The following errors were made in journalizing transactions. In each case, calculate the amount of the error
Question:
The following errors were made in journalizing transactions. In each case, calculate the amount of the error and indicate whether the debit or the credit column of the trial balance will be understated oroverstated.
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Debit or Credit Column of Amount of Trial Balance Understated Difference or Overstated 0. Example: A $149 debit to Accounts Receivable was not recorded149 a. A $42 debit to Supplies was recorded as $420. b. A $155 debit to Accounts Receivable was recorded twice C. A $179 debit to Prepaid Insurance was not recorded. d. A $65 credit to Cash was not recorded. e. A $190 debit to Equipment was recorded twice f. A $57 debit to Utilities Expense was recorded as $75 Debit column understated
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Related Book For
College Accounting
ISBN: 978-1111528126
11th edition
Authors: Tracie Nobles, Cathy Scott, Douglas McQuaig, Patricia Bille
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A trial balance is a list of all the general ledger accounts contained in the ledger of a business. This list will contain the name of each nominal ledger account and the value of that nominal ledger balance. Each nominal ledger account will hold either a debit balance or a credit balance
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