Following Is a List of Errors Made During the Posting

question 71

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:

Response Rates

The percentage of people who answer or participate in a survey out of the total number of people contacted or selected for the study.

Human Communication

Human communication involves the exchange of information between individuals through verbal, non-verbal, written, and digital mediums to convey and understand messages.

Interviews

A qualitative research method involving direct, face-to-face conversation between the interviewer and the respondent to gather information or opinions.

Nonprobability Sampling

A sampling method where elements of the population do not have a known or equal chance of being selected, often used for exploratory research or when probability sampling is not feasible.