Question: A journal entry for a $70 payment for rent expense was posted as a debit to Salaries expense and a credit to Cash. This error

A journal entry for a $70 payment for rent expense was posted as a debit to Salaries expense and a credit to Cash. This error will cause which of the following conditions on the trial balance? OA. The sum of the debits will exceed the sum of the credits by $70. OB. The sum of the credits will exceed the sum of the debits by $140. OC. The sum of the debits will exceed the sum of the credits by $140 O D. The sum of the credits will equal the sum of the debits

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

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

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

QUESTION 21 A journal entry for a $75 payment for Rent expense was posted as a debit to Salary expense and a credit to Cash. This error will cause which of the following conditions on the trial...

Research Target corporation Research Target corporation. Access the corporation's annual report for the most recent year available and review the financial statements and related notes. Using any...

A journal entry for a $70 payment for rent expense was posted as a debit to Salaries expense and a credit to Cash. This error will cause which of the following conditions on the trial balance?...

Question 14 A journal entry for a $80 payment for rent expense was posted as a debit, to salaries expense and a credit to cash. This error will cause which of the following conditions on the trial...

QUESTION 13 Diamond, Inc. had the following transactions during June Performed services for $4.000 on account received cash on account. $:16.009;pad 51409 for repair expense paid $3.600 to a supplier...

20) A business renders services to a customer for $26,000 on account. Which of the following accounts 20) is credited? A) Service Revenue C) Accounts Payable B) Accounts Receivable D) Cash 21) A...

Accountants record O A. estimated future transactions B. economic recessions O C. only those events that have dollar amounts than can be measured reliably OD. the $20,000 increase in value of a...

A journal entry for a $65 payment for rent expense was posted as a debit to Salaries Expense and a credit to Cash. Which of the following statements correctly states the effect of the error on the...

A journal entry for a $ 5 0 payment for rent expense was posted as a debit to Salaries Expense and a credit to Cash. Which of the following statements correctly states the impact to the trial...

Daniel Hill is considering purchasing a new car. The price of the car is $59000, and Daniel hopes to keep it 3 years and then sell it for $23600. Based on past experience, Daniel drives about 13,00m...

Consider a trading portfolio that had a return of 1.00% today. Using an EWMA model with = 0.94 and a prior return volatility estimate of 2.05%, what is the updated return volatility for this trading...

Which of the following describes a known dividend yield on a stock? Dividends will yield a certain return to a person buring the stack today The sian of the dividend payments esch year is known...

If the units produced by a factory decreased by 1 0 % and the labor productivity decreased by 2 5 % , then the labor hours must have _ _ _ _ _ _ _ _ _ . Hint: let x be the unknown labor input....

2. Your employee is only selling about half the items per week that he should be selling. How would you go about determining what the problem is and whether training is the solution.

1. Explain how you would apply our motivation points in developing a lecture, say, on orientation and training.

2. In the HR management course Jennifer took, the book suggested using a job instruction sheet to identify tasks performed by an employee. Should the Carter Cleaning Centers use a form like this for...