Examlex
At year-end,Harris Cleaning Service noted the following errors in its trial balance:
1.It understated the total debits to the Cash account by $500 when computing the account balance.
2.A credit sale for $311 was recorded as a credit to the revenue account,but the offsetting debit was not posted.
3.A cash payment to a creditor for $2,600 was never recorded.
4.The $680 balance of the Prepaid Insurance account was listed in the credit column of the trial balance.
5.A $24,900 truck purchase was recorded as a $24,090 debit to Vehicles and a $24,090 credit to Notes Payable.
6.A purchase of office supplies for $150 was recorded as a debit to Office Equipment.The offsetting credit entry was correct.
7.An additional investment of $4,000 by Del Harris was recorded as a debit to Del Harris,Capital and as a credit to Cash.
8.The cash payment of the $510 utility bill for December was recorded (but not paid)twice.
9.The revenue account balance of $79,817 was listed on the trial balance as $97,817.
10.A $1,000 cash withdrawal was recorded as a $100 debit to Del Harris,Withdrawal and $100 credit to cash.
Using the form below,indicate whether each error would cause the trial balance to be out of balance,the amount of any imbalance,and whether a correcting journal entry is required.
Termination Notice
A formal notification stating the end of employment or a contract.
Emotionally Involved
Refers to a state where one's feelings are deeply engaged in a situation, task, or relationship.
Opening Buffer
is a polite, non-confrontational introductory statement in a message, often used to soften the impact of what follows.
Personalized Language
Language tailored to the needs, preferences, or characteristics of a specific individual or audience, enhancing relatability and engagement.
Q23: Della's Donuts owner made investments of $50,000
Q29: What is interest?
Q36: Affiliates of foreign MNCs are taxed on
Q54: The accounting equation can be restated as:<br>
Q68: It is obvious that an error occurred
Q77: The primary objective of financial accounting is
Q80: Assume that a product has the
Q98: The first section of the income statement
Q105: The general journal provides a place for
Q168: How is a classified balance sheet different