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Author Question: Julie, a new employee, is not sure of the effect the following unrelated situations would have on ... (Read 65 times)

big1devin

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Julie, a new employee, is not sure of the effect the following unrelated situations would have on the accuracy of the financial statements. Identify the account(s) that are affected and if the trial balance would balance.
(a) Equipment was purchased for $1,000 cash. The debit was recorded properly, but the credit was omitted.
(b) A debit to Cash for $250 was posted as $2,500; the credit was posted correctly.
(c) A purchase of supplies on account for $75 was posted as a debit to Supplies and a credit to Cash.


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Marked as best answer by big1devin on Nov 10, 2019

joshbk44

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big1devin

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Reply 2 on: Nov 10, 2019
Excellent


Dnite

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Reply 3 on: Yesterday
Great answer, keep it coming :)

 

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