A $30,000 loan was arranged with a bank.
Would the student's trial balance have equal debit and credit totals? If there were no existing balances in any of the accounts to begin with, would the error prevent the student from preparing correct financial statements? Why? ExercisesĮxercise A Prepare the journal entry required for each of the following transactions: The student took an examination in a room where the windows were on the other side of the room and became confused and consistently reversed debits and credits. ➢ A student remembered that the side toward the window in the classroom was the debit side of an account. Of what help will the trial balance be in locating this error? Why? Instead of debiting the Store Equipment account, the debit was made to Delivery Equipment. ➢ Store equipment was purchased for $2,000. What are some possible causes of this difference? If the difference between the columns is divisible by 9, what types of errors are possible? ➢ You have found that the total of the Debits column of the trial balance of Burns Company is $200,000, while the total of the Credits column is $180,000. ➢ What types of accounts appear in the unadjusted trial balance? What are the purposes of this trial balance? How do these two compare with a book and its table of contents? What does journalizing mean? Give an example of a compound entry in the general journal.➢ Describe a ledger and a chart of accounts. When a new version is available, you can now check the new features before downloading the new version.➢ Which of the steps in the accounting cycle are performed throughout the accounting period?➢ What is the purpose of the Dividends account and how is it increased?➢ Describe the nature and purposes of the general journal. Typinator no longer clears the search field when closing the Typinator window. Typinator now works with the Pinyin input methods for Chinese. Briefly pressing the command key clears Typinator's memory of recently typed text.
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