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corrected balance of

corrected balance of

FINANCIAL ACCOUNTING
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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1. What is the corrected balance of cash account?

2. What is the corrected balance of Accounts Receivable account?

3. What is the corrected balance of supplies account?

4. What is the corrected balance of prepaid insurance account?

5. What is the corrected balance of notes payable account?

6. What is the corrected balance of accounts payable account?

7. What is the corrected balance of Reena, Capital account?

8. What is the corrected balance of Reena, drawing  account?

9. What is the corrected balance of advertising expense account?

10. What is the corrected balance of debit and credit columns of the Trial Balance?

 

Reena Photography has the following trial balance as of December 31, 2021 Reena Photography Trial Balance For the Year Ended December 31, 2021 Account Titles DR CR Cash 1,865 Accounts Receivable 7,250 Supplies 1,232 Prepaid Insurance 330 Equipment 30,000 Notes payable 11,500 Accounts payable 3,025 Reena, Capital 21,000 Reena, Drawing 4,500
Transcribed Image Text:Reena Photography has the following trial balance as of December 31, 2021 Reena Photography Trial Balance For the Year Ended December 31, 2021 Account Titles DR CR Cash 1,865 Accounts Receivable 7,250 Supplies 1,232 Prepaid Insurance 330 Equipment 30,000 Notes payable 11,500 Accounts payable 3,025 Reena, Capital 21,000 Reena, Drawing 4,500
Reena, Drawing 4,500 Fees Earned 98,900 Wages expense 56,730 Rent expense 11,585 Advertising expense 525 Utilities expense 3,150 P 117,167 134,425 The debit and credit totals are not balance as a result of the following errors: 1. The balance of cash was overstated by P2,500 2. A cash receipt of P3,100 was posted as a credit to Cash of P1,300 3. A debit of P1,250 to Accounts Receivable was not posted 4. A return of P168 of defective supplies was erroneously posted as P186 credit to supplies 5. An insurance policy acquired at a cost of P310 was posted as a credit to Prepaid Insurance 6. The balance of Notes payable was overstated by P1,500 7. A credit of P75 in Accounts payable was overlooked when the balance when the balance of account was determined 8. A debit of P3,000 for a withdrawal by the owner was posted as a credit to Reena, Capital 9. The balance of P5,250 in Advertising expense was entered as P525 in the Trial Balance 10. Miscellaneous expense, with a balance of P1,320, was omitted from the Trial Balance
Transcribed Image Text:Reena, Drawing 4,500 Fees Earned 98,900 Wages expense 56,730 Rent expense 11,585 Advertising expense 525 Utilities expense 3,150 P 117,167 134,425 The debit and credit totals are not balance as a result of the following errors: 1. The balance of cash was overstated by P2,500 2. A cash receipt of P3,100 was posted as a credit to Cash of P1,300 3. A debit of P1,250 to Accounts Receivable was not posted 4. A return of P168 of defective supplies was erroneously posted as P186 credit to supplies 5. An insurance policy acquired at a cost of P310 was posted as a credit to Prepaid Insurance 6. The balance of Notes payable was overstated by P1,500 7. A credit of P75 in Accounts payable was overlooked when the balance when the balance of account was determined 8. A debit of P3,000 for a withdrawal by the owner was posted as a credit to Reena, Capital 9. The balance of P5,250 in Advertising expense was entered as P525 in the Trial Balance 10. Miscellaneous expense, with a balance of P1,320, was omitted from the Trial Balance
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