Find: In Balance, Difference, Larger Column 1. A credit posting of $460 to Accou

Question

Find: In Balance, Difference, Larger Column 1. A credit posting of $460 to Accounts Receivable was omitted. 2. A debit posting of $590 for Prepaid Insurance was debited to Insurance Expense. 3. A collection on account of $360 was journalized and posted as a debit to Cash $360 and a credit to Accounts Payable $360. 4. A credit posting of $460 to Property Taxes Payable was made twice. 5. A cash purchase of supplies for $290 was journalized and posted as a debit to Supplies $70 and a credit to Cash $70. 6. A debit of $395 to Advertising Expense was posted as $359.

Explanation / Answer

1. $460 is omitted so we deduct from current Bal = -46$ 2. $590 is not actually paid so we add that in Curr. Bal = +590 3. a) $360 is collect so we add in our Curr. Bal = +360 b) $360 Debited from cash so we add in Curr Bal = +360 4. a) $460 is credit posting So we add in Curr Bal = +460 b) $460*2 We need to pay it twice so we deduct it = -920 5. a) $290 Cash purchase so we deduct it = -290 b) $60 was debited from cash so we add = + 70 6. a) $359 wrong entry so we Add it = +359 b) $395 is actualy expense need to debited = -395 ____________________________________________________________ Current available Balance = $134

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