If, in preparing a work sheet, an adjusted trial balance amount is sorted to the wrong work sheet column, the Balance Sheet columns will balance on completing the work sheet, but with the wrong profit, if the amount sorted in error is:
A) A liability amount entered in the Income Statement Credit column.
B) A revenue amount entered in the Balance Sheet Debit column.
C) An asset amount entered in the Balance Sheet Credit column.
D) A liability amount entered in the Balance Sheet Debit column.
E) An expense amount entered in the Balance Sheet Credit column.
Correct Answer:
Verified
Q14: Closing the temporary accounts at the end
Q15: Another name for temporary accounts is
A)Balance column
Q16: Which of the following errors would cause
Q17: The Income Summary account is
A)Used in the
Q18: Which of the following statements is incorrect?
Q20: Accounts that are used to describe assets,
Q21: A trial balance prepared after the adjusting
Q22: The J. Dawson, Capital account has a
Q23: Current liabilities become due
A)Within the operating cycle
Q24: Which statement is incorrect?
A)Revenue accounts are closed
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