How many of the following statements regarding posting and classification are true?
A) Posting journal entries involves copying the dollar amounts from the ledger into the journal.
B) If a $100 debit is erroneously posted to an account as a $100 credit,the accounts will be out of balance by $100.
C) If a $5,000 liability is misclassified as stockholders' equity then the accounting equation will still balance.
D) If a purchase of supplies on account for $100 is recorded with a debit to supplies of $10 and a credit to accounts payable for $10,the accounting equation will not balance.
Correct Answer:
Verified
Q16: If the total dollar value of credits
Q18: A company signed an agreement to rent
Q19: If a company uses $100 million in
Q22: Which of the following describes the classification
Q23: The current ratio can be used to
Q23: Which line items on the balance sheet
Q24: Which of the following statements regarding debits
Q26: How much financing did the stockholders of
Q38: The acquisition of equipment in an exchange
Q65: The Buddy Burger Corporation owes $1.5 million
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents