Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
Effect of errors in journalizing and posting on trial balance.
The bookkeeper for Shirley Temple's dance studio made the following errors in journalizing and posting.
1. A credit to Supplies of $600 was omitted. 2. A debit posting of $300 to Accounts Payable was inadvertently debited to Accounts Receivable. 3. A purchase of supplies on account of $450 was debited to Supplies for $540 and credited to Accounts Payable for $540. 4. A credit posting of $250 to Wages Payable was posted twice. 5. A debit posting to Wages Payable for $250 and a credit posting to Cash for $250 were made twice. 6. A debit posting for $1,200 of Dividends was inadvertently posted to Travel Expense instead. 7. A credit to Service Revenue for $350 was inadvertently posted as a debit to Service Revenue. 8. A credit to Accounts Receivable of $250 was credited to Accounts Payable.
Instructions
For each error, indicate (a) whether the trial balance will balance; (b) the amount of the difference if the trial balance will not balance; and (c) the trial balance column that will have the larger total. Consider each error separately. Use the following form, in which error 1 is given as an example.
(a)
(b)
(c)
Error
In Balance
Difference
Larger Column
1
No
$600
Debit
You plan to deposit these funds in a bank account that pays 8% per year. Explain how much money you would have accumulated just after you make the 5th deposit?
Make sure that you solve for the output level of each firm, and the market price.
Might this report be different if the report was for your manager? Might this report be different if the owner of a business was your client?
Prepare the balanced scorecard for the Norwalk Pharmaceutical Division of Chadwick and determine the process used to formulate the strategy of the Norwalk Pharmaceutical Division and the Balanced Scorecard.
Prepare the September 9 entry to establish the fund and (2) the September30 entry to both reimburse the fund and reduce it to $300.
Determine cost assigned to ending inventory and to cost of goods sold using (a) specific identification, (b) weighted average, (c) FIFO, and (d ) LIFO.
Prepare an incremental analysis in good form to evaluate the incremental effect on profit of discontinuing the snail extraction tool line.
Assume a tax rate of 40 percent and that current losses can be used to offset taxable income in future years. What is present value of tax savings related to the operating losses in years 1 and 2?
questionmountain top boot company plans to expand its manufacturing capacity to allow up to 20000 pairs of a new
The cost of adding this new feature is $26,000 and Zippy expects to sell 1,600 units over the next year. Illustrate what is the cost or benefit of Zippy adding the feature to the product?
Determine the break-even corporate tax rate which makes the company indifferent between the two investments and Calculation of Capital Budgeting
An early freeze in California sours the lemon crop. What happens to consumer surplus in the market for lemons? What happens to consumer surplus in the market for lemonade? Illistrate your answers with diagrams
Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd