For Each of the Following Errors, Indicate on the Table

question 33

Essay

For each of the following errors, indicate on the table below the amount by which the trial balance will be out of balance and which trial balance column (debit or credit) will have the larger total as a result of the error.
a. $100 debit to Cash was debited to the Cash account twice.
b. $1,900 credit to Sales was posted as a $190 credit.
c. $5,000 debit to Office Equipment was debited to Office Supplies.
d. $625 debit to Prepaid Insurance was posted as a $62.50 debit.
e. $520 credit to Accounts Payable was not posted.

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Definitions:

Payroll Taxes

Taxes imposed on employers and employees, calculated as a percentage of the salaries that employers pay to their staff.

Personal Income Taxes

Taxes imposed on individuals or households based on the income they earn over a certain period, often progressive in nature.

Federal Government Expenditure

The total amount of money spent by the federal government on various programs, services, and obligations.

Social Security Payments

Government transfers to eligible retirees, disabled workers, and survivors to provide them with income support.