I just finished entering entries into the journal ledger byway of Quickbooks. However, my Journal is off by $1.80, the Trial Balance is off by $.90, and the Balance Sheet is off by $.90. The Profit & Loss Statement is correct. I don't know where to start looking for the error.

I just finished entering entries into the journal ledger byway of Quickbooks. However, my Journal is off by $1.80, the Trial Balance is off by $.90, and the Balance Sheet is off by $.90. The Profit & Loss Statement is correct. I don't know where to start looking for the error.

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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On June 10, 20X1, an employee of Williams Corporation mistakenly debited Telephone Expense rather than Utilities Expense when recording a bill of $955 for the May utility service. The error was discovered on June 30. Prepare a general journal entry to correct error. View transaction list Journal entry worksheet 1 Record the entry to correct the June 10 error.
The company uses two aging categories to estimate uncollectible accounts. Accounts less than 60 days are considered current and have a 3% uncollectible rate. Accounts more than 60 days are considered old and have a 29% uncollectible rate. If the company has $34,600 of current accounts and $4,600 of old accounts, and if the company's Allowance for Doubtful Accounts currently has an unadjusted debit balance of $1,029, in recording the adjustment to record bad debt expense, how much should be credited to the account? $_
I don't understand how to do the question.
The following errors were detected: The cash balance is overstated by $5,000. Rent expense of $340 was erroneously posted as a credit rather than a debit. A $6,800 credit to Service revenue was not posted. A $400 debit to Accounts receivable was posted as $40. The balance of Utilities expense is understated by $70. A $900 purchase of supplies on account was neither journalized nor posted. Equipment should be $16,490. Requirement Prepare the corrected trial balance on February 29, 2020. JOURNAL ENTRIES ARE NOT REQUIRED. Prepare the company's financial statements for the month of February 2020. (Income statement, Statement of Owner’s Equity and the Balance Sheet)
Slow Running Shoes uses the Aging of receivables method to account for uncollectible accounts. The balance in the Allowance for uncollectible account as at Jan 1st, 2010 was $10,500 (credit) The balance in the Accounts Receivable account as at Jan 1st, 2010 was $133,000. The company completed the following transactions during 2010 and 2011: 2010 June 10th Wrote off the balance of $600 from Manny Miller’s account as uncollectible September 15th Re-instated the account of Betty Lou and recorded the collection of $1200 as payment in full for her account which had been written off earlier December 31st Recorded the uncollectible account expense based on the aging schedule. The schedule showed that $14,100 of accounts receivable was estimated as uncollectible December 31st Made the closing entry for the uncollectible expense account 2011 Jan 17 Sold inventory to Jack Frost, $1100, on account August 15 Wrote off as uncollectible the…
Slow Running Shoes uses the Aging of receivables method to account for uncollectible accounts. The balance in the Allowance for uncollectible account as at Jan 1st, 2010 was $10,500 (credit) The balance in the Accounts Receivable account as at Jan 1st, 2010 was $133,000. The company completed the following transactions during 2010 and 2011: 2010 June 10th Wrote off the balance of $600 from Manny Miller’s account as uncollectible September 15th Re-instated the account of Betty Lou and recorded the collection of $1200 as payment in full for her account which had been written off earlier December 31st Recorded the uncollectible account expense based on the aging schedule. The schedule showed that $14,100 of accounts receivable was estimated as uncollectible December 31st Made the closing entry for the uncollectible expense account 2011 Jan 17 Sold inventory to Jack Frost, $1100, on account August 15 Wrote off as uncollectible the…
Please do not give solution in image format ?.
Slow Running Shoes uses the Aging of receivables method to account for uncollectible accounts. The balance in the Allowance for uncollectible account as at Jan 1st, 2010 was $10,500 (credit) The balance in the Accounts Receivable account as at Jan 1st, 2010 was $133,000. The company completed the following transactions during 2010 and 2011: 2010 June 10th Wrote off the balance of $600 from Manny Miller’s account as uncollectible September 15th Re-instated the account of Betty Lou and recorded the collection of $1200 as payment in full for her account which had been written off earlier December 31st Recorded the uncollectible account expense based on the aging schedule. The schedule showed that $14,100 of accounts receivable was estimated as uncollectible December 31st Made the closing entry for the uncollectible expense account 2011 Jan 17 Sold inventory to Jack Frost, $1100, on account August 15 Wrote off as uncollectible the…
I know in order to find the accounts receivables analysis you first divide sales by the average accounts receivables and the average accounts receivable is the Ending balance plus the beginning balance divided by 2. Now, in order to find the number of days receivables, you must divide average accounts receivable by average daily sales and the average daily sales is the sales divided by 365. I have computed this multiple times and each time it says I am incorrect.
2. Grill's Flooring Limited had credit sales of $400,000 in 2007 and a debit balance of $600 in the Allowance for Doubtful Accounts at year end. As of December 31, 2007, $120,000 of accounts receivable remains uncollected. The credit manager of Grill's Flooring prepared an aging schedule of accounts receivable and estimates that $5,000 will prove to be uncollectible. /5 marks On March 4, 2008 the credit manager authorizes a write-off of the $1,000 balance owed by A. Ludwig. Instructions a. Prepare the adjusting entry to record the estimated uncollectible accounts expense in 2007. b. Show the balance sheet presentation of accounts receivable on December 31, 2007. On March 4, 2008 assume the balance of Accounts Receivable account is $160,000 and the balance of Allowance for Doubtful Accounts is a credit of $3,000, before the write- С. off. Make the appropriate entry to record the write-off of the Ludwig account. Also calculate the net realizable value of accounts receivable before and…
On March 1, it was discovered that the following errors took place in journalizing and posting transactions: a. Rent expense of $3,220 paid for the current month was recorded as a debit to Miscellaneous Expense and a credit to Rent Expense. b. The payment of $5,080 from a customer on account was recorded as a debit to Cash and a credit to Accounts Payable. Journalize the entries on March 1 to correct the errors. Use two entries to correct the error described in (a). (That is, record an entry to reverse the incorrect entry and a second entry to record the correct entry.) Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.
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