Asked by Kamri Smith on Jun 25, 2024
Verified
Indicate whether the following error would cause the adjusted trial balance totals to be unequal. If the error would cause the adjusted trial balance totals to be unequal, indicate whether the debit or credit total is higher and by how much.The adjustment for accrued fees of $1,170 was journalized as a debit to Accounts Receivable for $1,170 and a credit to Fees Earned for $1,107.
Adjusted Trial Balance
A list of all accounts and their balances after adjusting entries have been made, serving as a check that the total debits equal the total credits before financial statements are prepared.
Accrued Fees
Fees that have been incurred but not yet paid, representing a liability on the balance sheet until they are settled.
Journalized
The act of recording a transaction in an accounting journal.
- Detect and rectify mistakes during the compilation of adjusting entries.
Verified Answer
($1,170 − $1,107).
Learning Objectives
- Detect and rectify mistakes during the compilation of adjusting entries.
Related questions
Indicate Whether the Following Error Would Cause the Adjusted Trial ...
What Is the Difference Between a Correcting Entry and an ...
Prepare the Necessary Correcting Entry for Each of the Following ...
Given the Table Below,indicate the Impact of the Following Errors ...
Using the Table Below,indicate the Impact of the Following Errors ...