Examlex
The bookkeeper for Panda Bear Yard Service made a number of errors in journalizing and posting as described below:
1. A debit posting to accounts receivable for $500 was omitted.
2. A payment of accounts payable for $600 was credited to cash and debited to accounts receivable.
3. A credit to accounts receivable for $950 was posted as $95.
4. A cash purchase of equipment for $893 was journalized as a debit to equipment and a credit to notes payable. The credit posting was made for $839 while the debit posting was made for $893.
5. A debit posting of $400 for purchase of supplies was credited to supplies.
6. A debit to maintenance and repairs expense for $451 was posted as $415.
7. A debit posting for salaries and wages expense for $900 was made twice.
8. A cash purchase of supplies for $700 was journalized and posted as a debit to supplies for $70 and a credit to cash for $70.
Instructions
For each error, indicate (a) whether the trial balance will balance; if the trial balance will not balance, indicate (b) the amount of the difference, and (c) the trial balance column that will have the larger total. Consider each error separately. Use the following form, in which error (1) is given as an example.
Nash Equilibrium
A concept in game theory where no player can benefit by changing strategies while the other players' strategies remain unchanged.
Payoff
The benefit or return that one receives as a result of an investment or action; a rephrasing of economic payoff emphasizing the outcome aspect.
Cartel
An association of independent businesses or countries that work together to control prices and limit competition for their mutual benefit.
Incentive
A benefit, reward, or cost that motivates an economic agent to engage in a particular course of action.
Q2: The following items were taken from the
Q37: Sam Myers sells televisions with a 2-year
Q39: The economic entity assumption states that economic
Q59: On October 3, Karl Schickele, a carpenter,
Q68: The revenue recognition principle dictates that revenue
Q163: If expenses are paid in cash, then<br>A)
Q172: If a resource has been consumed but
Q221: Characteristics associated with faithfully representative accounting information
Q231: Adjusting entries are recorded in the general
Q241: Mother Hips Garment Company purchased equipment on