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:

Visual Experiences

The perception of surroundings, objects, or events through the sense of sight, forming a significant part of human experience and interpretation.

Guide Behavior

Influencing or directing actions, decisions, or attitudes based on certain principles, examples, or advice.

Self-Control

The ability of an individual to regulate their emotions, thoughts, and behaviors in the face of temptations and impulses.

Social Learning Theory

Suggests that individuals can learn new behaviors or information by observing others, emphasizing the importance of modeling, imitation, and social influences.