Question

In: Accounting

Which of the following errors, each considered individually, would cause the trial balance totals to be...

Which of the following errors, each considered individually, would cause the trial balance totals to be unequal? a.Cash received from customers on account was posted as a debit of $720 to Cash and a credit of $720 to Accounts Payable. b.A payment of $4,450 to a creditor was posted as a debit of $4,500 to Accounts Payable and a credit of $450 to Cash. c.A payment of $67 for insurance was posted as a debit of $76 to Prepaid Insurance and a credit of $76 to Cash. d.A transaction was not posted.

Solutions

Expert Solution

Solution:
Corrected Journal Entry for the transaction are as below,
Journal Entries
Transaction Account Title and explanation Debit Credit
A Cash $                        720
      Account Receivable $                           720
B Account Payable $                     4,450
         Cash $                       4,450
C Prepaid Insurance $                           67
         Cash $                             67
As per above journal entry, in given problem Entry for Option A is posted wrong because we received the cash from account
receivable so we have to reduce the same but in option account payalbe in increased so option A is have the errors
Answer =
Option A = Cash received from customers on account was posted as a debit of $720 to Cash and a credit of $720 to Accounts Payable

ekkarill92 answered 1 year ago
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