A debit posting odf $300 to accounts payable was inadvertently debited to Accounts Receivable. It is in balance? what is difference? larger column is?
Question
A debit posting of $300 to accounts payable was inadvertently debited to Accounts Receivable. It is in balance? What is the difference? Larger column is?
Solution
If a debit posting of $300 to accounts payable was inadvertently debited to Accounts Receivable, it would result in an imbalance in the accounts.
Step 1: Identify the error The error here is that a debit that should have been applied to accounts payable was instead applied to accounts receivable.
Step 2: Determine the imbalance The imbalance is caused by the incorrect allocation of the $300 debit. Instead of increasing the accounts payable (indicating more money owed), it was incorrectly used to increase accounts receivable (indicating more money to be received).
Step 3: Calculate the difference The difference between the two postings would be 300 debit was posted to the wrong account.
Step 4: Identify the larger column In this scenario, the larger column would be the debit column for accounts receivable, as it would show a debit of $300 that was mistakenly posted.
Similar Questions
Accounts receivable is increased by:Select one:a.Debiting the accountb.Crediting the accountc.Not doing anythingd.Debiting or crediting any other account
The debit and the credit columns of the journal are totaled.Select one:TrueFalse
Which of the following accounts has a normal debit balance?
A debit is not the normal balance for which account listed below? Group of answer choices Dividends Cash Accounts Receivable Service Revenue
9. An entry that results in a debit to an expense account and a credit to a related liability account is an example of which category of adjusting entries?
Upgrade your grade with Knowee
Get personalized homework help. Review tough concepts in more detail, or go deeper into your topic by exploring other relevant questions.