he trial balance of Kelvin does not balance. Which TWO of the following errors could explain this, assuming that Kelvin maintains control accounts for its receivables and payables within the double entry system? (1) The sales day book was undercast by $100. (2) Discounts received were credited to sales revenue account. (3) An opening accrual was omitted from the rent account. (4) The debit side of the cash account was undercast. A (1) and (2) B (2) and (3) C (3) and (4) D (1) and (4) Please give solution with proper explanation

he trial balance of Kelvin does not balance. Which TWO of the following errors could explain this, assuming that Kelvin maintains control accounts for its receivables and payables within the double entry system? (1) The sales day book was undercast by $100. (2) Discounts received were credited to sales revenue account. (3) An opening accrual was omitted from the rent account. (4) The debit side of the cash account was undercast. A (1) and (2) B (2) and (3) C (3) and (4) D (1) and (4) Please give solution with proper explanation

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter10: Cash Receipts And Cash Payments

Section: Chapter Questions

Problem 4DQ: In a cash receipts journal, both the Accounts Receivable Credit column and the Cash Debit column...

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The following misstatements are sometimes found in the salesand collection cycle’s account balances:1. Several cash receipts were posted to the incorrect customer accounts.2. Several accounts receivable in the accounts receivable master file are not includedin the aged trial balance.3. One account receivable in the accounts receivable master file is included on theaged trial balance twice.4. A shipment made in the subsequent period is recorded as a current period sale.5. The allowance for uncollectible accounts is inadequate because of the client’sfailure to reflect depressed economic conditions in the allowance.6. Several accounts receivable are in dispute as a result of claims of defective merchandise.7. The pledging of accounts receivable to the bank for a loan is not disclosed in thefinancial statements.8. Goods were returned for credit on the last day of the fiscal year but the sales returnwas not recorded until the following fiscal year.9. Long-term interest-bearing notes…
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The Colby Group has the following unadjusted trial balance as of August 31, 2019: The Colby Group Unadjusted Trial Balance August 31, 2019 Credit Balances Debit Balances Cash 17,300 37,000 7,400 Accounts Receivable Supplies Prepaid Insurance Equipment.. Notes Payable.. Accounts Payable Terry Colby, Capital.. Terry Colby, Drawing 1,900 196,000 97,600 26,000 129,150 56,000 Fees Earned.. 454,450 Wages Expense Rent Expense Advertising Expense.. Miscellaneous Expense 270,000 51,800 25,200 5,100 667,700 707,200
what is the solution for The credit total of a trial balance exceeds the debit total by P350. In investigating the cause of the difference, the following errors were determined:a credit to accounts receivable of P550 was not posted;a P5,000 debit to be made to the Purchases account was debited to Accounts payable instead;a P3,000 credit to be made to the Sales account was credited to the Accounts receivable account instead;the Interest payable account balance of P4,500 was included in the trial balance as P5,400.The correct balance of the trial balance is
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The trial balance of the Sterling investigative Services shown next age does not balance. Your review of the general ledger reveals that each account has a normal balance. You also discovered the following errors. a. The totals of the debit sides of Rent Deposit, Accounts Payable, and Representation Expense were each understood to be P1,000. b. Transposition errors were made in Accounts Receivable and Service Revenue. Based on postings made, the correct balances were P25,700 and P69,600, respectively. c. Check payment for P9.400 was properly recorded, and the cash credit properly posted, but the accountant failed to post to the debit side of the taxes payable account. d. The trial balance shows some accounts are not on their proper sides. e. A cash debit posting for P5,000 was posted on the credit side. Credit P27,500 Sterling Investigative Services Trial Balance May 31, 2017 Debit Cash P55,800 Accounts Receivable Rent Deposit 7,000 Equipment 80,000 Accounts payable Taxes Payable…
Which of the following errors would be detected by a trial balance? Group of answer choices The cashier pocketed the cash from a cash sale and did not record it on the register A cash sale was recorded in the sales account as $548 instead of $584 but was correctly recorded in the bank account Supplies purchased on credit were recorded as a debit to the plant and equipment account and a credit to the accounts payable account Staff wages were recorded as office expenses
4. A trial balance was extracted from the books of Phax Mohutsiwa. It was found that the debit side exceeded the credit side by P40. The following errors were later discovered. i) Purchases were overcast by P20. ii)An amount paid to L Lesego was debited to the control account as P98 instead of P89. iii) Sales were undercast by P11 Required: Enter the above information in the suspense account and balance it off. Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.
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