Posting errors are identified in the following table. In column (1), enter the amount of the difference between the two trial balance columns (debit and credit) due to the error. In column (2), identify the trial balance column (debit or credit) with the larger amount if they are not equal. In column (3), identify the account(s) affected by the error. In column (4), indicate the amount by which the account(s) in column (3) is under- or overstated. Item (a) is completed as an example. (Select "None" if there is no effect.) Description of Posting Errora$2,760 debit to Rent Expense is posted as a$2,670 debit.b.$5,520 credit to Cash is posted twice as twocredits to Cash.C.$11.040 debit to the Withdrawals account isdebited to Owner's Capital.d.$2,610 debit to Prepaid Insurance is posted as adebit to Insurance Expense.e$48,300 debit to Machinery is posted as a debit toAccounts Payable.f.$6,420 credit to Services Revenue is posted as a$642 credit.g.$1,800 debit to Store Supplies is not posted.(1)DifferencebetweenDebit andCreditColumns$ 90 Credit(2)Columnwith theLargerTotal(3)Identify Account(s)Incorrectly StatedRent ExpenseAmount That Account(s) Over- or UnderstatedRent Expense is understated by $90

Errors in posting refer to those that are done while recording the journal entries in books and the…

Posting errors are identified in the following table. In column (1), enter the amount of the difference between the two trial balance columns (debit and credit) due to the error. In column (2), identify the trial balance column (debit or credit) with the larger amount if they are not equal. In column (3), identify the account(s) affected by the error. In column (4), indicate the amount by which the account(s) in column (3) is under- or overstated. Item (a) is completed as an example. (Select "None" if there is no effect.)

Posting errors are identified in the following table. In column (1), enter the amount of the difference between the two trial balance columns (debit and credit) due to the error. In column (2), identify the trial balance column (debit or credit) with the larger amount if they are not equal. In column (3), identify the account(s) affected by the error. In column (4), indicate the amount by which the account(s) in column (3) is under- or overstated. Item (a) is completed as an example. (Select "None" if there is no effect.)

Quickbooks Online Accounting

3rd Edition

ISBN:9780357391693

Author:Owen

Publisher:Owen

Chapter4: Operating Activities: Sales And Cash Receipts

Section: Chapter Questions

Problem 2.4C

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