Cash $ 44,000 Accounts receivable 28,000 Equipment 376,000 $ 72,000 Accumulated depreciation Notes payable 60,000 Common stock 130,000 Retained earnings 62,000 Sales 326,000 Rent expense Salaries expense 44,000 116,000 Depreciation ex nee 42.000

Q: Prepare the relevant working papers leading up to the trial balance

A: we need to use the accounting equation: Assets = Liabilities + Owners' Equity We can use the…

Q: Apnl 1 Paid rent, P 5.000. 3 Pertormed delivery services for P1.000: P600 in cash and PAC0 on…

A: Trial Balance: It is  a bookkeeping worksheet  where  debit and credit  balance of all ledgers are…

Q: Swifty is a licensed CPA. During the first month of operations of her business, Swifty Corporation,…

A: TRIAL BALANCE  Date Transaction…

Q: Accounts Payable $580 Fees Earned $2,690 Accounts Receivable 621 Insurance Expense 600 Prepaid…

A: Trial Balance: Trial balance is a statement in which closing balance of all ledger accounts are…

Q: THE BALANCES OF THE ACCOUNTS OF MONGOLIA TRADING ON DECEMBER 31,2009 ARE AS FOLLOWS: YOU ARE…

A: The question is related to Trial Balance as on 31st December 2009

Q: The Chart of Accounts and transactions of Scissorhands Men's Salon for the month of September 2016…

A: Financial statements consists of the following:- Statement of Financial position; Income Statement;…

Q: trial balance

A: The trial balance shows the account list of the general ledger that states the ledger of the…

Q: Prepare a post close trial balance

A: Post closing trial balance is the trial balance which is prepared by making the final closing…

Q: Bella Floral Designs is a wholesale shop that sells flowers, plants, and plant supplies. The…

A: Journalizing transactions is the practice of keeping a record of all your company transactions in…

Q: Debit Balances Credit Balances 42,900 Cash Accounts Receivable. .... 123,500 .... Prepaid Insurance.…

A: Trial Balance is the statement not an account neither a part of financial statement but serves as a…

Q: How are beginning balances audited?

A: Audit: Audit is the process of verification of the compliance of the financial statements.…

Q: Why is it important to verify if the activity on the trial balance equals the activity per the…

A: The activity in the trial balance means the accounts listed on the both side of trial…

Q: Which is the most important issue in recording a transaction: recognition, valuation, or…

A: Lets understand the basics.Recognition indicates when revenue should be booked.On other hand…

Q: Cash Accounts Receivable Bakery Supplies Bakery Shop Equipment Delivery Van Accounts Payable…

A: First, an income statement needs to be prepared prior to preparing the balance sheet.

Q: Describe the checks to be carried out to ensure that all materials required are correct and…

A: The company's aim will be to increase the profitability of the company. The profits can be arrived…

Q: Account Name 101: Cash 111: Accounts receivable 121: Supplies 131: Prepaid advertising 141:…

A: A trial balance is a statement that contains ledger balances. The sum of debit and credit of the…

Q: Is it necessary that a trial balance be prepared periodically? What purpose does it serve?

A: Trial balance: A trial balance is the list of all the ledger accounts. The trial balance is prepared…

Q: How does Target record repairs and maintenance expense?

A: Revenue expenditures:   These costs are incurred to maintain the long-term asset in good condition…

Q: DATE Dec. 9 ACCOUNT Insurance Expense DATE ITEM Blance ITEM ACCOUNT Miscellaneous Expense POST. REF.…

A: Accounting ledger refers to the record which is used for the purpose of bookkeeping the entries for…

Q: Describe what analytical procedures and tests of details of balances are and give an example of each

A: Analytical procedures: These are auditing procedures that help in analyzing the relationship between…

Q: Supplies Unearned Revenue Supplies Expense Cash Accounts Receivable Accounts Payable Rent Expense…

A: Trial balance :— It is the statement that shows list of final ending balances of all ledger accounts…

Q: Date Account Name (Naration) Post Ref. Debit $ Credit $ 2021 5 April Cash 100 20 000 Share Capital…

A: The ledger and trial balance are prepared using the journal entries.

Q: Discuss various classes of error and state in each case the effect they might have on the trial…

A: There are four types of errors in preparation of trial balance, i.e., (i) Errors of Omission, (ii)…

Q: prepare a corrected trial balance

A: Debit Credit  Cash (38400+2400-4200)             36,600    Accounts Receivable…

Q: Journal Entry (Purchased of merchandise for cash) Date Particulars Debit Credit Feb -01 Cash in Bank…

A: Ledger It is a set of accounts where business transactions are recorded and  it is used to prepare…

Q: Is it necessary that a trial balance be taken periodically?What purpose does it serve?

A: Trial balance: A trial balance is the list of all the ledger accounts. The trial balance is prepared…

Q: can you help me doing adjustment to the trial balance?

A: The Trail Balance as on 31st December 2020  given. Adjustments are given  Required  Prepare Trail…

Q: Provide the proper format for recording a transaction.

A: Journal: Recording of a business transactions in a chronological order is called journal.

Q: Diane Bernick opened Bernick's Consulting. Transactions and related journal entries for January are…

A: Trial balance is the statement which is prepared for the purpose of verifying that the debits in the…

Q: What is a trial balance? Why does the record-keeper prepare a trial balance? A trial balance being…

A: Trial balance is a part of the book keeping process.It is a financial report that all companies…

Q: Prepared a trial balance

A: Adjusted Trial Balance is prepared after adjusting the adjustment entries to the respective account…

Q: 1 The owner, Mrs. Clean, invested the following: building 1,150,000 cash 120,000 Purchased washing…

A: Income statement shows the amount remaining (Net Income) after taking into consideration all the…

Q: Create a General Journal, Ledger, and Trial Balance.

A: A ledger is made by the company so that the respective account related balances could be recorded in…

Q: Instructions Chart of Accounts Instructions Journal Alpha Sounds Corp, an electric guitar retailer,…

A: Journal Entry :— It is an act of recording transaction in books of account when transaction…

Q: ACCOUNT Insurance Expense DATE ITEM ACCOUNT Supplies Expense DATE ITEM POST. REF. POST. REF. DEBIT…

A: Accounting ledger refers to the record which is used for the purpose of bookkeeping the entries for…

Q: Deb Banc Cred Balance Cash 42900 Accounts Receivatile 123,500 Prepad Insurance 27 900 Eopment…

A: We have the following information: Incorrect trial balance Note: The quality of the picture was not…

Q: 6. Prepare a post-closing trial balance.

A: The Post closing Trial Balance is attached below. You may kindly note that all amounts are in $.…

Q: prepare the trial balance

A: Trail Balance is the statement which is prepared with the aim to determine whether the posting…

Q: Discuss the methods of preparation  and the utility of a Trial balance

A: Trial balance: Trial balance is a summary of all the ledger account balances presented in a tabular…

Q: can you help me to adjust the trial balance?

A: The Trial Balance as on 31st December 2020  given. Adjustments are given  Required  Prepare Trial…

Q: How do I word the data for adjustments in the trial balance?

A: Trial balance:   It is a statement that shows the balance of balances. It is prepared at the end of…

Audit Procedures

Audit Procedures are methods and techniques performed by the auditor to determine the quality of financial information of clients, thereby expressing an opinion on true & fair view of financial statements and entity position. They are identified and applied at the planning stage of audit after determining audit objectives, scope, approach, and risk assessment.