Horngren's Financial & Managerial Accounting, The Financial Chapters (Book & Access Card)
5th Edition
ISBN: 9780134078939
Author: Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura
Publisher: PEARSON
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Chapter 2, Problem 2.39BP
To determine
To prepare: Trial balance for LLC Care at May 31, 2017
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A trial balance will indicate the existence of an error if:
a The purchase of a typewriter for $870 is entered in the accounting records as a debit of $87 to Office Equipment and a credit of $87 to Accounts Payable.
b The collection of $75 cash is recorded by a debit to Accounts Receivable and a credit to Cash.
c A journal entry debiting Equipment is posted as a debit to the Building account.
d A ledger account with a credit balance is listed as a debit amount in the trial balance.
The debit and credit totals are not equal as a result of the following errors:a. The cash entered on the trial balance was understated by $6,000.b. A cash receipt of $5,600 was posted as a debit to Cash of $6,500.c. A debit of $11,000 to Accounts Receivable was not posted.d. A return of $150 of defective supplies was erroneously posted as a $1,500 credit to Supplies.e. An insurance policy acquired at a cost of $1,200 was posted as a credit to Prepaid Insurance.f. The balance of Notes Payable was understated by $20,000.g. A credit of $4,800 in Accounts Payable was overlooked when determining the balance of the account.h. A debit of $7,000 for a withdrawal by the owner was posted as a credit to Terry Colby, Capital.i. The balance of $58,100 in Rent Expense was entered as $51,800 in the trial balance.j. Gas, Electricity, and Water Expense, with a balance of $24,150, was omitted from the trial balance.Instructions1. Prepare a corrected unadjusted trial balance as of August 31, 2014.2. Does…
Chapter 2 Solutions
Horngren's Financial & Managerial Accounting, The Financial Chapters (Book & Access Card)
Ch. 2 - The detailed record of the changes in a particular...Ch. 2 - Which of the following accounts is a liability? a....Ch. 2 - The left side of an account is used to record...Ch. 2 - Which of the following statements is correct? a....Ch. 2 - Prob. 5QCCh. 2 - Prob. 6QCCh. 2 - Posting a 2,500 purchase of office supplies on...Ch. 2 - Prob. 8QCCh. 2 - Which sequence correctly summarizes the accounting...Ch. 2 - Nathville Laundry reported assets of 800 and...
Ch. 2 - Identify the three categories of the accounting...Ch. 2 - What is the purpose of the chart of accounts?...Ch. 2 - What does a ledger show? Whats the difference...Ch. 2 - Prob. 4RQCh. 2 - Prob. 5RQCh. 2 - Prob. 6RQCh. 2 - When are credits increases? When are credits...Ch. 2 - Prob. 8RQCh. 2 - What are source documents? Provide examples of...Ch. 2 - Prob. 10RQCh. 2 - Explain the five steps in journalizing and posting...Ch. 2 - Prob. 12RQCh. 2 - Prob. 13RQCh. 2 - What is the purpose of the trial balance?Ch. 2 - Prob. 15RQCh. 2 - If total debits equal total credits on the trial...Ch. 2 - What is the calculation for the debt ratio?...Ch. 2 - Identifying accounts Consider the following...Ch. 2 - Identifying increases and decreases in accounts...Ch. 2 - Identifying normal balances For each account,...Ch. 2 - Prob. 2.4SECh. 2 - Journalizing transactions Arkansas Sales...Ch. 2 - Prob. 2.6SECh. 2 - Prob. 2.7SECh. 2 - Preparing a trial balance Henderson Floor...Ch. 2 - Calculating debt ratio Vacuum Magic Carpet Care...Ch. 2 - Using accounting vocabulary March the accounting...Ch. 2 - Creating a chart of accounts Raymond Autobody Shop...Ch. 2 - Identifying accounts, increases in accounts, and...Ch. 2 - Identifying increases and decreases in accounts...Ch. 2 - Identifying source documents For each transaction,...Ch. 2 - Analyzing and journalizing transactions As the...Ch. 2 - Use the following information to answer Exercises...Ch. 2 - Use the following information to answer Exercises...Ch. 2 - Use the following information to answer Exercises...Ch. 2 - Use the following information to answer Exercises...Ch. 2 - Analyzing transactions from T-accounts The first...Ch. 2 - Journalizing transactions from T-accounts In...Ch. 2 - Preparing a trial balance The accounts of Aker...Ch. 2 - Preparing a trial balance from T-accounts The...Ch. 2 - Journalizing transactions, posting journal entries...Ch. 2 - Prob. 2.25ECh. 2 - Prob. 2.26ECh. 2 - Correcting errors in a trial balance The following...Ch. 2 - Prob. 2.28ECh. 2 - Problems Group A Journalizing transactions,...Ch. 2 - Journalizing transactions, posting journal entries...Ch. 2 - Journalizing transactions, posting journal entries...Ch. 2 - Journalizing transactions, posting journal entries...Ch. 2 - Correcting errors in a trial balance The trial...Ch. 2 - Preparing financial statements from the trial...Ch. 2 - Journalizing transactions, posting journal entries...Ch. 2 - Journalizing transactions, posting journal entries...Ch. 2 - Journalizing transactions, posting journal entries...Ch. 2 - Prob. 2.38BPCh. 2 - Prob. 2.39BPCh. 2 - Prob. 2.40BPCh. 2 - Journalizing transactions, posting to T-accounts,...Ch. 2 - Journalizing transactions, posting to T-accounts,...Ch. 2 - Your friend, Dean McChesney, requested that you...Ch. 2 - Prob. 2.1CTEICh. 2 - Roy Akins was the accounting manager at Zelco, a...Ch. 2 - Prob. 2.1CTFSCCh. 2 - In 35 words or fewer, explain the difference...
