Following Is a List of Errors Made During the Posting

question 141

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 revenue, (2)total expenses, and (3)net income.
a)A $600 debit to salary expense was posted as a $600 credit to salary expense.
b)A $700 credit to service revenue was never posted.
c)A $2,000 debit to the withdrawals account was posted as a $2,000 debit to utilities expense.
d)A $1,500 credit to the revenue account was debited to the revenue account.
e)A $30,000 debit to the land account was debited to an expense account instead. $\begin{array} { | l | l | l | l | } \hline \text { Error } & \text { Revenue } & \text { Expenses } & \text { Net Income } \\\hline \text { a) } & & & \\\hline \text { b) } & & & \\\hline \text { c) } & & & \\\hline \text { d) } & & & \\\hline \text { e) } & & & \\\hline\end{array}$

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Definitions:

Marketable Discharge Permits

Environmental regulatory tools that allow companies to buy or sell allowances for emissions or discharges, promoting flexible compliance with pollution controls.

Direct Regulation

Governmental control directly imposed on specific activities, sectors, or behaviors to enforce compliance with laws and standards.

Technology Forcing

A policy or regulation that requires the development of new technology to meet a specific standard.

Marketable Discharge Permits

Tradable permits allowing the holder to emit a certain amount of pollutants, aimed at reducing the overall impact on the environment.