Following Is a List of Errors Made During the Posting

question 102

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 $100 debit to the accounts payable account was posted as a $400 debit.
b)A $500 debit to withdrawals was never posted.
c)A $2,000 debit to the land account was posted as a $2,200 debit.
d)A $1,700 credit to the revenue account was credited to an expense account.
e)A $4,000 debit to an expense account was debited to land 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:

Buyers

Individuals or entities that purchase goods or services for consumption, use, or investment.

Total Surplus

The combined benefit that all participants (consumers and producers) receive in a market, represented by the sum of consumer and producer surplus.

Market Equilibrium

A condition in a market where the quantity demanded equals the quantity supplied, leading to a stable price.

Good

A tangible item that is produced and is capable of being offered to a market to satisfy a want or need.