analyze the following independent errors and describe how each would effect 10column work sheet explain whether...

analyze the following independent errors and describe how each would effect 10column work sheet explain whether the error is likely to be discovered in completing the work sheet and if not the effect of the error of financial statement
A-the adjustement for consumption of the insurance coverage credited the prepaid insurance account for 3100 and debited the same amount to the insurance expense account
B-when completing the adjusted trial balance in the work sheet the 6700 repairs expense account balance was extended to the debit column for the balance sheet

Solutions

Expert Solution

Answer to Point A

The correct amount of prepiad Insurance to be determained at each balance sheet date. At the time of making payment for Insurance, prepaid insurance will be debited and Cash / Bank account will be credited. Decrease in amount of prepaid was the amount being used or expiring during the current period

So, The treastment for consumption of Insutance coverage by crediting Prepaid Insurance Account and Debiting Insurance expense account is correct for an amount of 3100.

Answer to the Point B

Credit the Balance sheet item initally debited and

debit the Repair expense account for amount of 6700

ekkarill92 answered 1 year ago

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