15 Dec The bookkeeper for Castle s Equipment Repair Corpo
The bookkeeper for Castle s Equipment Repair Corporation made these errors in journalizing and posting: 1. A credit posting of $400 to Accounts Receivable was omitted. 2. A debit posting of $750 for Prepaid Insurance was debited to Insurance Expense. 3. A collection on account of $100 was journalized and posted as a $100 debit to Cash and a $100 credit to Service Revenue. 4. A credit posting of $500 to Accounts Payable was made twice. 5. A cash purchase of supplies for $250 was journalized and posted as a $250 debit to Supplies and a $25 credit to Cash. 6. A debit of $465 to Advertising Expense was posted as $456. Instructions For each error, indicate: (a) whether the trial balance will balance (yes or no), (b) the amount of the difference if the trial balance will not balance, and (c) the trial balance column (debit or credit) that will have the larger total. Consider each error separately. Use the following format, in which the first error is given as an example:
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