Assume that when a purchase of supplies of $2,650 for cash was recorded

| February 25, 2017

Question
Assume that when a purchase of supplies of $2,650 for cash was recorded, both the debit and the credit were journalized and posted as $2,560. (a) Would this error cause the trial balance to be out of balance? (b) Would the trial balance be out of balance if the $2,650 entry had been journalized correctly but the credit to Cash had been posted as $2,560? 8. Assume that Muscular Consulting erroneously recorded the payment of $7,500 of dividends as a debit to Salary Expense. (a) How would this error affect the equality of the trial balance? (b) How would this error affect the income statement, retained earnings statement, and balance sheet?

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