Following Is a List of Errors Made During the Posting

question 170

Essay

Following is a list of errors made during the posting process.Indicate the exact dollar impact each error would have on total assets,total liabilities,and shareholders' equity.Complete the chart below by using (+)to indicate overstated,(-)to indicate understated,and (0)to indicate no effect.Transaction (a)is completed as an example.
a.A $200 credit to the Accounts Payable account was posted as $2,000.
b.A $50 debit to Cash was never posted.
c.A $550 credit to the Revenue account was credited to the Accounts Receivable account.
d.A $45,000 debit to the Land account was debited to an expense account.
e.A $200 payment on an account payable was credited to Accounts Receivable instead of Cash.
f.A $350 debit to the Dividends account was posted as $530.
b.
c.
d.
e.
f.

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Definitions:

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