At Year-End, Henry Laundry Service Noted the Following Errors in Its

question 119

Essay

At year-end, Henry Laundry 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
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balance.
5. A $24,900 van purchase was recorded as a $24,090 debit to Equipment 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 Henry was recorded as a debit to Del Henry, 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 Henry, 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.

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Definitions:

Attachment

A deep and enduring emotional bond that connects one person to another across time and space, often discussed in the context of relationships between infants and caregivers and adult romantic partnerships.

Exchange Relationships

Social interactions based on the principle of reciprocity, where support and resources are given and received with the expectation of equivalent returns.

Pragmatic Relationships

Connections between individuals that are based on practical or utilitarian considerations, rather than emotional or intrinsic values.

Sternberg's Triangular Theory

A psychological model that describes love in terms of three components: intimacy, passion, and commitment.