User Account

All Pages

What effect would the error have on the trial balance

Assignment Help Financial Accounting
Reference no: EM133010634

Problem 1: The credit purchase of a new oven for $5,700 was posted to Kitchen Equipment as a $5,700 debit and to Accounts Payable as a $5,700 debit. What effect would this error have on the trial balance?

Multiple Choice

Option 1: The total of the Debit column of the trial balance will exceed the total of the Credit column by $5,700.

Option 2: The total of the Credit column of the trial balance will exceed the total of the Debit column by $5,700.

Option 3: The total of the Debit column of the trial balance will exceed the total of the Credit column by $11,400.

Option 4: The total of the Credit column of the trial balance will exceed the total of the Debit column by $11,400.

Option 5: The total of the Debit column of the trial balance will equal the total of the Credit column.

Reference no: EM133010634

Questions Cloud

Determine the net income of a company for the month of july : Determine the net income of a company for which the information is available for the month of July. Employee salaries expense $187,000
What was the fixed overhead volume variance : Actual activity and manufacturing overhead costs for the year are given below: Units produced 12,800 units. What was the fixed overhead volume variance
Create technical specificationsand number of users : Create/research the technical specificationsand number of users with the IT group's assistance (again, these can probably be found on the software providers)
What is the payback period on the new equipment : Ferris Company has an old machine that is fully depreciated but has a current salvage value of $5,000. What is the payback period on the new equipment
What effect would the error have on the trial balance : What effect would this error have on the trial balance? The credit purchase of a new oven for $5,700 was posted to Kitchen Equipment as a $5,700 debit.
Importance of balancing strategic staffing plan : What is the importance of balancing your strategic staffing plan between consistency and flexibility. Describe why it is important and the benefits of these two
What is the amount of equity as of august of current year : What is the amount of equity as of August 31 of the current year? On August 31 of the current year, the assets and liabilities of Gladstone, Inc.
What is the payback period for this investment : The expected additional cash inflows are: $52,500 for year 1, $65,000 for year 2. $32.500 for year 3, and $46,000 for year 4. What is the payback period
Individuals in favor of the right of the public : At what point is it acceptable to violate the human rights of disabled individuals in favor of the right of the public?

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

Free Assignment Quote

Assured A++ Grade

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd