Identify the item below that would cause the trial balance to not balance.
A. A $1240 collection of an account receivable was erroneously posted as a debit to Accounts Receivable and a credit to Cash.
B. The cash payment of a $990 account payable was posted as a debit to Accounts Payable and a debit to Cash for $990.
C. The purchase of office supplies on account for $3255 was erroneously recorded in the journal as $2355 debit to Office Supplies and $2355 credit to Accounts Payable.
D. A $170 cash receipt for the performance of a service was not recorded at all.
E. The purchase of office equipment for $1800 was posted as a debit to Office Supplies and a credit to Cash for $1800.
Answer: B
You might also like to view...
In periods of rising purchase prices and increasing inventory quantities, LIFO results in a _____ than either FIFO or the weighted-average cost-flow assumption
a. higher cost of goods sold; lower reported periodic income; lower current income taxes b. lower cost of goods sold; lower reported periodic income; lower current income taxes c. higher cost of goods sold; higher reported periodic income; lower current income taxes d. higher cost of goods sold; higher reported periodic income; higher current income taxes e. a lower cost of goods sold; higher reported periodic income; higher current income taxes
After posting the second closing entry to the income summary account, the balance will be equal to
A) zero. B) owner's equity. C) revenues for the period D) the net income or (loss) for the period.
In a highly regulated, monopolistic industry, such as the electrical utilities, a cost management system (CMS) is
a. of no use because there is no attempt to control costs. b. of little value because costs are passed along to the customers. c. essential because of the need to provide the highest degree of cost efficiency possible in order to benefit the customers. d. critical to the needs of managers which make decisions at various levels within the organizational hierarchy.
Compare the chase strategy versus level scheduling
What will be an ideal response?