The bookkeeper for Roger\'s dance studio made the following errors in journalizi

Question

The bookkeeper for Roger's dance studio made the following errors in journalizing and posting. For each error, indicate whether the trial balance will balance; the amount of the difference if the trial balance will not balance; and the trial balance column that will have the larger total. Consider each error separately. Use the following form, in which error 1 is given as an example. Error In Balance Difference Larger Column Debit A credit to Supplies of $590 was omitted. A debit posting of $ 310 to Accounts Payable was inadvertently debited to Accounts Receivable $590 1. 2. 3. No Yes Debit A purchase of supplies on account of $ 580 was debited to Supplies for $670 and credited to Accounts Payable for $670. A credit posting of $ 730 to Interest Payable was posted twice. Yes 90 Credit 4. 730 Credit Debit Debit Debit Debit No T A debit posting to Income Taxes Payable for $300 and a credit posting to Cash for $ 300 were made twice. A debit posting for $1,450 of Dividends was inadvertently posted to Salaries and Wages Expense instead. A credit to Service Revenue for $400 was inadvertently posted as a debit to Service Revenue. A credit to Accounts Receivable of $300 was credited to Accounts Payable. 5. Yes 6. 7. 8. Yes 1450 400 Yes 300

Explanation / Answer

Error In balance Difference Larger Column 1 No 590 Debit 2 Yes 0 - 3 Yes 0 - 4 No 730 Credit 5 Yes 0 - 6 Yes 0 - 7 No 800 Debit 8 Yes 0 -

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