Ask Question, Ask an Expert


Ask Accounting Basics Expert

Q1) The bookkeeper for Shirley Temple's dance studio made following errors in journalizing and posting.

1. A credit to Supplies of $600 was omitted.
2. A debit posting of $300 to Accounts Payable was inadvertently debited to Accounts Receivable.
3. A purchase of supplies on account of $450 was debited to Supplies for $540 and credited to Accounts Payable for $540.
4. A credit posting of $250 to Wages Payable was posted twice.
5. A debit posting to Wages Payable for $250 and a credit posting to Cash for $250 were made twice.
6. A debit posting for $1,200 of Dividends was inadvertently posted to Travel Expense instead.
7. A credit to Service Revenue for $350 was inadvertently posted as a debit to Service Revenue.
8. A credit to Accounts Receivable of $250 was credited to Accounts Payable.


For each error, point out (a) whether trial balance will balance; (b) amount of difference if trial balance will not balance; and (c) trial balance column which will have larger total. Let each error separately. Use following form, in which error 1 is given as ex.

  (a)  (b)  (c) 
Error  In Balance  Difference  Larger Column 
1 No  $600 Debit 

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M921861

Have any Question? 

Related Questions in Accounting Basics

Bull what are some steps taken by both the fasb and iasb to

• What are some steps taken by both the FASB and IASB to move to fair value measurement for financial instruments? In what ways have some of the approaches differed? • IFRS 9-1: What is component depreciation, and when m ...

Completing the accounting cycle from journal entries to

Completing the accounting cycle from journal entries to post-closing trial balance with an optional worksheet. On December 1, Bob Wonder began an auto repair shop, Wonder's Quality Automotive. The following transactions ...

Descriptionbond valuation the pennington corporation issued

Description BOND VALUATION The Pennington Corporation issued a new series of bonds on January 1, 1990. The bonds were sold at par ($1,000); had a 12% coupon; and mature in 30 years, on December 31, 2019. Coupon payments ...

International accountingjust need answer1 the new lease

International accounting Just need answer. 1. The new lease standard requires that leases will be included on the Balance Sheet. There is an exemption to this new rule. What obligations will be exempt from inclusion on t ...

Estimating cash flowsassume that your company is

Estimating Cash Flows Assume that your company is considering the replacement of an automated milling machine with one of the new machines offered by three different manufacturers. Each of the three machines under consid ...

Use the following transactions and additional information

Use the following TRANSACTIONS AND ADDITIONAL INFORMATION to complete the General Journal Entries, Ledger, Worksheet and Financial Statements for the first of the month of operations for The Golf Club. PERPETUAL INVENTOR ...

1 which of the following scenarios will qualify under

1. Which of the following scenarios will qualify under Section 351 as a nontaxable corporate formation? For those that do not qualify, what requirement of section 351 do they violate? a. Giner, Mary Ann, and Mrs. Howell ...

When measuring an impairment loss for a long-term operating

When measuring an impairment loss for a long-term operating asset, must firms determine the fair market value using a discounted cash flow model? Explain.

Case study -you are auditing the financial report of best

Case Study - You are auditing the financial report of Best Living Supplies Ltd (Best Living Supplies) for the year ended 30 June 2016. Best Living Supplies sells a wide variety of household products to retail outlets. Al ...

Problemshareholders equity transactions and statement of

Problem Shareholders' Equity Transactions and statement of Financial position presentation The shareholder's equity og M. Gangoso corporation at Jan 1, 2016 appers below: *% preference share, P250 par, 15,000 shares auth ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

A cola-dispensing machine is set to dispense 9 ounces of

A cola-dispensing machine is set to dispense 9 ounces of cola per cup, with a standard deviation of 1.0 ounce. The manuf

What is marketingbullwhat is marketing think back to your

What is Marketing? • "What is marketing"? Think back to your impressions before you started this class versus how you

Question -your client david smith runs a small it

QUESTION - Your client, David Smith runs a small IT consulting business specialising in computer software and techno

Inspection of a random sample of 22 aircraft showed that 15

Inspection of a random sample of 22 aircraft showed that 15 needed repairs to fix a wiring problem that might compromise

Effective hrmquestionhow can an effective hrm system help

Effective HRM Question How can an effective HRM system help facilitate the achievement of an organization's strate