Why does the recordkeeper prepare a trial balance? If an incorrect amount is journalized and posted...
Why does the recordkeeper prepare a trial balance? If an incorrect amount is journalized and posted to the accounts, how should the error be corrected?
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Why does the recordkeeper prepare a trial balance? If an
incorrect amount is journalized and posted...
Prepare a corrected trial balance by changing incorrect amounts and placing each amount in the proper...
Prepare a corrected trial balance by changing incorrect amounts and placing each amount in the proper column. Davenport's European Tours Trial Balance October 31, 20-- Account Title Debit Credit Cash 15,560 Accounts Receivable 406 Supplies 246 Prepaid Insurance 589 Equipment 24,450 Accounts Payable 6,012 Davenport, Capital 30,500 Davenport, Drawing 1,800 Repair Fees 9,274 Wages Expense 4,250 Rent Expense 1,300 Advertising Expense 290 Utilities Expense 495 ______ 47,586 47,586 a. Be sure all accounts have been listed with the appropriate debit...
Which statement is incorrect concerning the adjusted trial balance?
Which statement is incorrect concerning the adjusted trial balance? An adjusted trial balance proves the equality of the total debit balances and the total credit balances in the ledger after all adjustments are made. The adjusted trial balance provides the primary basis for the preparation of financial statements. The adjusted trial balance lists the account balances in order of their magnitude. The adjusted trial balance is prepared after the adjusting entries have been journalized and posted.
-Analyzing a trial balance error You are told the column totals in a trial balance are...
-Analyzing a trial balance error You are told the column totals in a trial balance are not equal. After careful analysis, you discover only one error. Specifically, a correctly journalized credit purchase of an automobile for $18,800 is posted from the journal to the ledger with an $18,800 debit to Automobiles and another $18,800 debit to Accounts Payable. The Automobiles account has a debit balance of $44,556 on the trial balance. Answer each of the following questions and compute the...
The trial balance of Bailey, Inc., at September 30, 2014 does not balance: (Click the icon...
The trial balance of Bailey, Inc., at September 30, 2014 does not balance: (Click the icon to view the trial balance.) The accounting records hold the following errors: a. Recorded a $300 cash revenue transaction by debiting Accounts Receivable. The credit entry was correct. b. Posted a $3,000 credit to Accounts Payable as $300 c. Did not record utilities expense or the related account payable in the amount of $450. d. Understated Common Stock by $400. e. Omitted Insurance Expense...
© Data Table Creative Tots Child Care Trial Balance August 31, 2018 Balance Credit Debit 8,420...
© Data Table Creative Tots Child Care Trial Balance August 31, 2018 Balance Credit Debit 8,420 6,200 1,600 300 89,500 Account Title Cash Accounts Receivable Office Supplies Prepaid Insurance Equipment Accounts Payable Notes Payable Common Stock Dividends Service Revenue Salaries Expense 3,900 55,000 51,500 3,380 4,200 Rent Expense 3,800 900 114,100 $ 114,600 Total Print Done 0 More Info a. Cash is understated by $1,200. b. A $4,700 debit to Accounts Receivable was posted as a credit. c. A $1,000...
What is the difference between an adjusted trial balance and an unadjusted trial balance?
What is the difference between an adjusted trial balance and an unadjusted trial balance? (Check all that apply.) The unadjusted trial balance is more up to date and should be used to prepare financial statements. The adjusted trial balance is a list of accounts and their balances after adjusting entries have been posted. The adjusted trial balance is used to prepare financial statements. The adjusted trial balance generally has more accounts listed than the unadjusted trial balance.
You are told the column totals in a trial balance are not equal. After careful analysis,...
You are told the column totals in a trial balance are not equal. After careful analysis, you discover only one error. Specifically, a correctly journalized credit purchase of an automobile for $18,800 is posted from the journal to the ledger with an $18,800 debit to Automobiles and another $18,800 debit to Accounts Payable. The Automobiles account has a debit balance of $44,556 on the trial balance. Answer each of the following questions and compute the dollar amount of any misstatement....
Which of the following statements regarding a trial balance is incorrect? a. A trial balance is...
Which of the following statements regarding a trial balance is incorrect? a. A trial balance is a list of all of the open accounts in the ledger with their balances as of a given date. b. A trial balance is a test of the equality of debits and credits in the ledger. c. A trial balance helps to identify the period in which an error has been made. d. A trial balance provides a convenient list of the accounts that...
Example Exercise 2-6 Trial Balance Errors 4 For each of the following errors, considered in- dividually,...
Example Exercise 2-6 Trial Balance Errors 4 For each of the following errors, considered in- dividually, indicate whether the error would cause the trial balance totals to be unequal. If the error would cause the trial balance totals to be unequal, indicate whether the debit or credit b. A fee of $2,850 earned from a client was debited to Accounts Receivable for $2,580 and credited to Fees Earned for $2,850 c. A payment of $3,500 to a creditor was posted...
The following trial balance of Nate Maland Tutoring Service as of May 31, 2024, does not...
The following trial balance of Nate Maland Tutoring Service as of May 31, 2024, does not balance. (Click the icon to view the trial balance.) Investigation of the accounting records reveals that the bookkeeper: AlClick the icon to view the investigation results.) Prepare the corrected trial balance as of May 31, 2024, complete with a heading, journal entries are not required. Nate Maland Tutoring Service Trial Balance May 31, 2024 Balance Debit Credit Account Title Choose from any list or...
The trial balance of Bailey, Inc., at September 30, 2014 does not balance: (Click the icon to view the trial balance.) The accounting records hold the following errors: a. Recorded a $300 cash revenue transaction by debiting Accounts Receivable. The credit entry was correct. b. Posted a $3,000 credit to Accounts Payable as $300 c. Did not record utilities expense or the related account payable in the amount of $450. d. Understated Common Stock by $400. e. Omitted Insurance Expense...
© Data Table Creative Tots Child Care Trial Balance August 31, 2018 Balance Credit Debit 8,420 6,200 1,600 300 89,500 Account Title Cash Accounts Receivable Office Supplies Prepaid Insurance Equipment Accounts Payable Notes Payable Common Stock Dividends Service Revenue Salaries Expense 3,900 55,000 51,500 3,380 4,200 Rent Expense 3,800 900 114,100 $ 114,600 Total Print Done 0 More Info a. Cash is understated by $1,200. b. A $4,700 debit to Accounts Receivable was posted as a credit. c. A $1,000...
Example Exercise 2-6 Trial Balance Errors 4 For each of the following errors, considered in- dividually, indicate whether the error would cause the trial balance totals to be unequal. If the error would cause the trial balance totals to be unequal, indicate whether the debit or credit b. A fee of $2,850 earned from a client was debited to Accounts Receivable for $2,580 and credited to Fees Earned for $2,850 c. A payment of $3,500 to a creditor was posted...
The following trial balance of Nate Maland Tutoring Service as of May 31, 2024, does not balance. (Click the icon to view the trial balance.) Investigation of the accounting records reveals that the bookkeeper: AlClick the icon to view the investigation results.) Prepare the corrected trial balance as of May 31, 2024, complete with a heading, journal entries are not required. Nate Maland Tutoring Service Trial Balance May 31, 2024 Balance Debit Credit Account Title Choose from any list or...
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