Match the following errors on the left with the type of error on the right. ___ 1.
Question:
Match the following errors on the left with the type of error on the right. ___ 1. A cash sale for $700 was recorded as $7,000. ___ 2. Annual depreciation was calculated using a useful life of 8 years instead of 6 years. ___ 3. A purchase of supplies was never booked. ___ 4. A $740 customer check was recorded as $470. ___ 5. Payment for an ad was debited to Utilities Expense. ___ 6. At year end, no adjusting entry was recorded for annual depreciation. ___ 7. On March 1, a $1,200 check to pay the premium for a 24-month policy was debited to Prepaid Insurance. On December 31, the adjusting entry recognized insurance expense of $450. a. Omission b. Accrual or deferral error c. Classification error d. Arithmetic mistake e. Use of incorrect accounting principle f. Use of improper accounting estimate g. Transposition error h. Slide error i. Posting error
Expert Answer:
Here is the matching of errors 1 g Transposition error 2 f Use of improper accounting estimate 3 a Omission 4 d Arithmetic mistake 5 c Classification ... View the full answer
