COUNTRYSIDE PAINTING SPECIALISTS Trial Balance November 30, 2018 Balance Account Title Debit Credit Painting Equipment $ 13,500 Cash 12,100 Accounts Receivable 1,300 Advertising Expense 550 Cividends S 3,500 Accounts Payable 3,300 Rent Expense 1,800 Common Stock 15,000 Service Revenue 15,600 Unearned Revenue 1,700 Salaries Expense 2,400 Office Supplies 200 Utilities Expense 250 Total $ 48,600 $ 22,600

COUNTRYSIDE PAINTING SPECIALISTS Trial Balance November 30, 2018 Balance Account Title Debit Credit Painting Equipment $ 13,500 Cash 12,100 Accounts Receivable 1,300 Advertising Expense 550 Cividends S 3,500 Accounts Payable 3,300 Rent Expense 1,800 Common Stock 15,000 Service Revenue 15,600 Unearned Revenue 1,700 Salaries Expense 2,400 Office Supplies 200 Utilities Expense 250 Total $ 48,600 $ 22,600

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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background info: Green checkmark means that entry is correct, red is wrong. There is only supposed to be a total of 19 entries. look at 1 picture with the complete journal and adjust to fit the allowance method to go into the second table with green and red corrections. The first entry....you are removing the account so you have to remove the allowance and related receivable (2 parts) The second entry...you want to record the cash received, the removal of the allowance and related receivable (3 parts) The third entry...recording a credit sales (2 parts) The fourth entry...setting up receivable and the allowance (2 parts) The fifth entry...record collection of a previously recorded credit sale (2 parts) The sixth entry...record collection of a previously recorded credit sale (2 parts) The seventh entry...adjusting the allowance by reducing the allowance and reducing 5 customer receivable accounts (6 parts) 1. Finalize the journal entries shown on the Fan-Tastic Sports Gear Inc. panel…
Ajournal entry for a $220 payment to purchase office supplies was erroneously recorded as a debit to Office Supplies for $500 and a credit to Cash for $220. Which of the following statements correctly states the effect of the error on the trial balance? O A. The sum of the credits will exceed the sum of the debits by $280. O B. The sum of the debits will exceed the sum of the credits by $220. O C. The sum of the debits will exceed the sum of the credits by $500, O D. The sum of the debits will exceed the sum of the credits by $280.
Correcting errors in a trial balance The trial balance of Beautiful Tots Child Care does not balance. The following errors are detected: a. Cash is understated by $1,500. b. A $4,100 debit to Accounts Receivable was posted as a credit. c. A $1,400 purchase of office supplies on account was neither journalized nor posted. d. Equipment was incorrectly transferred from the ledger as $91,500. It should have been transferred as $83,000. e. Salaries Expense is overstated by $700. f. A $300 cash payment for advertising expense was neither journalized nor posted. g. A $200 cash dividend was incorrectly journalized as $2,000. h. Service Revenue was understated by $4,100, i. A 12-month insurance policy was posted as a $1,900 credit to Prepaid Insurance. Cash was posted correctly. Prepare the corrected trial balance as of August 31, 2018. journal entries are not required.
Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.
If 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.
An employee working on her first trial balance discovers that the Equipment account has a credit balance of $2500 and a customer's A/R account has a credit balance of $25. Based on the knowledge you have gained in this course and how account balances are recorded and increase/decrease, has the accountant made a mistake in her records or are these situations possible?
Prepare separate adjusting entries for any checks that require adjustment. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Account Titles and Explanation (To record adjusting entry for due to Metro Bank-Special Account.) (To record adjusting entry for due to Metro Bank_special Account.) (To record adjusting entry for due from Metro Bank-Special Account.) Debit Credit
if your supervisor tells you to change the aging category of a large account from over 120 days to current status and prepare a new invoice to the customer with the revised date that agrees with this new category this will change the required allowance from for uncollectible accounts from $180, 000 to $135,000. How do you think this misstatement of funds will impact your income statement and your balance sheet?