Julie,a New Employee,is Not Sure of the Effect the Following

question 10

Essay

Julie,a new employee,is not sure of the effect the following unrelated situations would have on the accuracy of the financial statements.Identify the account(s)that are affected and if the trial balance would balance.
a.Equipment was purchased for $1,000 cash.The debit was recorded properly,but the credit was omitted.
b.A debit to Cash for $250 was posted as $2,500;the credit was posted correctly.
c.A purchase of supplies on account for $50 was posted as a debit to Supplies and a credit to Cash.

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Definitions:

Heredity And Environment

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Insanity Defence

A legal defense asserting that a defendant was unable to understand the nature of their actions or distinguish right from wrong due to mental illness at the time of the crime.

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A mental disorder characterized by distortions in thinking, perception, emotions, language, sense of self, and behavior.

Phobic Disorder

An anxiety disorder characterized by an excessive and irrational fear of specific objects, situations, or activities.