Exercise 2-22 (Static) Identifying effects of posting errors on the trial balance LO P1 Posting errors are identified in the following table. In column (1), enter the amount of the difference between the two trial balance columns (debit and credit) due to the error. In column (2), identify the trial balance column (debit or credit) with the larger amount if they are not equal. In column (3), identify the account(s) affected by the error. In column (4), indicate the amount by which the account(s) in column (3) is under- or overstated. Item (a) is completed as an example. (Select "None" if there is no effect.) Description of Posting Error a. $3,600 debit to Rent Expense is posted as a $1,340 debit. b. $6,500 credit to Cash is posted twice as two credits to Cash. c. $2,050 debit to Prepaid Insurance is posted as a debit to Insurance Expense. d. $38,000 debit to Machinery is posted as a debit to Accounts Payable. e. $5,850 credit to Services Revenue is posted as a $585 credit. f. $1,390 debit to Store Supplies is not posted. (1) Difference between Debit and Credit Columns (2) Column with the Larger Total (3) Identify Account(s) Incorrectly Stated $ 2,260 Credit Rent Expense (4) Amount of account over- or understatement Rent Expense is understated by $2,260