Posted a purchases return to the inventory account and to

Assignment Help Accounting Basics

Reference no: EM13578155

A company that records credit purchases in a purchases journal and records purchases returns in a general journal made the following errors. Indicate when each error should be discovered.

1. Made an addition error in totaling the Office Supplies column of the purchases journal.

When the trial balance is prepared.
When the schedule of accounts payable is prepared.
When crossfooting the purchases journal.
When the schedule of accounts receivable is prepared.
When crossfooting the cash disbursements journal.

2. Made an addition error in determining the balance of a creditor's subsidiary account.

When the trial balance is prepared.
When the schedule of accounts payable is prepared.
When crossfooting the purchases journal.
When the schedule of accounts receivable is prepared.
When crossfooting the cash disbursements journal.

3.Posted a purchases return to the Accounts Payable account and to the creditor's subsidiary account but did not post the purchases return to the Inventory account.

When the trial balance is prepared.
When the schedule of accounts payable is prepared.
When crossfooting the cash disbursements journal.
When the schedule of accounts receivable is prepared.
When crossfooting the purchases Journal.

4.Correctly recorded a $8,000 purchase in the purchases journal but posted it to the creditor's subsidiary account as a $800 purchase.

When the trial balance is prepared.
When the schedule of accounts payable is prepared.
When crossfooting the purchases journal.
When the schedule of accounts receivable is prepared.
When crossfooting the cash disbursements journal.

5.Posted a purchases return to the Inventory account and to the Accounts Payable account but did not post to the creditor's subsidiary account.

When the trial balance is prepared.
When the schedule of accounts payable is prepared.
When crossfooting the purchases journal.
When the schedule of accounts receivable is prepared.
When crossfooting the cash disbursements journal.

Reference no: EM13578155

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