23. If a cash purchase of an officeequipment for P50,000 was debitedto office supplies expense by thesame amount, what effect thisjournalizing process error has in yourtrial balance? *O A. The trial balance will be out of balanceB. The trial balance will be in-balanceO C. It require correction in journal bookO D. It requires correction in general ledger

Solution: The effect of this journalization in the trial balance is "it require correction in…

If a cash purchase of an office uipment for P50,000 was debited office supplies expense by the me amount, what effect this rnalizing process error has in your al balance? A. The trial balance will be out of balance B. The trial balance will be in-balance C. It require correction in journal book

If a cash purchase of an office uipment for P50,000 was debited office supplies expense by the me amount, what effect this rnalizing process error has in your al balance? A. The trial balance will be out of balance B. The trial balance will be in-balance C. It require correction in journal book

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: Which of the following accounts will get affected when cash is received from sale made on account in…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: Which of the following errors would cause a trial balance to have unequal totals? Explain your…

A: Definition: Trial balance: Trial balance is the summary of accounts and their debit and credit…

Q: Business paid RO 280 rent expense was wrongly entered RO 200 in both the accounts. This type of…

A: The error of transposition is an error where the transaction value is recorded with the wrong value…

Q: .All statement are limitations of trial balance Except: OMR 650 collected from customer, is debited…

A: As posted multiple independent questions we are answering only first question kindly repost the…

Q: Entries to Correct Errors The following errors took place in journalizing and posting transactions:…

A: Journal is a place where accounting transactions are listed in the book keeping system before ledger…

Q: Prepare a journal entries that summarizes the purchases, sales, and payments related to inventories…

A: Here we used the concept of journal entry to do the necessary journals. For doing the journal entry…

Q: identify which error will cause the trial balance to be out of balance A. a 260 cash salary payment…

A: Trial balance: Trial balance is the summary of all the ledger accounts balances presented in a…

Q: Utilities Expense Wages Expense 328,350 Prepare an unadjusted trial balance, listing the accounts in…

Q: Show Me How Calculator Print Item Errors affecting the trial balance For each of the following…

A: You have submitted two different topic question together. Question 1 is solved here because of the…

Q: Hly Rired you because they're aware that you're familiar with financial statements and what should…

A: Working notes: Correct Balance sheet Assets Liabilities…

Q: In work sheet Net loss of $ 100,000 should be shown as a. Debit balance in the adjusted trial…

A: Answer 9) An income statement is a statement with the help of which business organization gets to…

Q: 6- A bill for 740 TL for office supplies purchased on account was debited to equipment, 470 TL and…

A: Accounting Error: An accounting error is a mistake in a financial statement entry that was not made…

Q: Correction of Errors The following errors were discovered by Joseph Refugio in his examination of…

A: 1. Wrong Entry Correct Entry Correcting Entry Accounts Debit Credit Accounts Debit Credit…

Q: ollowing errors, each considered individually, wwould cau trial balance totals to be unequal: a, A…

A: To Indicate: Whether each of the following error would cause the trial balance totals to be unequal,…

Q: (ADOPTED) The trial balance of Tokyo's Portrai 2021 is shown below. It does not balance becaus of…

A: The trial balance represents the final balances of all the accounts.

Q: The purchase of fixed assets totalling $ 100 on account was incorrectly recorded as a debit to…

A: Purchase of fixed assets on account should be recorded as debit to assets account and credit to…

Q: Which of these transactions requires a credit entry to Revenue? A.collected balance due from…

A: Revenue Revenue is basically the income of a business arising by selling goods and services…

Q: Business receives cash RO 180 from Ms. Asma was wrongly entered RO100 in both the accounts. This…

A: Business receives cash = RO 180 Amount Wrongly entered = RO 100

Q: error in the general yournal where a S6,050 increase in ACCounts Receivable was recorded as an…

A: In a trial balance , the debit side must always equal the credit side. If the debit side does not…

Q: Mr. Amjad is an Account Assistant of a Merchandise Company in Oman. The business paid cash to Mr.…

A: Rectification entry means where some error has been done in past and we need to rectify that errors.

