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Assume that Muscular Consulting erroneously recorded the payment of $7,500 of dividends as a debit to...
Requirement 1: ABC Company adheres to a policy of depositing all cash receipts in a bank...
Requirement 1: ABC Company adheres to a policy of depositing all cash receipts in a bank account and making all payments by check. The cash account as of December 31 has a credit balance of $1,850, and there is no undeposited cash on hand. (a) Assuming that no errors occurred during journalizing or posting, what caused this unusual balance? (b) Is the $1,850 credit balance in the cash account an asset, a liability, owner's equity, a revenue, or an expense?...
Requirement 1: ABC Company adheres to a policy of depositing all cash receipts in a bank...
Requirement 1: ABC Company adheres to a policy of depositing all cash receipts in a bank account and making all payments by check. The cash account as of December 31 has a credit balance of $1,850, and there is no undeposited cash on hand. (a) Assuming that no errors occurred during journalizing or posting, what caused this unusual balance? (b) Is the $1,850 credit balance in the cash account an asset, a liability, owner's equity, a revenue, or an expense?...
Assume that Sunshine Reality Co. borrowed $300,000 from Columbia First Bank and Trust. In recording the...
Assume that Sunshine Reality Co. borrowed $300,000 from Columbia First Bank and Trust. In recording the transaction, Sunshine erroneously recorded the receipt as a debit to Cash, $300,000, and a credit to Fee Earned, $300,000. (A) How would this error affect the equity of the trial balance? (B) How would this error affect the income statement, retained earnings statement, and balance sheet?
A journal entry for a $800 payment for Prepaid Rent was erroneously recorded as a debit...
A journal entry for a $800 payment for Prepaid Rent was erroneously recorded as a debit to Prepaid Rent for$1,000 and a credit to Cash for $800. Which of the following statements correctly states the effect of the error on the trial balance? O A. The sum of the debits will exceed the sum of the credits by $200. B. The sum of the debits will exceed the sum of the credits by $1,800. OC. The sum of the credits...
Assume that Sunshine Reality Co. borrowed $300,000 from Columbia First Bank and Trust. In recording the...
Assume that Sunshine Reality Co. borrowed $300,000 from Columbia First Bank and Trust. In recording the transaction, Sunshine erroncousl recorded the receipt as a debit to Cash,$300,000, and a credit to Fee Earned, $300,000. (A) How would this error affect the equity of the trial balance? (B) How would this error affect the income statement, retained earnings statement, and balance sheet?
A journal entry for a $400 payment for Prepaid Rent was erroneously recorded as a debit...
A journal entry for a $400 payment for Prepaid Rent was erroneously recorded as a debit to Prepaid Rent for $100, and a credit to Cash for $400. Which of the following statements correctly states the effect of the error on the trial balance? A. The sum of the debits will exceed the sum of the credits by $100. B. The sum of the credits will exceed the sum of the debits by $300. C. The sum of the credits...
A journal entry for a $210 payment to purchase office supplies was erroneously recorded as a...
A journal entry for a $210 payment to purchase office supplies was erroneously recorded as a debit to Office Supplies for $550 and a credit to Cash for $210. Which of the following statements correctly states the effect of the error on the trial balance? Select one: A. The sum of the credits will exceed the sum of the debits by $340, B. The sum of the debits will exceed the sum of the credits by $210. C. The sum...
11,490 340 6.530 0 points] a) Identify which account(s) have been erroneously included in the trial...
11,490 340 6.530 0 points] a) Identify which account(s) have been erroneously included in the trial balance below by putting an X next to the line in error Alarco Inc Post-Closing Trial Balance July 31, 2014 Debit Credit Accounts receivable Accumulated depreciation, equipment Accumulated depreciation, furniture Cash Consulting revenue eamed Dividends Equipment Furniture Interest expense Mortgage payable Prepaid interest Rent earned Retained earnings Share capital Short-term notes payable 5,830 Supplies expense Uneamed consulting revenue Uneamed rent Totals 47.610 47.610 3.880...