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- FINDING AND CORRECTING ERRORS On May 25, after the transactions had been posted, Joe Adams discovered that the following entry contains an error. The cash received represents a collection on account, rather than new service fees. Correct the error in the general journal using a correcting entry.arrow_forwardThe Colby Group has the following unadjusted trial balance as of August 31, 2019: The Colby Group Unadjusted Trial Balance August 31, 2019 Credit Balances Debit Balances Cash 17,300 37,000 7,400 Accounts Receivable Supplies Prepaid Insurance Equipment.. Notes Payable.. Accounts Payable Terry Colby, Capital.. Terry Colby, Drawing 1,900 196,000 97,600 26,000 129,150 56,000 Fees Earned.. 454,450 Wages Expense Rent Expense Advertising Expense.. Miscellaneous Expense 270,000 51,800 25,200 5,100 667,700 707,200arrow_forwardIf a $335.00 debit item in the general journal is posted as a credit: By how much will the trial balance be out of balance? Explain how you might detect such an error.arrow_forward
- Please help. I can't figure out the answer. Thanks Questions needed answer: a. Prepare journal entries to record the credit sales, the collections on account, and the preceding transactions and adjustment. b. Show how Accounts Receivable and the Allowance for Doubtful Accounts would appear on the December 31 balance sheet. Note: The general journal in the picture are the parts I attempted to answer as you can see there are green check marks that represent a correct answer and red x for a wrong answer. The parts that has the red X are what I needed answers. Thanksarrow_forwardThe following misstatements are sometimes found in the salesand collection cycle’s account balances:1. Several cash receipts were posted to the incorrect customer accounts.2. Several accounts receivable in the accounts receivable master file are not includedin the aged trial balance.3. One account receivable in the accounts receivable master file is included on theaged trial balance twice.4. A shipment made in the subsequent period is recorded as a current period sale.5. The allowance for uncollectible accounts is inadequate because of the client’sfailure to reflect depressed economic conditions in the allowance.6. Several accounts receivable are in dispute as a result of claims of defective merchandise.7. The pledging of accounts receivable to the bank for a loan is not disclosed in thefinancial statements.8. Goods were returned for credit on the last day of the fiscal year but the sales returnwas not recorded until the following fiscal year.9. Long-term interest-bearing notes…arrow_forwardReview and study the following journal entries and determine which entries have errors. All transactions are regular daily transactions (no adjusting entries). When looking for errors ask yourself does that transaction make sense? Once you discover an error, state how you would correct it.arrow_forward
- The total of a list of balances in Patricia Co’s receivables ledger was $643,700 on 30 September 20X9. This did not agree with the balance on Patricia Co’s receivables ledger control account. The following errors were discovered: (i) A credit balance on an individual customer’s account of $400 was incorrectly extracted as a debit balance (ii) An invoice for $3,553 was posted to the customer account as £3,535 (iii) The total of the sales returns day book was overcast by $600 What amount should be shown in Patricia Co’s statement of financial position for accounts receivable at 30 September 20X9? A. $642,918 B. $642,882 C. $644,482 D. $643,418arrow_forwardA suspense account was opened when a trial balance failed to agree. The following errors were later discovered. A gas bill of $420 had been recorded in the gas account as $240. A discount of $50 given to a customer had been credited to discounts received. Interest received of $70 had been entered in the bank account only. What was the original balance on the suspense account?arrow_forwardThe bookkeeper for Nevado Company has prepared the following trial balance: The bookkeeper has asked for your help. In examining the companys journal and ledger, you discover the following errors. Use this information to construct a corrected trial balance. a. The debits to the Cash account total 8,000, and the credits total 3,300. b. A 500 payment to a creditor was entered in the journal correctly but was not posted to the Accounts Payable account. c. The first two numbers in the balance of the Accounts Receivable account were transposed when the balance was copied from the ledger to the trial balance. d. The 1,500 amount withdrawn by the owner for personal use was debited to Miscellaneous Expense by mistakeit was correctly credited to Cash.arrow_forward
- Journalize correcting entries for each of the following errors and include a brief explanation. a. A cash purchase of office equipment for 680 was journalized as a cash purchase of store equipment for 680. (Use the ruling method; assume that the entry has not been posted.) b. An entry for a 180 payment for office supplies was journalized as 810. (Use the ruling method; assume that the entry has not been posted.) c. A 620 payment for repairs was journalized and posted as a debit to Equipment instead of a debit to Repair Expense. (Use the correcting entry method to journalize the correction.) d. A 750 bill for vehicle insurance was received and immediately paid. It was journalized and posted as 660. (Use the correcting entry method to journalize the correction.)arrow_forwardIn a cash receipts journal, both the Accounts Receivable Credit column and the Cash Debit column were mistakenly underadded by 700. How will this error be discovered?arrow_forwardAn error was made in posting of cash sales for $2 000. The both accounts were understated by the amount. What type of error is this? Error of Principle Error of Original Entry Error of Commission Reversal of Entriesarrow_forward
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