Given the following errors, identify the one by itself that will cause the trial balance to be out of balance.

Miami Mining acquires a granite quarry at a cost of $590,000, which is estimated to contain 200,000 tons of granite and is expected to take 6 years to remove. What journal entry would be needed to record the expense for the first year assuming 38,000 tons were removed and sold?

Wild Wings had cash inflows from operating activities of $27,000; cash outflows from investing activities of $22,000, and cash outflows from financing activities of $12,000. Calculate the net increase or decrease in cash.

On July 9, Muffler Company receives an $8,500, 90-day, 8% note from customer Summers Paxton as payment on account. Compute the amount due at maturity for the note. (Use 360 days a year.)

The periodic expense created by allocating the cost of plant and equipment to the periods in which they are used, representing the expense of using the assets, is called:

On April 1, Penthouse Publishing Company received $1,548 from Albequerque, Inc. for 36-month subscriptions to several different magazines. The company credited Unearned Fees for the amount received and the subscriptions started immediately. Assuming adjustments are only made at year-end, What is the adjusting entry that should be recorded by Penthouse Publishing Company on December 31 of the first year?

Accrued revenues at the end of one accounting period are expected to result in cash collections in a future period.

A company’s ledger accounts and their end-of-period balances before closing entries are posted are shown below. What amount will be posted to Retained earnings in the process of closing the Income Summary account? (Assume all accounts have normal balances.)       Retained earnings $ 7,000 Dividends   9,600 Revenue   29,000 Rent expense   3,600 Salaries expense   7,200 Insurance expense   920 Depr. Expense-equipment   500 Accum depr.-equipment   1,500

Accounts that appear in the balance sheet are often called temporary (nominal) accounts.

Player Company installs a machine in its factory at the beginning of the year at a cost of $135,000. The machine’s useful life is estimated to be 5 years, or 300,000 units of product, with a $15,000 salvage value. During its first year, the machine produces 64,500 units of product. Determine the machines’ first year depreciation under the double-declining-balance method.