Q: b) While preparing the trial balance, the accountant found out that the amount differs where the…

A: In accounting, there are some mistakes that can occur and can be identified at the time of checking.…

Q: Journalize correcting entries for each of the following errors. A cash purchase of office equipment…

A: Correction of errors and journalizing the corrected entries: General Journal Page 1…

Q: The trial balance will be out of balance if:

A: Trial balance: Trial balance is a summary of all ledger accounts with credit and debit balances and…

Q: Which of the following is an example of an error that would not cause the trial balance to be out of…

A: There are different types of errors that can not impact the trial balance. 1. Error of omission. 2.…

Q: Identify which error will cause the trial balance to be out of balance. Multiple Choice A $370 cash…

A: The trial balance is prepared as posting of final balance from ledger accounts as debit and credit.…

Q: Determine the effect of the following errors on a company's total revenue, total expenses, and net…

A: Meaning of Rectification of Errors The procedure of revising mistakes is known as “Rectification of…

Q: (Corrected Trial Balance) The following trial balance of Wanda Landowska Company does not balance.…

A: Trial balance: Trial balance is a summary of all the ledger accounts balances presented in a tabular…

Q: After preparing the trial balance, the accountant finds that the total of debit side is OMR 125,600…

A: All errors have to be rectified before the finalization of accounts. If errors are not located,…

Q: Indicate which of the following errors, each considered individually, would cause the trial balance…

A: Indicate the errors that requires a correcting entry.

Q: Which of the following errors, considered individually, would cause the trial balance totals to be…

A: Trial balance: Trial balance is a summary of all the asset, liability, and equity accounts and their…

Q: It was also discovered that two posting errors were made lin the owner's capital account. The June 1…

A: A CORRECTING JOURNAL ENTRY IS MADE IN ORDER TO FIX AN ERRONEOUS TRANSACTION THAT HAD PREVIOUSLY BEEN…

Q: Nizwa Shopping Center received RO 2000 for equipment sold on account last month. The company should…

A: Date Account Titles and Explanation Debit Credit Cash RO 2,000…

Q: 00 a. A purchase of supplies for $259 on account (Record the entry to reverse the error first.) If…

A: Journal entry is an act of recording all the transactions of a business.

Q: Q20. Which of the following will not be recorded in the book of an Account: а. Purchase of Goods O…

A: The books of an account include the journal book and the ledger book. The transactions are first of…

Q: Which of the following errors would cause a trial balance imbalance? (i) The discounts received…

A: Trial Balance is the Balance of ledger Account where total of debit side of trial equal to credit…

Q: A lawyer collected $830 of legal fees in advance. He erroneously debited Cash for $380 and credited…

A: Introduction: Journal: Recording of a business transactions in a chronological order, First step in…

Q: Which of the following errors will not affect the Trial balance? a. Wrong totaling of purchase…

A: the errors that do not affect trial balance? Trial balance is prepared when transactions posted into…

Q: oods returned by Mr. Mohammed worth RO 1,500 were not entered in both the accounts. This type of…

A: Trial Balance: Trial balance is a statement in which closing balance of all ledger accounts are…

Q: Austin Insurance (Al) earned $10,000 revenue for services provided. Which of the following is…

A: Revenue should be recognized when transactions take place, regardless of the amount received or not.

Q: Which of the following balances is always due to an error? a.Dividends - debit balance of $2,500…

A: As per golden rules of accounting, all assets and expenses accounts should normally have debit…

Q: Monty Corp. has equipment that cost $76,500 and that has been depreciated $49,600. Record the…

A: Net book value of equipment = Cost of equipment - Accumulated Depreciation = $76,500 - $49,600 =…

Q: Which of the following errors will not affect the Trial balance? a. Omitting Salary account OMR…

A: Trial balance is a statement prepared in the financial accounting after the preparation of…

Q: hich of the following transactions is recorded in the revenue journal? a. sale of excess office…

A: Revenue Journal- Revenue journal is also known as a sales journal. All the credit sales of goods…

Q: After preparing the trial balance, the accountant finds that the total of debit side is OMR 125,600…

A: Rectification of errors simply means to correct the mistakes committed while preparing the account…

Q: Equipment; Accounts Payable; Michael Short, Capital; Michael Short, Drawing; Fees Earned; Rent…

A: The ledger accounts will be created after the journalizing the transactions. Ledger is the second…

Q: Correcting errors in a trial balance The trial balance of Beautiful Tots Child Care does not…

A: Given errors are: a. Cash is understated by $1,500. b. A $4,100 debit to Accounts Receivable was…

Question

23. If a cash purchase of an office
equipment for P50,000 was debited
to office supplies expense by the
same amount, what effect this
journalizing process error has in your
trial balance? *
O A. The trial balance will be out of balance
B. The trial balance will be in-balance
O C. It require correction in journal book
O D. It requires correction in general ledger

