Maurice Tutor

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Teaching Since: May 2017
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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 10 Sep 2017 My Price 11.00

trial balance column

Posting errors are identified in the following table. In column (1), enter the amount of the difference between the two trial balance columns (debit and credit) due to the error. In column (2), identify the trial balance column (debit or credit) with the larger amount if they are not equal. In column (3), identify the account(s) affected by the error. In column (4), indicate the amount by which the account(s) in column (3) is under- or overstated. Item (a) is completed as an example.

 

Description of Posting Error

(1)

Difference between Debit and Credit Columns

(2)

Column with the Larger Total

(3)

Identify Account(s) Incorrectly Stated

(4)

Amount that Account(s) Is Over-or Understated

$2,400 debit to Rent Expense is posted as a $1,590 debit.

$810

Credit

Rent Expense

Rent Expense understated $810

$4,050 credit to Cash is posted twice as two credits to Cash.

        

$9,900 debit to the Withdrawals account is debited to Owner’s Capital.

        

$2,250 debit to Prepaid Insurance is posted as a debit to Insurance Expense.

        

$42,000 debit to Machinery is posted as a debit to Accounts Payable.

        

$4,950 credit to Services Revenue is posted as a $495 credit.

        

$1,440 debit to Store Supplies is not posted.

        

You are told the column totals in a trial balance are not equal. After careful analysis, you discover only one error. Specifically, a correctly journalized credit purchase of a computer for $16,950 is posted from the journal to the ledger with a $16,950 debit to Office Equipment and another $16,950 debit to Accounts Payable. The Office Equipment account has a debit balance of $40,100 on the trial balance. Answer each of the following questions and compute the dollar amount of any misstatement.

a. Is the debit column total of the trial balance overstated, understated, or correctly stated?

b. Is the credit column total of the trial balance overstated, understated, or correctly stated?

c. Is the Office Equipment account balance overstated, understated, or correctly stated in the trial balance?

d. Is the Accounts Payable account balance overstated, understated, or correctly stated in the trial balance?

e. If the debit column total of the trial balance is $360,000 before correcting the error, what is the total of the credit column before correction?

Answers

Maurice Tutor
(5)
Status NEW Posted 10 Sep 2017 01:09 PM My Price 11.00

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