NORTHERN SECONDARY SCHOOL

NORTHERN SECONDARY SCHOOL

NORTHERN SECONDARY SCHOOL
NORTHERN SECONDARY SCHOOL
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Chapter
7 Solutions
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Exercises SCHOOL
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SECONDARY
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Ex1
P238
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NORTHERN
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Ex
1
P238
Cont.
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NORTHERN
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Ex1
P238
False
Exp.
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Ex 2 P239 SCHOOL
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NORTHERN SECONDARY
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Ex3
P240
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Possible
errors
that
would
not
cause
the
trial
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balance to be out of balance:
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An entire general journal entry is posed as a
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wrong amount.SECONDARY SCHOOL
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An entie general journal entry is not posed
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An entire general journal entry is posted in
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reverse
An amount wasSECONDARY
posted to the wrong
account
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but the correct side.
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NORTHERN SECONDARY
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Ex
4
P240
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A
credit
balance
of
$200
in
a
customers
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account is possible. A simple
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explanation is that the customer sent a
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cheque for $900
when it should
have
been $700. SECONDARY SCHOOL
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The credit balance
of $5000 inSCHOOL
Furniture
and Equipment
is impossible except
as
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an error. It is simply impossible to take
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more out of these asset accounts than
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was put in. SECONDARY SCHOOL
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NORTHERN SECONDARY
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Ex
5
P240
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The advantage of this method is that you do
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not have to flip through the entire ledger to
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find
an account. SECONDARY
Also you can keep
the
running
total of the
ledger account(
I.e., if
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you
are
using
a
printing
calculator.)
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NORTHERN
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Exercise
6
P240
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A disadvantage to taking off a trial balance only
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once
a year is thatSECONDARY
there has been an entire
year
for
mistakes to accumulate.
Finding errors
after
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an entire year will be extremely difficult. Also, if
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there has been a mistake in a customers account,
you
will have difficulty
persuading the
customer
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of that fact a year later.
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NORTHERN
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Ex7
P240
Journal
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NORTHERN
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Ex7
P240
Journal
Cont
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NORTHERN
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Ex7
P240
Journal
Cont
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NORTHERN
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Ex7
P240
Journal
Cont
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NORTHERN
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Ex7
P240
Journal
Cont
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NORTHERN
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Ex7
P240
Journal
Cont
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NORTHERN
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Ex7
P240
Journal
Cont
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NORTHERN
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Ex7
P240
Journal
Cont
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NORTHERN
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Ex7
P240
Ledger
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NORTHERN
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Ex7
P240
Ledger
Cont.
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NORTHERN
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Ex7
P240
Ledger
Cont.
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NORTHERN
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Ex7
P240
Ledger
Cont.
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NORTHERN
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Ex7
P240
Ledger
Cont.
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NORTHERN
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Ex7
P240
Ledger
Cont.
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NORTHERN
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Ex7
P240
Ledger
Cont.
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NORTHERN
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Ex7
P240
Ledger
Cont.
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NORTHERN
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Ex7
P240
Ledger
Cont.
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NORTHERN
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Ex7
P240
Ledger
Cont.
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NORTHERN
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Ex7
P240
Ledger
Cont.
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NORTHERN
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Ex7 P240
Trial Balance
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NORTHERN
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Ex7
P240
Income
Statement
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NORTHERN
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Ex7 P240
Balance Sheet
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