Ensemble Co. Unadjusted Trial Balance For the Year Ending December 31, 20Y8 Debit Balances Credit Balances Cash Accounts Receivable. Prepaid Insurance Equipment.... Accounts Payable Salaries Payable.. Common Stock 42,900 123,500 27,000 300,000 52,000 4,800 40,000 Retained Earnings Dividends. 137,200 5,000 Service Revenue Salary Expense.. Advertising Expense.. Miscellaneous Expense 1,216,000 660,000 275,000 16,600 1,801,500 1,801,500

Q: How is a correction of an accounting error made?

A: Accounting error:   It is a non-fraudulent discrepancy in the financial documents of an…

Q: What tools do auditors use to verify the ending balances in the various accounts in the acquisition…

A: Auditors are professionals who are responsible for examining and evaluating the financial records…

Q: Which of the following is the postclosing trial balance not designed to verify?

A: The objective of this question is to understand what the postclosing trial balance is not designed…

Q: Prepaid expenses are normally created as a part of the purchasing process. Prepaid energy bills,…

A: 1. To determine the accuracy of the remaining prepaid account balance, I would examine the following…

Q: Indicate the primary audit objective for the following audit procedure: Foot the accounts payable…

A: Audit refers to the examination or auditing of the financial statements (FS) namely income statement…

Q: What are the different types of errors that are found in the books of accounts?

A: Accounting error: Accounting errors can be defined as omission of the fundamental accounting…

Q: If the two totals of a trial balance are equal, does this mean that there are no errors in the…

A: If the  total debits equal the total credits, the trial balance is considered to be balanced and…

Q: Explain why the ledger can still contain errors even through the trial balance is in balance. Give…

A: Trial balance: Trial balance is a summary of all the asset, liability, and equity accounts and their…

Q: Explain the recording of transactions in the double-entry system. Discuss the principles of debits…

A: The objective of this question is to understand the double-entry system of accounting, the…

Q: The Accounting Cycle Question: What does it mean to adjust accounts for timing mismatches? What is…

A: Adjusting accounts for timing mismatches refers to the process of aligning the recognition of…

Q: After analyzing transactions, the next step would be to post the transactions in the ledger. True…

A: Posting of transactions in the ledger can be done after their recording the journal.

Q: Prepaid expenses are normally created as a part of the purchasing process. Prepaid energy bills,…

A: Prepaid expenses are normally created as a part of the purchasing process. Prepaid energy bills,…

Q: What are the steps taken by an accountant to locate the errors in the trial balance?

A: Trial Balance: It is a statement prepared by a company to check the debits and credit balances in…

Q: how is the trial balance used to discover errors

A: A trial balance is an important accounting technique for ensuring the correctness of financial data…

Q: What alternative procedures should be applied to accounts that do not return confirmations?

A: Confirmation of accounts receivable:  When the auditor has examined the documents of the clients…