Question: The following errors occurred in posting from a two-column Journal: 1. A credit of $6,790 to Accounts Payable was not posted. 2. An entry debiting
The following errors occurred in posting from a two-column Journal: 1. A credit of $6,790 to Accounts Payable was not posted. 2. An entry debiting Accounts Receivable and crediting Fees Earned for $8,100 was not posted. 3. A debit of $1,210 to Accounts Payable was posted as a credit. 4. A debit of $1,530 to Supplies was posted twice. 5. A debit of $1,150 to Cash was posted to Miscellaneous Expense. 6. A credit of $380 to Cash was posted as $830. 7. A debit of $3,960 to Wages Expense was posted as $3,690. Considering each case individually (ie, assuming that no other errors had occurred): (a) Indicate by "yes" or "no" whether the trial balance would be out of balance (b) If the answer to (a) is "yes", indicate the amount by which the trial balance totals would differ. (c) Indicate whether the debit or credit column of the trial balance would have the larger total If "no", enter"0" in the difference column and select "neither" from the drop box under "Larger Total". Enter all amounts as positive numbers. Answers should be presented in the following form, with error (1) given as an example: Error Out of balance Difference Larger Total 1. Yes $6,790 Debit 2. $ 3. $ 4. $ 5. $ 6. $ 7. $
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
