Journalize the entries to correct the following errors: a. A purchase of supplies for $201 on account was recorded and posted as a debit to Supplies for $595 and as a credit to Accounts Receivable for $595. (Record the entry to reverse the error first.) If an amount box does not require an entry, leave it blank. b. A receipt of $5,900 from Fees Earned was recorded and posted as a debit to Fees Earned for $5,900 and a credit to Cash for $5,900. If an amount box does not require an entry, leave it blank.

A journal entry for a $75 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 trial balance? O A. The sum of the debits will exceed the sum of the credits by $75. O B. The sum of the debits will exceed the sum of the credits by $150. O C. The sum of the credits will equal the sum of the debits. O D. The sum of the credits will exceed the sum of the debits by $150.

A journal entry for a $700 payment for Prepaid Rent was erroneously recorded as a debit to Prepaid Rent for $100. and a credit to Cash for $700. Which of the following statements correctly states the effect of the error on the trial balance? A. The sum of the debits will exceed the sum of the credits by $600. B. The sum of the credits will exceed the sum of the debits by $600. C. The sum of the debits will exceed the sum of the credits by $100. D. The sum of the credits will exceed the sum of the debits by $100. 0 0 0 0

The following information is obtained from a review of the record keeping process. Analyze the given information and prepare a modified trial balance. Show your solutions. Ricanor Accounting Services Trial Balance Dec. 31, 2021 Debit Credit Cash P189,000 284,600 66,400 40,000 526,800 Accounts Receivable Supplies Prepaid Insurance Office Equipment Notes Payable Accounts Payable Ricanor, Capital Ricanor, Withdrawals P130,000 195,400 297,200 100,000 821,400 Service Income Salaries Expense Advertising Expense Totals 348,700 12,200 P1,467,700 P1,544,000 a. An account receivable for P 24,300 was incorrectly added as P 23,400 when computing the balance of the Accounts Receivable account. b. A debit posting from the journal for P5,200 is missing from the Salaries Expense account. C. A debit posting of P15,000 to Notes Payable should have been made to Accounts Payable. d. A debit posting of P25,000 to Supplies was incorrectly posted as P2,500. e. Credits to the ledger Accounts Payable account…

A suspense account was opened when a trial balance failed to agree. The following errors were later discovered.  A gas bill of $420 had been recorded in the gas account as $240.  A discount of $50 given to a customer had been credited to discounts received.  Interest received of $70 had been entered in the bank account only. What was the original balance on the suspense account?

After preparing the trial balance, the accountant finds that the total of debit side is OMR 125,600 and Total of Credit Side OMR 126,500. This difference should be treated before rectification of errors was

Select the best answer for the question 12. One of the primary purposes of preparing a trial balance is to O A. rearrange the accounts in alphabetical order OB. determine that the total dollar amount of the debits equals the total dollar ambam of the credits OC. ensure that the number of accounts with debit balances is equal to the number of accounts with credit balances OD. prepare the accounts for posting to the ledger # Mark for review (Will be highlighted on the review page) << Previous Question Type here to search Next Questio O

1. While reviewing a trial balance, you notice the following account balances. Which one is likely to be an error? a. Inventory with a debit balance of $43,000 b. Discount on Bonds Payable with a debit balance of $4,000 c. Accumulated Depreciation with a debit balance of $8,000 d. Allowance for Doubtful Accounts with a credit balance of $23,000 2. Debiting an insurance payment to Rent Expense instead of Insurance Expense is an example of... a. an accrual error b. a deferral error c. a classification error d. use of an incorrect accounting principle 3. InCo. recorded a customer's $20,000 check as a $20,000 debit to Cash and as a $2,000 credit to Accounts Receivable. This is an example of: a. an oversight b. an incorrect account classification c. a transposition error d. a slide error 4. During a bank reconciliation, a deposit recorded by the bank but not in the company's ledger Cash account is... a. added to both the bank balance and the ledger Cash account balance b. added to the…

Creative Solutions Company, a computer consulting firm, has decided to write off the $15,220 balance of an account owed by a customer, Wil Treadwell. a. Journalize the entry to record the write-off, assuming that the direct write-off method is used. If an amount box does not require an entry, leave it blank. Account Debit Credit Bad Debt Expense Accounts Receivable-Wil Treadwell Feedback Check My Work Remember that under the direct write-off method, Bad Debt Expense is not recorded until the customer's account is determined to be worthless. b. Journalize the entry to record the write-off, assuming that the allowance method is used. If an amount box does not require an entry, leave it blank. Account Debit Credit Allowance for Doubtful Accounts Accounts Receivable-Wil Treadwell