Create a balance sheet I TUDIUM 1. The adjusted trial balance of Debit Company is shown...
Create a balance sheet
I TUDIUM 1. The adjusted trial balance of Debit Company is shown below: Debit Company Adjusted Trial Balance December 31, 20X7 Cash $6,500 Accounts receivable 8,000 Supplies 1,000 Prepaid Rent (3 months) 2,500 Equipment, net 42,000 Accounts payable Salary payable Unearned revenue (2 month advance) Note payable - long term Common stock Retained earnings- Dividends Service revenue Salary expense 40,000 Rent expense 10,000 Supplies expense Depreciation expense 5,000 Utilities expense 1,200 $4,000 2,000 2,000 14,000 10,000...
The unadjusted trial balance of Bolton Consulting is entered on the partial worksheet below. Bolton Consulting...
The unadjusted trial balance of Bolton Consulting is entered on the partial worksheet below. Bolton Consulting Work Sheet For the year ended December 31 Account Unadjusted Trial Balance Adjustments Adjusted Trial Balance Income Statement Balance Sheet and Statement of Stockholders’ Equity Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit Cash 31,000 Accounts Receivable 8,000 Supplies 12,500 Automobiles 175,000 Accum. Depr. - Autos 52,000 Accounts payable 17,500 Unearned fees 26,500 Salaries payable Capital Stock 58,000 Dividends 42,500 Fees earned...
A journal entry for a $800 payment for Prepaid Rent was erroneously recorded as a debit to Prepaid Rent for$1,000 and a credit to Cash for $800. Which of the following statements correctly states the effect of the error on the trial balance? O A. The sum of the debits will exceed the sum of the credits by $200. B. The sum of the debits will exceed the sum of the credits by $1,800. OC. The sum of the credits...
Assume that Sunshine Reality Co. borrowed $300,000 from Columbia First Bank and Trust. In recording the transaction, Sunshine erroncousl recorded the receipt as a debit to Cash,$300,000, and a credit to Fee Earned, $300,000. (A) How would this error affect the equity of the trial balance? (B) How would this error affect the income statement, retained earnings statement, and balance sheet?
A journal entry for a $400 payment for Prepaid Rent was erroneously recorded as a debit to Prepaid Rent for $100, and a credit to Cash for $400. Which of the following statements correctly states the effect of the error on the trial balance? A. The sum of the debits will exceed the sum of the credits by $100. B. The sum of the credits will exceed the sum of the debits by $300. C. The sum of the credits...
A journal entry for a $210 payment to purchase office supplies was erroneously recorded as a debit to Office Supplies for $550 and a credit to Cash for $210. Which of the following statements correctly states the effect of the error on the trial balance? Select one: A. The sum of the credits will exceed the sum of the debits by $340, B. The sum of the debits will exceed the sum of the credits by $210. C. The sum...
11,490 340 6.530 0 points] a) Identify which account(s) have been erroneously included in the trial balance below by putting an X next to the line in error Alarco Inc Post-Closing Trial Balance July 31, 2014 Debit Credit Accounts receivable Accumulated depreciation, equipment Accumulated depreciation, furniture Cash Consulting revenue eamed Dividends Equipment Furniture Interest expense Mortgage payable Prepaid interest Rent earned Retained earnings Share capital Short-term notes payable 5,830 Supplies expense Uneamed consulting revenue Uneamed rent Totals 47.610 47.610 3.880...
Create a balance sheet
I TUDIUM 1. The adjusted trial balance of Debit Company is shown below: Debit Company Adjusted Trial Balance December 31, 20X7 Cash $6,500 Accounts receivable 8,000 Supplies 1,000 Prepaid Rent (3 months) 2,500 Equipment, net 42,000 Accounts payable Salary payable Unearned revenue (2 month advance) Note payable - long term Common stock Retained earnings- Dividends Service revenue Salary expense 40,000 Rent expense 10,000 Supplies expense Depreciation expense 5,000 Utilities expense 1,200 $4,000 2,000 2,000 14,000 10,000...
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