Question : 3.3   Learning Objective 3-3 1) If the debit and credit totals : 1171270

 

3.3   Learning Objective 3-3

1) If the debit and credit totals of a trial balance are not equal, it could be due to the following type of error:

A) Failure to record a transaction

B) Recording the same erroneous amount for both the debit and the credit sides of a transaction

C) Incorrectly calculating the debit side of the trial balance

D) Recording the same transaction more than once

2) If the business records a number as 179 and it should be 197, this error would be called:

A) a rearrangement.

B) a slide.

C) a transposition.

D) None of the above

3) If a trial balance is not equal, you should first:

A) re-compute the ledger balances.

B) trace all postings.

C) re-add the trial balance and calculate the difference.

D) match debits and credits.

4) Which of the following errors would cause the trial balance to be out of balance?

A) The payment of utilities expense was recorded as a debit to Rent Expense for $57 and a credit to Cash for $57.

B) The payment of an account payable for $100 was recorded as a debit to Cash, $100, and a credit to Accounts Payable, $100.

C) The collection of an account was not recorded.

D) The payment of an account payable for $400 was recorded as a debit to Accounts Payable for $400 and a credit to Cash for $4,000.

5) Which of the following transactions would cause the trial balance to be out of balance?

A) A debit to Cash and a debit to Equipment for the same amount

B) A credit to Cash and a debit to Supplies for the same amount

C) A debit to Accounts Receivable and a credit to Accounting Fees for the same amount

D) All of these answers are correct.

6) An $1,000 check written for supplies was journalized and posted as $200. The entry to correct this error is:

A) debit Supplies, $800; credit Cash, $800.

B) debit Cash, $800; credit Supplies, $800.

C) debit Supplies, $200; credit Cash, $200.

D) debit Cash, $200; credit Cash, $200.

7) Proof that the dollar amount of the debits equals the dollar amount of the credits in the ledger means:

A) all of the information from the journal was correctly transferred to the ledger.

B) all accounts have their correct balances in the ledger.

C) only the ledger is accurate; the journal may be incorrect.

D) only that the debit dollar amounts equal the credit dollar amounts.

8) In preparing the trial balance of the K&L’s Bridal Service, the Withdrawals account (which had a normal balance in the general ledger) was listed as a credit for $400. What will be the difference between the debit and credit sides of the trial balance?

A) $150

B) $200

C) $300

D) $800

9) The trial balance:

A) includes all accounts with a ledger balance.

B) includes assets, liabilities, capital, withdrawals, revenues and expenses.

C) ensures that debits equal credits.

D) All of the above are correct.

10) To correct an error made in the journal (prior to posting in the ledger):

A) erase the error and write the correct entry.

B) write a new journal entry correcting the original entry.

C) No adjustment is required.

D) None of the above is correct.

 

 

Place your order
(550 words)

Approximate price: $22

Calculate the price of your order

550 words
We'll send you the first draft for approval by September 11, 2018 at 10:52 AM
Total price:
$26
The price is based on these factors:
Academic level
Number of pages
Urgency
Basic features
  • Free title page and bibliography
  • Unlimited revisions
  • Plagiarism-free guarantee
  • Money-back guarantee
  • 24/7 support
On-demand options
  • Writer’s samples
  • Part-by-part delivery
  • Overnight delivery
  • Copies of used sources
  • Expert Proofreading
Paper format
  • 275 words per page
  • 12 pt Arial/Times New Roman
  • Double line spacing
  • Any citation style (APA, MLA, Chicago/Turabian, Harvard)

Our guarantees

Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.

Money-back guarantee

You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.

Read more

Zero-plagiarism guarantee

Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.

Read more

Free-revision policy

Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.

Read more

Privacy policy

Your email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.

Read more

Fair-cooperation guarantee

By sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.

Read more