Following Is a List of Errors Made During the Posting

question 123

Short Answer

Following is a list of errors made during the posting process. Indicate the exact dollar impact each error would have on (1)total assets, (2)total liabilities, and (3)owner's equity.
a)A $600 debit to the accounts payable account was posted as a $400 debit.
b)A $700 credit to cash was never posted.
c)A $2,000 debit to the withdrawals account was posted as a $2,200 debit.
d)A $1,700 credit to the revenue account was debited to the revenue account.
e)A $4,000 debit to the land account was debited to an expense account instead. $$\begin{array} { | l | l | l | l | } \hline \text { Error } & \text { Assets } & \text { Liabilities } & \text { Owner's Equity } \\\hline \text { a) } & & & \\\hline \text { b) } & & & \\\hline \text { c) } & & & \\\hline \text { d) } & & & \\\hline \text { e) } & & & \\\hline\end{array}$$

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Definitions:

Sales Quota

A specific sales performance target set for a salesperson or team to achieve within a given timeframe.

Geographical Area

A specific physical region or territory within which activities associated with sales or marketing are conducted.

80/20 Principle

A rule of thumb that states that 80% of outcomes result from 20% of all causes for any given event.

Time Management

The process of organizing and planning how to divide one's time between specific activities efficiently.