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    The Following Trial Balance Was Prepared From The Ledger Accounts

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    trilocksp Singh
    The document describes errors made in the accounting records of Klein Inc. during May 2016. It lists six errors: an incorrect land purchase recording, an incorrect supplies purchase recording, an incorrect customer services recording, a missing customer receipt recording, a missing accounts payable payment recording, and a missing utilities expense recording. The document asks to identify the errors that would cause an imbalance in the trial balance, indicate if each error would overstate, understate, or have no effect on assets, liabilities and equity, and prepare a corrected trial balance.

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    The Following Trial Balance Was Prepared From The Ledger Accounts

    Uploaded by

    trilocksp Singh
    6 views1 page
    The document describes errors made in the accounting records of Klein Inc. during May 2016. It lists six errors: an incorrect land purchase recording, an incorrect supplies purchase recording, an incorrect customer services recording, a missing customer receipt recording, a missing accounts payable payment recording, and a missing utilities expense recording. The document asks to identify the errors that would cause an imbalance in the trial balance, indicate if each error would overstate, understate, or have no effect on assets, liabilities and equity, and prepare a corrected trial balance.

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    The document describes errors made in the accounting records of Klein Inc. during May 2016. It lists six errors: an incorrect land purchase recording, an incorrect supplies purchase recording, an incorrect customer services recording, a missing customer receipt recording, a missing accounts payable payment recording, and a missing utilities expense recording. The document asks to identify the errors that would cause an imbalance in the trial balance, indicate if each error would overstate, understate, or have no effect on assets, liabilities and equity, and prepare a corrected trial balance.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
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    6 views1 page

    The Following Trial Balance Was Prepared From The Ledger Accounts

    Uploaded by

    trilocksp Singh
    The document describes errors made in the accounting records of Klein Inc. during May 2016. It lists six errors: an incorrect land purchase recording, an incorrect supplies purchase recording, an incorrect customer services recording, a missing customer receipt recording, a missing accounts payable payment recording, and a missing utilities expense recording. The document asks to identify the errors that would cause an imbalance in the trial balance, indicate if each error would overstate, understate, or have no effect on assets, liabilities and equity, and prepare a corrected trial balance.

    Copyright:

    © All Rights Reserved
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    The following trial balance was prepared from the ledger

    accounts
    The following trial balance was prepared from the ledger accounts of Klein Inc.:The accountant
    for Klein, Inc., made the following errors during May 2016:1. The cash purchase of land for
    $3,000 was recorded as a $5,000 debit to Land and a $3,000 credit to Cash.2. A $1,600
    purchase of supplies on account was properly recorded as a debit to the Supplies account but
    was incorrectly recorded as a credit to the Cash account.3. The company provided services
    valued at $7,800 to a customer on account. The accountant recorded the transaction in the
    proper accounts but in the incorrect amount of $8,700.4. A $1,200 cash receipt from a customer
    on an account receivable was not recorded.5. An $800 cash payment of an account payable
    was not recorded.6. The May utility bill, which amounted to $1,050 on account, was not
    recorded.Requireda. Identify the errors that would cause a difference in the total amounts of
    debits and credits that would appear in a trial balance. Indicate whether the Debit or Credit
    column would be larger as a result of the error.b. Indicate whether each of the preceding errors
    would overstate, understate, or have no effect on the amount of total assets, liabilities, and
    equity. Your answer should take the following form:c. Prepare a corrected trial balance.View
    Solution: The following trial balance was prepared from the ledger accounts
    SOLUTION-- http://solutiondone.online/downloads/the-following-trial-balance-was-prepared-
    from-the-ledger-accounts/

    Unlock answers here solutiondone.online

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