Homework Answers
1.
a) Total debits > total credits due to this error
b) Total debits > total credits due to this error
c) Total debits = total credits due to this error
d) Total debits > total credits due to this error
e) Total debits = total credits due to this error
2.
a.) Note payable account too low by $6,000
b) Utilities expense account too high by $810
c) Furniture account and accounts payable both too high by $700
d) Cash account too high by $1080
e) Office supplies and accounts payable both too high by $90
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Danielle survey has trouble keeping her debits and credits
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. Courtney Meehan has trouble keeping her debits and credits equal. During a recent month, Courtney...
. Courtney Meehan has trouble keeping her debits and credits equal. During a recent month, Courtney made the following accounting errors: a. In preparing the trial balance, Courtney omitted a $5,000 notes payable. The debit to Cash was correct. b. Courtney posted a $1,000 utilities expense as $100. The credit to Cash was correct. c. In recording a $600 payment on account, Courtney debited Furniture instead of Accounts Payable. d. In journalizing a receipt of cash for service revenue, Courtney...
8. Mary Neylon has trouble keeping her debits and credits equal. During a recent month, Mary...
8. Mary Neylon has trouble keeping her debits and credits equal. During a recent month, Mary made the following accounting errors: 12(Click the icon to view the accounting errors.) Print Read the requirements 13. Requirement 1. For each of these errors, state whether total debits equal total credits on the trial balance. For each error determine whether total debils are "Greater than">), "Equal to" (=), or "Less than" (<) total credits. a. Total debits Total credits b. Total debits (2)...
Identify each account that has an incorrect balance, and the amount and direction of the errror...
Identify each account that has an incorrect balance, and the
amount and direction of the errror (such as "Accounts Recievable
$500 too high)
3 of 5 (4 complete) debits and credits equal. During a recent month, Bridget made the following acc * More Info a. In preparing the trial balance, Bridget omitted a $4,000 Notes Payable. The debit to Cash was correct. b. Bridget posted a $70 Utilities Expense as $700. The credit to Cash was correct C. In recording...
Your study partner is having trouble getting total debits to equal total credits in the trial...
Your study partner is having trouble getting total debits to equal total credits in the trial balance. Credit $ 2,000 ki, 300 Trial Balance Accounts Debit Cash $ 7,100 Accounts Receivable Equipment 10,200 Accounts Payable 3,700 Deferred Revenue Common Stock 12,000 Retained Earnings Dividends 800 Service Revenue Salaries Expense 3,000 Utilities Expense Total $36,800 2,500 4,300 700 $10,800 Prepare a corrected trial balance by placing each account balance in the correct debit or credit column. Trial Balance Debit Credit Accounts...
Quality Services Inc. made the following accounting errors during a recent month. Requirement: Prepare the necessary...
Quality Services Inc. made the following accounting errors during a recent month. Requirement: Prepare the necessary adjusting journal entries to correct these errors. 1. The company recorded a $450 purchase of supplies on account by debiting Supplies and crediting Accounts payable for $540. 2. In journalizing a receipt of cash for service revenue, cash was debited for $120 instead of the correct amount of $1200. The credit was correct. 3. In recording an $800 payment on account, Accounts receivable was...
Quality Service Inc. has the following account balances in their Chart of accounts as at June...
Quality Service Inc. has the following account balances in their Chart of accounts as at June 1, 2018: o Cash - $138,000 • Accounts receivable - $0 o Land - $30,000 o Building - $0 o Supplies - $0 • Salary expense - $0 Notes payable - $0 Accounts payable - $0 Quality, capital - $70,000 Service revenue - $98,000 Utilities - $0 The company also presented the following transactions for the month: June 1. Purchased supplies for $1000 on...
Please answer for the last photo: Prepare an unadjusted trial balance. Remember debits must equal credits....
Please answer for the last photo:
Prepare an unadjusted trial balance. Remember debits
must equal credits.
Case Study Full Accounting Cycle Melissa Days and Kelly Harbor formed the Corporation Sports R Us. They sell sporting goods and give lessons. They have hired you to update their transactions for the business. They have provided you with the opening balances and a list of transactions for the month of June. The company's Chart of Accounts is also included as shown below. The...
The following events occurred during the most recent month of operations of a local corporation: a....
The following events occurred during the most recent month of operations of a local corporation: a. The company completed issuance of 100,000 additional shares of stock for $150,000. b. The company purchased a new delivery truck. The truck cost $62,000. It has an estimated useful life of 5 years and an estimated salvage value of $4,000. c. The business paid $2,500 monthly rent and renewed their annual property insurance policy for a premium of $1,250. d. The business purchased land...
I need help making my debits and credits equal to $20,743. Amount Name Bive Raiderndventure park...
