A transaction was recorded with a $500 debit to Accounts Receivable and a $500 credit to Service Fees Earned. Both accounts were credited during the posting process. As a result:
a. the Accounts Receivable account was overstated.
b. the Service Fees Earned account was correct.
c. the trial balance was in balance.
d. the debit column total was correct.
e. All of the above statements are correct.
b
You might also like to view...
Preston Sales, Inc. has gross salaries and wages for March of $45,000. Provide the journal entry to record salaries and wages expense and payroll withholdings. (Assume a FICA-OASDI Tax of 6.2% and FICA-Medicare Tax of 1.45%.) Salaries and wages to date are under the OASDI limit. Assume no federal or state income taxes are due. Salaries and wages will be paid at a later date. Omit explanation.
What will be an ideal response?
Using Mumford et al.’s skills model, name and briefly describe two types of problem-solving skills and two types of social judgment skills used by leaders to solve complex organizational problems.
What will be an ideal response?
At an auction sale, each bid is: A) a counteroffer to the auctioneer's offer of the merchandise
B) an acceptance of the auctioneer's offer. C) an invitation to negotiate. D) an offer.
In 2018, Sam is single and rents an apartment for which he pays $800 per month, pays state income taxes of $2,000 and makes charitable contributions of $1,000. Sam's adjusted gross income is $47,000.Required: Compute his taxable income. Show all calculations.
What will be an ideal response?