ou are told the column totals in a trial balance are not equal. After careful an
ID: 2337964 • Letter: O
Question
ou are told the column totals in a trial balance are not equal. After careful analysis, you discover only one error. Specifically, a correctly journalized credit purchase of a computer for $16,450 is posted from the journal to the ledger with a $16,450 debit to Office Equipment and another $16,450 debit to Accounts Payable. The Office Equipment account has a debit balance of $38,986 on the trial balance. Answer each of the following questions and compute the dollar amount of any misstatement.
In cases where the amount is understated or overstated, use the 'Amount' column to fill in the amount by which the account or trial balance total is understated or overstated.
ou are told the column totals in a trial balance are not equal. After careful analysis, you discover only one error. Specifically, a correctly journalized credit purchase of a computer for $16,450 is posted from the journal to the ledger with a $16,450 debit to Office Equipment and another $16,450 debit to Accounts Payable. The Office Equipment account has a debit balance of $38,986 on the trial balance. Answer each of the following questions and compute the dollar amount of any misstatement.
In cases where the amount is understated or overstated, use the 'Amount' column to fill in the amount by which the account or trial balance total is understated or overstated.
(Enter the amounts understated with a minus sign.)
NOTE: I need help with question letter D: The balance of the accounts payable account in the trial balance. What is the number that goes in there?
ou are told the column totals in a trial balance are not equal. After careful analysis, you discover only one error. Specifically, a correctly journalized credit purchase of a computer for $16,450 is posted from the journal to the ledger with a $16,450 debit to Office Equipment and another $16,450 debit to Accounts Payable. The Office Equipment account has a debit balance of $38,986 on the trial balance. Answer each of the following questions and compute the dollar amount of any misstatement.
Explanation / Answer
Solution d:
As credit purchase of computer is debited to accounts payable instead of credit to accounts payable, therefore balance of accounts payable is understated and same is understated by $32,900 ($16,450*2).
Event Statements Account Status Amount d The balance of the accounts payable account in the trial balance Understated -$32,900.00Related Questions
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