Karen Brown, a Student in Your Class, Is Not Sure

Essay

Karen Brown, a student in your class, is not sure the effect of the following unrelated situations would have on the accuracy of the financial statements. Identify the account(s) that are affected and if the trial balance would balance.
(a) Equipment was purchased for $1,500 cash. The debit was recorded properly, but the credit was omitted.
(b) A debit to cash for $69 was posted as $96; the credit was posted correctly.
(c) A purchase of supplies on account for $300 was posted as a debit to equipment and a credit to cash.