After Preparing an (Unadjusted)trial Balance at Year-End,R Would the Errors Cause the Trial Balance to Be Out

question 144

Essay

After preparing an (unadjusted)trial balance at year-end,R.Chang of Chang Window Company discovered the following errors:
1.Cash payment of the $225 telephone bill for December was recorded twice.
2.Cash payment of a note payable was recorded as a debit to Cash and a debit to Notes Payable for $1,000.
3.A $900 cash withdrawal by the owner was recorded to the correct accounts as $90.
4.An additional investment of $5,000 cash by the stockholder was recorded as a debit to Common Stock and a credit to Cash.
5.A credit purchase of office equipment for $1,800 was recorded as a debit to the Office Equipment account with no offsetting credit entry.
Using the form below,indicate whether the error would cause the trial balance to be out of balance by placing an X in either the yes or no column.Would the errors cause the trial balance to be out of balance?
$$\begin{array} { l l l } \text { Error } & \text { Yes } & \text { No } \\1 . &\underline{\quad\quad}&\underline{\quad\quad} \\2 . &\underline{\quad\quad}&\underline{\quad\quad} \\3. &\underline{\quad\quad}&\underline{\quad\quad} \\4 . & \underline{\quad\quad}&\underline{\quad\quad}\\5 . &\underline{\quad\quad}&\underline{\quad\quad}\end{array}$$
Would the errors cause the trial balance to be out of balance?

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Definitions:

Profit

The financial gain obtained when the total revenues generated from selling goods or services exceed the total costs and expenses to produce them.

Exclusive Right

Exclusive Right is a legal entitlement that grants the holder the sole privilege to perform, use, or sell a particular service, product, or piece of intellectual property.

Marginal Revenue

The additional revenue that a company receives from selling one more unit of a product or service.

Marginal Revenue

The rise in income generated by the sale of an extra unit of a product or service.