Leona James, a Student in Your Class, Is Not Sure

question 158

Essay

Leona James, a student in your class, is not sure the effect of the following unrelated situations would have on the accuracy of the financial statements. Identify the account(s) that are affected and if the trial balance would balance.
(a) Equipment was purchased for $2,500 cash. The debit was recorded properly, but the credit was omitted.
(b) A debit to cash for $37 was posted as $73; the credit was posted correctly.
(c) A purchase of supplies on account for $200 was posted as a debit to equipment and a credit to cash.

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Definitions:

Personal Agenda

An individual’s private motivations, goals, or objectives that drive their behavior and decisions in various contexts.

Listener Apprehension

Fear of misunderstanding, misinterpreting, or being unable to adjust to the spoken messages of others.

Presentation

The act of showing, demonstrating, or delivering information to an audience.

City Council

A governing body responsible for making decisions on local laws, policies, and regulations in a city.