BE2.10 (LO 4), AN An inexperienced bookkeeper prepared the following trial balance. Prepare a correct trial balance, assuming allaccount balances are normal.Erika CompanyTrial BalanceDecember 31, 2022Debit$ 16,800CashPrepaid InsuranceAccounts PayableUnearned Service RevenueCommon StockDividendsService RevenueSalaries and Wages ExpenseRent Expense4,20018,600$39,600Credit$ 3,5003,00013,0004,50025,6002,400$52,000

A trial balance shows the total debit and credit balance. It is the list which is of ledger account…

Answered: O, AN An inexperienced bookkeeper…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The following information is obtained from a review of the record keeping process. Analyze the given information and prepare a modified trial balance. Show your solutions. Ricanor Accounting Services Trial Balance Dec. 31, 2021 Debit Credit Cash P189,000 284,600 66,400 40,000 526,800 Accounts Receivable Supplies Prepaid Insurance Office Equipment Notes Payable Accounts Payable Ricanor, Capital Ricanor, Withdrawals P130,000 195,400 297,200 100,000 821,400 Service Income Salaries Expense Advertising Expense Totals 348,700 12,200 P1,467,700 P1,544,000 a. An account receivable for P 24,300 was incorrectly added as P 23,400 when computing the balance of the Accounts Receivable account. b. A debit posting from the journal for P5,200 is missing from the Salaries Expense account. C. A debit posting of P15,000 to Notes Payable should have been made to Accounts Payable. d. A debit posting of P25,000 to Supplies was incorrectly posted as P2,500. e. Credits to the ledger Accounts Payable account…
The trial balance of Fuzzy Security Services Ltd. as of January 1, Year 9, had the following normal balances:Cash$93,380Petty Cash100Accounts receivable21,390Allowance for doubtful accounts2,485Supplies180Prepaid rent3,000Merchandise inventory (23 @ $280)6,440Equipment9,000Van27,000Accumulated depreciation14,900Salaries payable1,500Common stock50,000Retained earnings91,605During Year 9, Fuzzy Security Services experienced the following transactions:1. Paid the salaries payable from Year 8.2. Paid $9,000 on May 2, Year 9, for one year’s office rent in advance.3. Purchased $425 of supplies on account.4. Purchased 145 alarm systems at a cost of $290 each. Paid cash for the purchase.5. After numerous attempts to collect from customers, wrote off $2,060 of uncollectible accounts receivable.6. Sold 130 alarm systems for $580 each plus sales tax of 5 percent. All sales were on account. (Be sure to compute cost of goods sold using the FIFO cost flow method.)7. Billed $107,000 of monitoring…
2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSession Locator=&inprogress=... A ems a < Print Item Transactions and T Accounts The following selected transactions were completed during August of the current year: 1. Billed customers for fees earned, $73,900. 2. Purchased supplies on account, $1,960. 3. Received cash from customers on account, $62,770. 4. Paid creditors on account, $820. a. Journalize these transactions in a two-column journal. If an amount box does not require an entry, leave it blank. (1) Accounts Receivable ✓ 73,900 ✓ Fees Earned (2) Supplies - ✓ Accounts Payable (3) Cash Accounts Receivable (4) Accounts Payable Cash ✓ ✓ 1,960 62,770 820 ✓ ✓ ✓ 73,900 1,960 62,770 820 ✓ b. Post the entries prepared in (a) to the following T accounts: Cash, Supplies, Accounts Receivable, Accounts Payable, Fees Earned. To the left of each amount posted in the accounts, select the appropriate number to identify the transactions. FA 00 7:33 PM 8/23/2022…
8. If a $335.00 debit item in the general journal is posted as a debit for $353.00, and as a credit for the correct amount of $335.00 a) By how much will the trial balance be out of balance? $ b) Will the debits be understated or overstated?_ c) What do accountants call this type of error?
Moving to another ques uestion 12 On March 1, a customer's account balance of $32,300 was deemed to be uncollectible. What entry should be recorded on March 1 to record the write-off assuming the company uses the allowance method? O Debit Bad Debts Expense $32,300; credit Accounts Receivable $32,300 O Debit Allowance for Doubtful Accounts $32,300; credit Accounts Receivable $32,300 O Debit Accounts Receivable $32,300; credit Bad Debts Expense $32,300 O Debit Allowance for Doubtful Accounts $32,300; credit Bad Debts Expense $32,300 Question 12 of 15 >>>>
What I Have Learned Directionn: repare the trial balance of Mabait Computer Rnpains. The normal Bocount balance ns of Aptil 30, 2017 is glven. Write your answers on a ocparste sheet of paper. 501 Salaries Expense IDI Cash 102 Acunts Recelvable N,000.0 1810DC 15,000 401 Service Revenue 301 Mabait, Capital 502 Supplics Expense 193 Eqipenent 201 Accounts Payable 25,000 200.000 5,000 25,000 5.000 What I Can Do Directiona: Prepare the trial balance of Juan Maslpag Reurultment Agency, The normal acceunt balance as of December 31. 2019 ia given. Write your anwers on a separate sheet of paper. 502 Strpplies Experise 202 Notes Payable 102 Accounta Receivable 504 Utilitien Expense 15.000 P 1a5,000 28,500 30,000 302 Masipag, Withdrawals 503 Rent Expense 18,000 15,000 375.000 75,000 21,000 87,000 103 Bullding 50) Salaries Expense 10i Cash 104 Land 258,000 26,400 9,600 254,700 401 Service Revenues 201 Accotinta Payable 505 Insurance Expente 301 Masipng, Capital 11
