1. Identify the item below that would cause the trial balanceto not balance? Multiple Choice a. A...
Question:
1. Identify the item below that would cause the trial balanceto not balance?
Multiple Choice
a. A $1,480 collection of an account receivable was erroneouslyposted as a debit to Accounts Receivable and a credit to Cash.
b. The purchase of office supplies on account for $3,260 waserroneously recorded in the journal as $2,360 debit to OfficeSupplies and $2,360 credit to Accounts Payable.
c. A $290 cash receipt for the performance of a service was notrecorded at all.
d. The purchase of office equipment for $2,400 was posted as adebit to Office Supplies and a credit to Cash for $2,400.
e. The cash payment of a $1,230 account payable was posted as adebit to Accounts Payable and a debit to Cash for $1,230.
2. The credit purchase of a new oven for $5,000 was posted toKitchen Equipment as a $5,000 debit and to Accounts Payable as a$5,000 debit. What effect would this error have on the trialbalance?
Multiple Choice
a. The total of the Debit column of the trial balance willexceed the total of the Credit column by $5,000.
b. The total of the Credit column of the trial balance willexceed the total of the Debit column by $5,000.
c. The total of the Debit column of the trial balance willexceed the total of the Credit column by $10,000.
d. The total of the Credit column of the trial balance willexceed the total of the Debit column by $10,000.
e. The total of the Debit column of the trial balance will equalthe total of the Credit column.
3.
The balances in Sanchez Accounting Services' office suppliesaccount on February 1 and February 28 were $850 and $225,respectively. If the office supplies expense for the month is$1,050, what amount of office supplies was purchased duringFebruary?
Multiple Choice
a. $425
b. $1,675
c. $850
d. $225
e. $1,075
4.
On October 1, Goodwell Company rented warehouse space to atenant for $2,600 per month and received $13,000 for five months’rent in advance on that date, with the lease beginning immediately.The cash receipt was credited to the Unearned Rent account. Thecompany’s annual accounting period ends on December 31. TheUnearned Rent account balance at the end of December, afteradjustment, should be:
Multiple Choice
a. $5,200.
b.$7,800.
c. $13,000.
d. $2,600.
e. $10,400.
Fundamental financial accounting concepts
ISBN: 978-0078025365
8th edition
Authors: Thomas P. Edmonds, Frances M. Mcnair, Philip R. Olds, Edward