...
A:
1 Here are the journal entries to record each of the transactions for 2017 Jan 1 Purchase of treasur......
Q:
Determine the force P required to lift the block of mass M using the differential hoist. The lever arm is fixed to the upper pulley and turns with it. Given: a = 800 mm M = 15 kg b = 150 mm c = 300...
A:
SU 0 P a 80 M......
Q:
Using (1) or (2), find L(f) if f(t) if equals: t cos 4t
A:
f t cos 4t f cos 4t 4t......
Q:
Explain how adjusting the customer service level could improve a marketing mix. I l lustrate.
A:
A firm should seek to offer the customer service level that is......
Q:
Briefly explain which aspects of customer service you think would be most important for a producer that sells fabric to a firm that manufactures furniture.
A:
There is no reason to expect that students know much about furniture manufacturing or the fabrics that might be used to make upholstered furniture Thu......
Q:
Briefly describe a purchase you made where the customer service level had an e f fect on the product you selected or where you purchased it.
A:
An out of stock situation might prompt a customer to find another source for the......
Scrum For Hardware Design Supporting Material For The Mechanical Design Process 1st Edition - ISBN: 0999357840 - Free Book