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:

Cosign

To sign a legal document alongside another person, taking joint responsibility for the obligation the document entails, such as a loan.

Equal Credit Opportunity Act

A U.S. federal law designed to ensure that all consumers have an equal chance to obtain credit, prohibiting discrimination.

Unauthorized Purchases

Transactions made without the permission of the account holder or beyond the scope of their authority.

Deceptive Claim

A false or misleading statement made about a product or service, typically for the purpose of deceiving consumers.