Alpaca Company presented the following unadjusted trial balance. As you can see, the trial balance is not balanced since the former accountant made several errors.
ALPACA CORPORATION | ||
TRIAL BALANCE | ||
JAN 31, 2020 | ||
DEBIT | CREDIT | |
Cash | $ 10,000 | |
Accounts Receivable | 80,000 | |
Equipment | 120,000 | |
Accounts Payable | $ 48,000 | |
Wages Payable | 0 | |
Capital, Moose | 123,200 | |
Service Revenues | 86,000 | |
Wages Expense | 16,200 | |
Rent Expense | 14,000 | |
Insurance Expense | 12,000 | |
Utilities Expense | 3,000 | |
TOTAL | $ 255,200 | $ 257,200 |
After reviewing the financial records, you found the following four errors:
REQUIRED:
Alpaca Company presented the following unadjusted trial balance. As you can see, the trial balance is...
Alpaca Company presented the following unadjusted trial balance. As you can see, the trial balance is not balanced since the former accountant made several errors. CREDIT $ 48,000 ALPACA CORPORATION TRIAL BALANCE JAN 31, 2020 DEBIT Cash $ 10,000 Accounts Receivable 80,000 Equipment 120,000 Accounts Payable Wages Payable Capital, Moose Service Revenues Wages Expense 16,200 Rent Expense 14,000 Insurance Expense Utilities Expense 3,000 TOTAL $ 255,200 123,200 86,000 12.000 $ 257,200 After reviewing the financial records, you found the following...
alculator Print Item Instructions Tech Support Services has the following unadjusted trial balance as of January 31, 2016: Tech Support Services UNADJUSTED TRIAL BALANCE January 31, 2016 ACCOUNT TITLE DEBIT CREDIT Cash 25,550.00 2 Accounts Receivable 44,050.00 3 Supplies 6,660.00 4 Prepaid Insurance 3,600.00 5 Equipment 162,000.00 6 Notes Payable 75,000.00 7 Accounts Payable 13,200.00 101,850.00 8 Thad Engelberg, Capital 9 Thad Engelberg, Drawing 10 Fees Eamed 33,000.00 534,000.00 306,000.00 11 Wages Expense 12 Rent Expense 15 Advertising Expense 14...
Effect of Errors on Trial Balance The following errors occurred in posting from a two-column journal: A credit of $8,350 to Accounts Payable was not posted. A debit of $2,010 to Cash was posted to Miscellaneous Expense. A credit of $270 to Cash was posted as $720. A debit of $5,820 to Wages Expense was posted as $5,280. An entry debiting Accounts Receivable and crediting Fees Earned for $21,700 was not posted. A debit of $600 to Accounts Payable was...
Effect of Errors on Trial Balance The following errors occurred in posting from a two-column journal: 1. A credit of $8,090 to Accounts Payable was not posted. 2. An entry debiting Accounts Receivable and crediting Fees Earned for $22,300 was not posted. 3. A debit of $1,240 to Accounts Payable was posted as a credit. 4. A debit of $1,480 to Supplies was posted twice. 5. A debit of $2,210 to Cash was posted to Miscellaneous Expense. 6. A credit...
Help Seve A trial balance has total debits of $33,000 and total credits of $44,000. Which one of the following errors would create this imbalance? Multiple Choice A $5,500 debit to Utilities Expense in a journal entry was incorrectly posted to the ledger as a $5,500 credit, leaving the Utilities Expense account with a $6,250 debit balance. A $11,000 debit to Salaries Expense in a journal entry was incorrectly posted to the ledger as a $11,000 credit, leaving the Salaries...
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...
A newly graduated accountant prepared the following trial balance for Pharoah Company at March 31. Credit by Study PHAROAH COMPANY Trial Balance March 31 Debit Cash $23,470 Accounts receivable 34,010 Supplies 1,610 Notes payable Accounts payable Unearned revenue D. Losier, capital D. Losier, drawings 15,270 Service revenue Insurance expense 500 Interest expense 6,710 Rent expense 15,600 Salaries expense 39,230 Supplies expense 1,840 Utilities expense 2,610 Total $140,850 $20,770 20,463 4,900 29,100 65,410 $140,643 A review shows that the accountant made...
1. List 3 accounts that you may see on an Unadjusted Trial Balance that might require an adjusting journal entry, and explain why each account may need to be adjusted. 2. Define accruals and give an example of an accrued revenue and an accrued expense. Your answer should include the necessary adjusting journal entry for each example. 3. Here are the balances of the following equity accounts for ABC Company and year end Dec. 31, 20xx. Retained Earnings...
Errors in Trial Balance An Unadjusted Trial Balance for Mascot Co. for the month ending July 31, 2019, is provided below. Mascot Co. Unadjusted Trial Balance For the Month Ending July 31, 2019 Debit Balances Credit Balances Cash 93,900 Accounts Receivable 205,610 Prepaid Insurance 44,480 Equipment 628,000 Accounts Payable 23,720 Salaries Payable 15,820 Ken Frye, Capital 538,700 Ken Frye, Drawing 75,130 Fees Earned 988,500 Salary Expense 410,890 Advertising Expense 89,950 Miscellaneous Expense 18,780 1,913,710 1,913,710 Identify the errors in the...
Below is the unadjusted trial balance for Dawson Designs. Dawson Designs Co. Unadjusted Trial Balance For the Month of January Debits Credits Cash 23,000 Accounts Receivable 49,700 Prepaid Insurance 11,300 Equipment 150,500 Accounts Payable 6,050 Salaries Payable 4,250 Common Stock 110,000 Dividends 18,500 Service Revenue 236,600 Salary Expense 98,930 Miscellaneous Expense 4,970 424,020 424,020 Required: 1. Identify the errors in the above trial balance. All accounts have normal balances. What should the correct balance be for the trial balance in...