# 2 a payment of accounts payable for 600 was credited

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Chapter 1 / Exercise E-1-5
Survey of Accounting
Warren
Expert Verified
A debit posting to accounts receivable for \$500 was omitted.2.A payment of accounts payable for \$600 was credited to cash and debited to accountsreceivable.3.A credit to accounts receivable for \$650 was posted as \$65.4.A cash purchase of equipment for \$693 was journalized as a debit to equipment and a creditto notes payable. The credit posting was made for \$639.5.A debit posting of \$300 for purchase of supplies was credited to supplies.6.A debit to repairs expense for \$491 was posted as \$419.7.A debit posting for wages expense for \$900 was made twice.8.A cash purchase of supplies for \$700 was journalized and posted as a debit to supplies for\$70 and a credit to cash for \$70.2 - 48
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Chapter 1 / Exercise E-1-5
Survey of Accounting
Warren
Expert Verified
The Recording ProcessInstructionsFor each error, indicate (a) whether the trial balance will balance; if the trial balance will notbalance, indicate (b) the amount of the difference, and (c) the trial balance column that will havethe larger total. Consider each error separately. Use the following form, in which error (1) is givenas an example.2 - 49(A)(B)(C)ErrorIn BalanceDifferenceLarger Column1No\$500CreditSolution 179(A)(B)(C)ErrorIn BalanceDifferenceLarger Column1No\$500Credit2Yes3No585Debit4No54Debit5No600Credit6No72Credit7No900Debit8YesSO6 BT: AN Difficulty: Hard TOT: 15 min. AACSB: Analysis AICPA BB: CT AICPA PC: PSEx. 180Post the following transactions to T-accounts and determine each account's ending balance.1.Supplies.............................................................................................2,500Accounts Payable.....................................................................2,5002.Accounts Receivable.........................................................................4,000Service Revenue.......................................................................4,0003.Cash...................................................................................................3,000Accounts Receivable................................................................3,0004.Accounts Payable..............................................................................1,000Cash..........................................................................................1,000Solution 180CashAccounts Payable3.3,0004.1,0004.1,0001.2,500Bal.2,000Bal.1,500
The Recording ProcessSolution 180(cont.)Accounts ReceivableService Revenue2.4,0003.3,0002.4,000Bal.1,000Bal.4,000Supplies1.2,500Bal.2,500SO6 BT: AP Difficulty: Easy TOT: 6 min. AACSB: RT AICPA BB: CT AICPA FN: ReportingEx. 181The trial balance of Drysdale Company shown below does not balance.DRYSDALE COMPANYTrial BalanceJune 30, 2010———————————————————————————————————————————DebitCreditCash...................................................................................................\$ 2,600Accounts Receivable.........................................................................7,600Supplies.............................................................................................600Equipment..........................................................................................8,300Accounts Payable..............................................................................\$ 9,766Drysdale, Capital................................................................................1,952Drysdale, Drawing..............................................................................1,500Service Revenue................................................................................15,200Wages Expense.................................................................................3,800Repair Expense.................................................................................1,600Totals.........................................................................................\$26,000\$26,918An examination of the ledger and journal reveals the following errors:1.Each of the above listed accounts has a normal balance per the general ledger.2.Cash of \$360 received from a customer on account was debited to Cash \$630 and credited toAccounts Receivable \$630.3.A withdrawal of \$300 by the owner was posted as a credit to Drysdale, Drawing, \$300 andcredit to Cash \$300.4.A debit of \$300 was not posted to Wages Expense.5.The purchase of equipment on account for \$700 was recorded as a debit to Repair Expenseand a credit to Accounts Payable for \$700.6.Services were performed on account for a customer, \$510, for which Accounts Receivablewas debited \$510 and Service Revenue was credited \$51.7.A payment on account for \$225 was credited to Cash for \$225 and credited to AccountsPayable for \$252.