Question you are told the column totals in a trial balance, Ask an Expert

Accounting

Question: 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?

View complete question

Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M92336876

Have any Question?Write your Review or question?

Related Questions in Accounting Basics

Accounting fundamentals assignment -financial statement

Accounting Fundamentals Assignment - Financial Statement Analysis - This assignment involves analysing the financial statements and other information relating to a number of Australian public companies. These companies a ...

Question - on february 20 2017 coronado inc purchased a

Question - On February 20, 2017, Coronado Inc. purchased a machine for $1,440,000 for the purpose of leasing it. The machine is expected to have a 10-year life, no residual value, and will be depreciated on the straight- ...

Question - a bond has a 7 coupon and pays interest

Question - A bond has a 7% coupon and pays interest semi-annually. What is the amount of each interest payment if the face value of a bond is $1,000?

Question - wilson carver knives uses process costing in its

Question - Wilson Carver Knives uses process costing. In its Cutting Department, all the materials are added at the beginning of the process and conversion costs are added evenly during the processing. During the first m ...

Question - in 2018 x company expects to produce and sell

Question - In 2018, X Company expects to produce and sell 60,000 units of its only product for $33.98. The following are budgeted variable costs per unit: Direct materials - $4.12 Direct labor - 5.57 Variable overhead - ...

Question - on november 1 2009 tims toys borrows 30000000 at

Question - On November 1, 2009, Tim's Toys borrows $30,000,000 at 9% to finance the holiday sales season. The note is for a six-month term and both principal and interest are payable at maturity. What should be the balan ...

Question - on january 1 2017 palka inc acquired 70 percent

Question - On January 1, 2017, Palka, Inc., acquired 70 percent of the outstanding shares of Sellinger Company for $1,479,800 in cash. The price paid was proportionate to Sellinger's total fair value, although at the acq ...

Assessment -question 1 - the lotteries commission conducts

Assessment - Question 1 - The Lotteries Commission conducts an instant lottery called 'Set for Life' under which a winner who scratches three 'set for life' panels wins $50,000 each year for 20 years. The first $50,000 i ...

Assessment task select two public limited companies listed

Assessment task: Select two public limited companies listed on the Australian Securities Exchange (ASX) that are in the same industry. Go to the website of your selected companies. Then go to the Investor Relations secti ...

Question - the asset account office supplies had a

Question - The asset account, Office Supplies had a beginning balance of $5,700. During the accounting period, office supplies were purchased, on account, for $5,100. A physical count, on the last day of the accounting p ...

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

Recent Questions

Ask Accounting Basics Expert