Homework Answers
Requirement 1:
| Tech Support Service | ||
| UNADJUSTED TRIAL BALANCE | ||
| January 31,2016 | ||
| Account title | Debit | Credit |
| Cash | 20,250 | |
| Accounts receivable | 56,400 | |
| Supplies | 6,750 | |
| Prepaid insurance | 9,600 | |
| Equipment | 162,000 | |
| Notes payable | 54,000 | |
| Accounts payable | 16,650 | |
| Thad Engelberg, Capital | 107,850 | |
| Thad Engelberg, Drawing | 39,000 | |
| Fees Earned | 534,000 | |
| Wages Expenses | 306,000 | |
| Rent Expense | 62,550 | |
| Advertising Expense | 28,350 | |
| Gas, Electricity, and Water Expense | 17,000 | |
| Miscellaneous expense | 4,600 | |
| Total | 712,500 | 712,500 |
Explanations:
A.$8,000 decreased from cash because it is overstated by $8,000
B.$2700 added to cash because 2,700 (4,100-1,400) omitted
C.$12,350 added to 'Accounts receivable' because it is omitted
D.$90 added from 'Supplies' because $90 (325-235) wrongly credited.
E.$3,000 added to 'Prepaid insurance' to rectify credit entry and Again added $3,000 to 'Prepaid insurance' for correct debit entry.
F.$21,000 deducted from 'Notes payable' because it is overstated
G.$3,450 added to 'Accounts payable' because it was overlooked when the balance of the account was determined
H.$6,000 debited to Capital account instead of drawings account. So, $6,000 added to Capital account to rectify incorrect Credit posting and Added to drawings account for correct debit posting to drawings account.
I.$4,500 added to advertising expense because $500 (28,350-23,850) overstated
J.$4,600 added to miscellaneous expense because it was omitted
| UNADJUSTED TRIAL BALANCE | ||
| January 31,2016 | ||
| Account title | Debit | Credit |
| Cash | 25550-8000+2700 | |
| Accounts receivable | 44050+12350 | |
| Supplies | 6660+90 | |
| Prepaid insurance | 3600+3000+3000 | |
| Equipment | 162,000 | |
| Notes payable | 75000-21000 | |
| Accounts payable | 13200+3450 | |
| Thad Engelberg, Capital | 101850+6000 | |
| Thad Engelberg, Drawing | 33000+6000 | |
| Fees Earned | 534,000 | |
| Wages Expenses | 306,000 | |
| Rent Expense | 62,550 | |
| Advertising Expense | 23850-500 | |
| Gas, Electricity, and Water Expense | 17,000 | |
| Miscellaneous expense | 4,600 | |
Requirement 2:
Answer: No,
Because Wrong posting of debit and credit with the same amount will also balance the trial balance. So, even the unadjusted trial balance balanced it does not mean no errors.
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