(1) (2) (3) Identify (4) Difference between Column with Amount That Debit and Credit the Larger Account(s) Incorrectly Account(s) Is Description of Posting Error Columns Total Over- or Stated Understated $2,260 $3,600 debit to Rent Expense is posted as a $1,340 debit. Credit Rent Expense Rent Expense understated $2,260 a. b. $6,500 credit to Cash is posted twice as two credits to Cash. C. $10,900 debit to the Withdrawals account is debited to Owner's Capital. d. $2,050 debit to Prepaid Insurance is posted as a debit to Insurance Expense. $38,000 debit to Machinery is posted as a debit to Accounts Payable. е. f. $5,850 credit to Services Revenue is posted as a $585 credit. g. $1,390 debit to Store Supplies is not posted.
(1) (2) (3) Identify (4) Difference between Column with Amount That Debit and Credit the Larger Account(s) Incorrectly Account(s) Is Description of Posting Error Columns Total Over- or Stated Understated $2,260 $3,600 debit to Rent Expense is posted as a $1,340 debit. Credit Rent Expense Rent Expense understated $2,260 a. b. $6,500 credit to Cash is posted twice as two credits to Cash. C. $10,900 debit to the Withdrawals account is debited to Owner's Capital. d. $2,050 debit to Prepaid Insurance is posted as a debit to Insurance Expense. $38,000 debit to Machinery is posted as a debit to Accounts Payable. е. f. $5,850 credit to Services Revenue is posted as a $585 credit. g. $1,390 debit to Store Supplies is not posted.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Posting errors are identified in the following table. In column (1), enter the amount of the difference between the two
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