4) Activity 5: Chec.. for Understanding (5 mins) Direction: Analyze the errors and their effect on trial balance, The bookkeeper for Bien Services made a number of errors in journalizing and posting, as describe below. 1. A credit posting of P4,000 to Accounts Receivable was omitted. 2. A debit posting of P7,500 for Prepaid Insurance wad debited to Insurance Expense. 3. A collection from customer of P1,000 in payment of its account owed was journalized and posted as a debit to Cash P1,000 and a credit to Service Revenue, P1,000. 4. A credit posting of P3,000 to Tax Payable was made twice. 5. A cash purchase of supplies for P2,500 was journalized and posted as a debit to Supplies P250 and a credit to Cash, P250. 6. A debit of P4,950 to Advertising Expense was posted as P4,590. Instructions For each error, a. Indicate whether the trial balance will balance b. If the trial balance will not balance, indicate the amount of the difference. c. Indicate 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. Larger column (c) Error In-balance (a) Difference (b) 1 No P4,000 debit 2 4 6.

4) Activity 5: Chec.. for Understanding (5 mins) Direction: Analyze the errors and their effect on trial balance, The bookkeeper for Bien Services made a number of errors in journalizing and posting, as describe below. 1. A credit posting of P4,000 to Accounts Receivable was omitted. 2. A debit posting of P7,500 for Prepaid Insurance wad debited to Insurance Expense. 3. A collection from customer of P1,000 in payment of its account owed was journalized and posted as a debit to Cash P1,000 and a credit to Service Revenue, P1,000. 4. A credit posting of P3,000 to Tax Payable was made twice. 5. A cash purchase of supplies for P2,500 was journalized and posted as a debit to Supplies P250 and a credit to Cash, P250. 6. A debit of P4,950 to Advertising Expense was posted as P4,590. Instructions For each error, a. Indicate whether the trial balance will balance b. If the trial balance will not balance, indicate the amount of the difference. c. Indicate 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. Larger column (c) Error In-balance (a) Difference (b) 1 No P4,000 debit 2 4 6.

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter3: The General Journal And The General Ledger

Section: Chapter Questions

Problem 6E: The bookkeeper for Nevado Company has prepared the following trial balance: The bookkeeper has asked...

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The collection of $400 from a client on account was debited to Cash $4,000 and credited to Service Revenue $4,000. The correcting entry to correct this error will be: Dr. Service Revenue 4,000 Cr. Cash Cr. Accounts Receivable 3,600 400 4,000 Cr. Accounts Receivable Dr. Service Revenue 4,000 Dr. Service Revenue 400 3,600 Cr. Accounts Receivable Dr. Cash 4,000 Dr. Cash 400 Cr. Accounts Receivable 400 Dr. Accounts Receivable Dr. Cash 400 3,600 Cr. Service Revenue 4,000
4. A trial balance was extracted from the books of Phax Mohutsiwa. It was found that the debit side exceeded the credit side by P40. The following errors were later discovered. i) Purchases were overcast by P20. ii)An amount paid to L Lesego was debited to the control account as P98 instead of P89. iii) Sales were undercast by P11 Required: Enter the above information in the suspense account and balance it off. Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.
32-After preparing the trial balance, the accountant finds that the total of debit side is OMR 125,600 and Total of Credit Side OMR 126,500. This difference should be treated before rectification of errors was a. Debit Suspense account OMR 125,600 and Credit Trial Balance OMR 126,500 b. Suspense account should be cancelled with OMR 1800 c. Debit Suspense account with OMR 900 d. Credit Suspense account with OMR 900
Please help. I can't figure out the answer. Thanks Questions needed answer: a. Prepare journal entries to record the credit sales, the collections on account, and the preceding transactions and adjustment. b. Show how Accounts Receivable and the Allowance for Doubtful Accounts would appear on the December 31 balance sheet. Note: The general journal in the picture are the parts I attempted to answer as you can see there are green check marks that represent a correct answer and red x for a wrong answer. The parts that has the red X are what I needed answers. Thanks
1. Using the quick tests for locating errors, find the error in each of the two questions below. Describe the type of error, explain how you discovered it, and make corrections. a) GENERAL JOURNAL PARTICULARS DEBIT 6 0 00 31 ol ol ol - CREDIT Bank Equipment Сapital 90 0 0 Supplies 10 0 Accounts Payable 10 0 25o Expense Bank 250 Accounts Receivable 16 8 - Revenue 16 8 Bank 50 Accounts Receivable 50 Drawings Bank Bank Accounts Receivable Supplies 6 000 - 250 168 50- 100 50 72 6 050- 122- 118 5 728 Equipment 3 000 Accounts Payable Capital 100 – 9 000 Drawings Revenue Experse 72 - 168 - 205
A suspense account was opened when a trial balance failed to agree. The following errors were later discovered.  A gas bill of $420 had been recorded in the gas account as $240.  A discount of $50 given to a customer had been credited to discounts received.  Interest received of $70 had been entered in the bank account only. What was the original balance on the suspense account?
On June 10, 20X1, an employee of Williams Corporation mistakenly debited Telephone Expense rather than Utilities Expense when recording a bill of $955 for the May utility service. The error was discovered on June 30. Prepare a general journal entry to correct error. View transaction list Journal entry worksheet 1 Record the entry to correct the June 10 error.
The bookkeeper for Nevado Company has prepared the following trial balance: The bookkeeper has asked for your help. In examining the companys journal and ledger, you discover the following errors. Use this information to construct a corrected trial balance. a. The debits to the Cash account total 8,000, and the credits total 3,300. b. A 500 payment to a creditor was entered in the journal correctly but was not posted to the Accounts Payable account. c. The first two numbers in the balance of the Accounts Receivable account were transposed when the balance was copied from the ledger to the trial balance. d. The 1,500 amount withdrawn by the owner for personal use was debited to Miscellaneous Expense by mistakeit was correctly credited to Cash.
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4-After preparing the trial balance, the accountant finds that the total of debit side is OMR 125,600 and Total of Credit Side OMR 126,500. This difference should be treated before rectification of errors was a. Debit Suspense account OMR 125,600 and Credit Trial Balance OMR 126,500 b. Debit Suspense account with OMR 900 c. Suspense account should be cancelled with OMR 1800 d. Credit Suspense account with OMR 900
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