I
need help making my debits and credits equal to $20,743.
Amount Name Bive Raiderndventure park ndusted Tool Bouane DORT 8810 Laansa capital credit casni MONIS OCCOLTO Interest payadio $7000 10,000 Equipiant 420 360 2,100 Vrtinc pens 250 Aunis pavadi Insurance expanso 1605 Wagas expenso 380 Uncamca ratno CC HVITY Covinces 5650 mawing expenses SUPPS M. Tannskuwrindrawan 100 can Ticket verenver Accumulated Depreciation Sign Accumulated Depreciation Achustyc Jacumulated Depuccion-Equipment 495 Prepaid Insurance 100 Thierest expenso Depreciation expenso NOTES Rivaba Blue...
QUESTION 1 4 pa Determine whether the normal balance of each account is a debit or...
QUESTION 1 4 pa Determine whether the normal balance of each account is a debit or credit balance - Dividends - Revenues 1. Debit - Deferred/Unearned revenue 2. Credit - Accounts payable - Expenses QUESTION 2 1.5 pc When a company performs a service but does not receive cash at the time of service, revenue is credited, tell me which account will be debited? O cash accounts payable o accounts receivable dividends QUESTION 3 On January 8, Nickel Corporation purchased...
8. Mary Neylon has trouble keeping her debits and credits equal. During a recent month, Mary made the following accounting errors: 12(Click the icon to view the accounting errors.) Print Read the requirements 13. Requirement 1. For each of these errors, state whether total debits equal total credits on the trial balance. For each error determine whether total debils are "Greater than">), "Equal to" (=), or "Less than" (<) total credits. a. Total debits Total credits b. Total debits (2)...
Identify each account that has an incorrect balance, and the
amount and direction of the errror (such as "Accounts Recievable
$500 too high)
3 of 5 (4 complete) debits and credits equal. During a recent month, Bridget made the following acc * More Info a. In preparing the trial balance, Bridget omitted a $4,000 Notes Payable. The debit to Cash was correct. b. Bridget posted a $70 Utilities Expense as $700. The credit to Cash was correct C. In recording...
Your study partner is having trouble getting total debits to equal total credits in the trial balance. Credit $ 2,000 ki, 300 Trial Balance Accounts Debit Cash $ 7,100 Accounts Receivable Equipment 10,200 Accounts Payable 3,700 Deferred Revenue Common Stock 12,000 Retained Earnings Dividends 800 Service Revenue Salaries Expense 3,000 Utilities Expense Total $36,800 2,500 4,300 700 $10,800 Prepare a corrected trial balance by placing each account balance in the correct debit or credit column. Trial Balance Debit Credit Accounts...
Quality Service Inc. has the following account balances in their Chart of accounts as at June 1, 2018: o Cash - $138,000 • Accounts receivable - $0 o Land - $30,000 o Building - $0 o Supplies - $0 • Salary expense - $0 Notes payable - $0 Accounts payable - $0 Quality, capital - $70,000 Service revenue - $98,000 Utilities - $0 The company also presented the following transactions for the month: June 1. Purchased supplies for $1000 on...
Please answer for the last photo:
Prepare an unadjusted trial balance. Remember debits
must equal credits.
Case Study Full Accounting Cycle Melissa Days and Kelly Harbor formed the Corporation Sports R Us. They sell sporting goods and give lessons. They have hired you to update their transactions for the business. They have provided you with the opening balances and a list of transactions for the month of June. The company's Chart of Accounts is also included as shown below. The...
I
need help making my debits and credits equal to $20,743.
Amount Name Bive Raiderndventure park ndusted Tool Bouane DORT 8810 Laansa capital credit casni MONIS OCCOLTO Interest payadio $7000 10,000 Equipiant 420 360 2,100 Vrtinc pens 250 Aunis pavadi Insurance expanso 1605 Wagas expenso 380 Uncamca ratno CC HVITY Covinces 5650 mawing expenses SUPPS M. Tannskuwrindrawan 100 can Ticket verenver Accumulated Depreciation Sign Accumulated Depreciation Achustyc Jacumulated Depuccion-Equipment 495 Prepaid Insurance 100 Thierest expenso Depreciation expenso NOTES Rivaba Blue...
QUESTION 1 4 pa Determine whether the normal balance of each account is a debit or credit balance - Dividends - Revenues 1. Debit - Deferred/Unearned revenue 2. Credit - Accounts payable - Expenses QUESTION 2 1.5 pc When a company performs a service but does not receive cash at the time of service, revenue is credited, tell me which account will be debited? O cash accounts payable o accounts receivable dividends QUESTION 3 On January 8, Nickel Corporation purchased...
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