TEST 2: The following information is obtained from a review of the record keeping process. Analyze the given information and prepare a modified trial balance. Show your solutions. Ricanor Accounting Services Trial Balance Dec. 31, 2021 Debit Credit Cash P189,000 284,600 66,400 40,000 526,800 Accounts Receivable Supplies Prepaid Insurance Office Equipment Notes Payable Accounts Payable Ricanor, Capital Ricanor, Withdrawals P130,000 195,400 297,200 100,000 821,400 Service Income Salaries Expense Advertising Expense Totals 348,700 12,200 P1,467,700 P1,544,000 a. An account receivable for P 24,300 was incorrectly added as P 23,400 when computing the balance of the Accounts Receivable account. b. A debit posting from the journal for P5,200 is missing from the Salaries Expense account. C. A debit posting of P15,000 to Notes Payable should have been made to Accounts Payable. d. A debit posting of P25,000 to Supplies was incorrectly posted as P2,500. e. Credits to the ledger Accounts Payable…
The following trial balance for Kids Play does not balance and the owner is concerned and has passed it to you for review and adjustments where applicable:Trial BalanceJune 30th, 2013AccountDebitCreditCash6,600Accounts receivable8,000Supplies600Motor vehicle89,000Accounts payable55,000Marlon Morgan: Capital50,700Marlon Brown: Withdrawal2,300Service revenue4,500Salary4,100Rent800.111,400110,2003You have now been presented with the following list of errors and have been asked to prepare the adjusted trial balance: (journal entries are not required)a. Cash was understated by $2,000b. A $1,000 debit to accounts receivable was posted as a credit.c. A $1,400 purchase of supplies on account was omitted from the company’s books.d. Motor Vehicle cost should have been $84,300 instead of $89,000e. Salary expense was overstated by $500The following trial balance for Kids Play does not balance and the owner is concerned and has passed it to you for review and adjustments where applicable:Trial…
Q#17: Continue with Zeal Company above. Consider the $12 of interest income reported on the June bank statement as well as the following categories discussed in class for adjusting journal entries. Select the true statement below. (i) Accrued Revenue (ii) Adjustment of an existing deferred revenue (iii) Error Correcting. A. Zeal would make a June AJE: debit Cash $12 and credit Interest Income $12. Classification: (i) above. B. Zeal would make a June AJE: debit Interest Receivable $12 and credit Interest Income $12. Classification: (i) above. C. Zeal would make a June AJE: debit Cash $12 and credit Interest Income $12. Classification: (iii) above. D. Zeal would make a June AJE: debit Cash $12 and credit Interest Income $12. Classification: (ii) above. E. Zeal would make a June AJE: debit Interest Receivable $12 and credit Interest Income $12. Classification: (iii) above.
A ezto.mheducation.com Data Sales.xlsx: fa21cob204 Computer Information Systems Dashbo Saved Help Sa The fo"owing account balances come from the records of Ourso Company. Accounts receivable Allowance for doubtful accounts Beginning Balance $ 2,914 Ending Balance $ 3,805 208 104 During the accounting period, Ourso recorded $12,500 of sales revenue on account. The company also wrote off a $177 account receivable. Required a. Determine the amount of cash collected from receivables. b. Determine the amount of uncollectible accounts expense recognized during the period. Complete this question by entering your answers in the tabs below. Required A Required B Determine the amount of cash collected from receivables. Collections of accounts receivable K Required A Required B> < Prev 1 of 1 Next MacBook Pro #3 $ & 4 6. 7 8. V くo
After Bunker Hill Assay Services Inc. had completed all postings for March in the current year (20Y4), the sum of the balances in the following accounts payable ledger did not agree with the $36,600 balance of the controlling account in the general ledger: NAME ADDRESS CD. Greer and Son 972 5. Tenth Street Post. Credit Date Item Ref. Debit Balance 20Y4 Mar. 17 Рзо 3,750 3,750 P31 27 12,000 15,750 NAME ADDRESS Carbon Supples Inc 1170 Mattis Avenue Post. Ref. Balance Date Item Debit Credit 20Y4 Mar. Balance 8,300 P30 7,000 14,000 J7 12 300 13,700 CP23 20 5,800 7,900 NAME Cutler and Powell 717 Em Street ADDRESS Post. Ref. Date Item Debit Credit Balance 20Υ4 Mar. Balance 6,100 CP23 18 6,100 P31 29 7,800 7,800 NAME ADDRESS Hudson Bay Minerals Co. 1240 W. Maln Street Post. Ref. Date Item Debit Credit Balance 20Y4 Mar. Balance 4,750 CP22 10 4,750 P30 17 3,700 3,700 J7 25 3,000 1,700 NAME Valley Power 915 E Wainut Street ADDRESS Post. Ref. Date Item Debit Credit Balance 20Y4 Mar. 5 P30 3,150…
After the accounts are adjusted and closed at the end of the fiscal year, Accounts Receivable has a balance of $664,657 and Allowance for Doubtful Accounts has a balance of $21,609. What is the net realizable value of the accounts receivable? a.$21,609 b.$664,657 c.$643,048 d.$686,266

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