Business, 28.12.2019 04:31 maggie3541

Atrial balance has total debits of $20,000 and total credits of $24,500. which one of the following errors would create this imbalance? explain.
a. a $2,250 credit to consulting fees earned in a journal entry is incorrectly posted to the ledger as a $2,250 debit, leaving the consulting fees earned account with a $6,300 credit balance.
b. a $4,500 debit to salaries expense in a journal entry is incorrectly posted to the ledger as a $4,500 credit, leaving the salaries expense account with a $750 debit balance.
c. a $2,250 debit to rent expense in a journal entry is incorrectly posted to the ledger as a $2,250 credit, leaving the rent expense account with a $3,000 debit balance.
d. a $2,250 debit posting to accounts receivable was posted mistakenly to cash.
e. a $4,500 debit posting to equipment was posted mistakenly to supplies.
f. an entry debiting cash and crediting notes payable for $4,500 was mistakenly not posted.

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c. A $2,250 debit to Rent Expense in a journal entry is incorrectly posted to the ledger as a $2,250 credit, leaving the Rent Expense account with a $3,000 debit balance.

Explanation:

The above action is the only valid option that explains the variance between the sides of the trial balance because if an item meant for one side (debit) is erroneously posted to the other side (credit), the resultant effect will be double the amount posted. This happens because not only is the amount missing from one side but it has been erroneously added to the other side.

Hence, since rent expense which has a debit balance was not debited to the tune of 2,250 and was again incorrectly posted as a credit, it will have an impact double its amount on the trial balance, which is 2250*2; $4500

Answer from: Quest

the answer is: c.that person might be arrested and deported

filling w-4 form incorrectly usually would rise suspicions from government's auditors. when they notice such mistakes, they would send their teams to investigate the situation further.

if those investigation teams believe that the incorrectness is done on purpose (with malicious intent), that person can be arrested or deported

Answer from: Quest

The business cycle is the periodic but irregular up-and-down movement in economic activity, measured by fluctuations in real gross domestic product (gdp) and other macroeconomic variables. a business cycle is typically characterized by four phases—recession, recovery, growth, and decline—that repeat themselves over time. economists note, however, that complete business cycles vary in length. the duration of business cycles can be anywhere from about two to twelve years, with most cycles averaging six years in length. some business analysts use the business cycle model and terminology to study and explain fluctuations in business inventory and other individual elements of corporate operations. but the term "business cycle" is still primarily associated with larger (industry-wide, regional, national, or even international) business trends.

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Atrial balance has total debits of $20,000 and total credits of $24,500. which one of the following...

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