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Transactions and T Accounts The following selected transactions were completed during October of the current year: 1. Billed customers for fees earned, $52,490. 2. Purchased supplies on account, $2,260. 3. Received cash from customers on account, $49,340. 4. Paid creditors on account, $1,360. a. Journalize these transactions in a two-column journal, using the appropriate number to iden does not require an entry, leave it blank. Transaction Account Debit Credit (1) (2) (3) (4)
A £500 cash sale was entered as a debit in the sales account and a credit in the bank account. What type of error is this? Select one: A. Compensating B. Ommission C. Reversal of entries O D. Original entry E. Commission O F. Principle
8. If a $335.00 debit item in the general journal is posted as a debit for $353.00, and as a credit for the correct amount of $335.00 a) By how much will the trial balance be out of balance? $ b) Will the debits be understated or overstated?_ c) What do accountants call this type of error?
If a $335.00 debit item in the general journal is posted as a credit: By how much will the trial balance be out of balance? Explain how you might detect such an error.
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 with OMR 900 b. Suspense account should be cancelled with OMR 1800 c. Debit Suspense account OMR 125,600 and Credit Trial Balance OMR 126,500 d. Credit Suspense account with OMR 900
40. While in the process of posting from the journal to the ledger, the accountant of X Company failed to posta $50 debit to the Office Supplies account. The effect of this error will be as follows: A. The Office Supplies account balance will be overstated B. The trial balance will not balance. C. The error will overstate the debits listed in the journal. D. The total debits in the trial balance will be larger than the total credits. E. This error will not make any difference.
An error was made in posting of cash sales for $2 000. The both accounts were understated by the amount. What type of error is this? Error of Principle Error of Original Entry Error of Commission Reversal of Entries
1. The entries to adjust, close and reverse the books of accounts are appropriately recorded in which of the following journals? A. cash receipts journal B. cash disbursements journal C. sales journal D. general journal 2. A check mark below the columnar totals of any special journal is an indication that A. no posting is necessary anymore B. totals are posted already C. posting is optional D. the total is correct 3. Which of the following statements is correct? A. Special journal are designed for business with large volume of transactions. B. Special journals are costly and time-consuming to maintain C. Special journals are used simultaneously with general journals D. Choices a and c. 4. Purchase of merchandise on account with downpayment shall be recorded in A. SJ and CRJ В. GJ C. PJ and CDJ D. GJ and PJ 5. Which of the following is not a special-purpose journal? A. SJ В. GJ С. CRJ D. CDJ
The following errors took place in journalizing and posting the transactions below. Journalize the entries to correct the errors. Omit explanations. If an amount box does not require an entry, leave it blank. a. The receipt of $3,770 for services rendered was recorded as a debit to Accounts Receivable and a credit to Fees Earned. Cash fill in the blank e51d80faffd4fcb_2 fill in the blank e51d80faffd4fcb_3 Accounts Receivable fill in the blank e51d80faffd4fcb_5 fill in the blank e51d80faffd4fcb_6 b. The purchase of supplies of $1,130 on account was recorded as a debit to Office Equipment and a credit to Supplies. Note: Prepare the entry to reverse the original entry first. fill in the blank 1fd73cf5b00afb5_2 fill in the blank 1fd73cf5b00afb5_3 fill in the blank 1fd73cf5b00afb5_5 fill in the blank 1fd73cf5b00afb5_6 Supplies fill in the blank 1fd73cf5b00afb5_8 fill in the blank 1fd73cf5b00afb5_9 Accounts Payable fill in the blank…
Which of the following errors would cause a trial balance imbalance? (1) The discounts received column of the cash payments book was overcast. (ii) Cash paid for the purchase of office furniture was debited to the general expenses account (iii) Returns inwards were included on the credit side of the trial balance A. (iii) only В. (i) only С. None of them (i) and (ii) D.
Normally revenue is recognized when: A. the customer order is receivedB. the customer order is accompanied by a checkC. the transaction results to recording an accounts receivableD. when the title of the goods changes
TB 03-104 Which of the following is an example of an e... Which of the following is an example of an error that would not cause the trial balance to be out of balance? Multiple Choice A journal entry was posted as a debit to Cash and a credit to Sales Revenue when the company received a customer payment on account. A journal entry was posted as a debit to Wages Expense and a debit to Wages Payable. A journal entry was posted as a debit to Cash for $525 and credited to Accounts Receivable for $552. All of the choices errors would cause the trial balance to be out of balance.