yes or no ? 7/29 7/30 7/31 Received cash from customers on account, $3,420 Paid

Question

yes or no ?

7/29 7/30 7/31 Received cash from customers on account, $3,420 Paid wages of employees, $2,500 Paid a dividend $2,000 Required: Journalize the above transactions Problem 2 The following errors occurred in posting from the journal: 1. A debit of $1,250 to Supplies was posted twice to Supplies. 2. A debit of $3,575 to Wages Expense was posted as $3,557 3. A credit of $4,175 to Accounts Payable was not posted. 4. A debit of $400 to Accounts Payable was posted as a credit. 5. An entry debiting Accounts Receivable and crediting Service Revenue for $6,000 was not posted. 6. 7. A credit of $350 to Cash was posted as $540 A debit of $1,000 to Cash was posted to Miscellaneous Expense. Considering each case individually (assuming no other errors had occurred), indicate whether the trial balance would be out of balance

Explanation / Answer

Trial balance effect 1 Supplies of 1250 was twice posted Yes 1250 Debit more 2 Debit of wages expense (3575-3557) Yes 18 Debit more 3 Credit of accounts payable not posted Yes 4175 Credit less 4 A debit posted as credit 400 Yes 800 Credit more 5 Entry not posted No 6 Credit of 350 to cash was posted as 540 Yes 190 Debit more 7 As debit was of cash and misc. Expense are debited No

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