INTERMEDIATE ACCTG. LL-W/ACCESS
17th Edition
ISBN: 9781119663133
Author: Kieso
Publisher: WILEY
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(Corrected Trial Balance) The following trial balance of Wanda Landowska Company does not balance. Your review of the ledger reveals the following.
(a) Each account had a normal balance.
(b) The debit footings in Prepaid Insurance,Accounts Payable, and Property Tax Expense were each understated $100.
c) A transposition error was made in AccountsReceivable and Service Revenue; the correct balances for Accounts Receivable and Service Revenue are $2,750 and $6,690,respectively.
(d) A debit posting to Advertising Expense of $300 was omitted.
(e) A $1,500 cash drawing by the owner was debited to Owner’s Capital and credited to Cash.
InstructionsPrepare a correct trial balance.
The trial balance of the Sterling investigative Services shown next age does not balance. Your review of the general ledger reveals that each account has a normal balance. You also discovered the following errors. a. The totals of the debit sides of Rent Deposit, Accounts Payable, and Representation Expense were each understood to be P1,000. b. Transposition errors were made in Accounts Receivable and Service Revenue. Based on postings made, the correct balances were P25,700 and P69,600, respectively. c. Check payment for P9.400 was properly recorded, and the cash credit properly posted, but the accountant failed to post to the debit side of the taxes payable account. d. The trial balance shows some accounts are not on their proper sides. e. A cash debit posting for P5,000 was posted on the credit side. Credit P27,500 Sterling Investigative Services Trial Balance May 31, 2017 Debit Cash P55,800 Accounts Receivable Rent Deposit 7,000 Equipment 80,000 Accounts payable Taxes Payable…
The trial balance of SamSan Tech. shown below does not balance. Your review of the ledger reveals the
following:
(a) Each Account had a normal balance.
(b) The debit footings in Prepaid Insurance, Accounts Payable, and Property Tax Expense were each
understated by P100.
(C) A transposition error was made in Accounts Receivable; the correct balances for Accounts receivable
and Service revenue are P2,750 and P6,690, respectively.
(d) A debit posting to Advertising Expense for P300 was omitted. (e) A P1,500 cash drawing by the owner
was debited to Ozawa Capital and credited to Cash.
Trial Balance
Cash
P4,800
Accounts Receivable
2,750
Prepaid Insurance
700
Equipment
P8,000
Accounts Payable
4,500
Property Tax Payable
560
Samsan, Capital
11,200
Service Revenue
6,960
Salaries Expense
4,200
Advertising Expense
1,100
Property Tax Expense
800
P20,890
P24,500
The corrected trial balance of the company should show total debits of
A. P24,350
B. P23,070
C. P22,850
D. P21,570
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Similar questions
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