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.

Understand the historical development and fundamental assumptions of measures of intelligence.

Discuss the influence of intelligence theories on contemporary testing methodologies.

Understand and calculate the components of the operating cycle.

Comprehend the calculation of the cash cycle and its importance in corporate finance.

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Definitions:

Retrieval Cues

Stimuli or signals that can trigger the memory recall of previously learned information.

Maintenance Rehearsal

A cognitive process involving the repeated review of information to keep it in short-term memory.

Source Confusion

A memory error where the source of a memory is incorrectly attributed to some specific remembered experience.

Schema Intrusions

Unwanted, intrusive thoughts or memories that disrupt current cognitive processes, often related to traumatic events or fears.