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EXERCISE 2-5 Speedy Sewing Services, owned by T. Nguyen, hired a new bookkeeper who is not entirely familiar with the process of preparing a trial balance. All of the accounts have normal balances. Find the errors and prepare a corrected trial balance for December 31 of this year. Speedy Sewing Services Trial Balance December 31, 20- Account Name Accounts Receivable Cash Accounts Payable Equipment T. Nguyen, Capital Debit Credit 10,700 3,200 9,500 24,000 22,800 T. Nguyen, Drawing 1,900 Prepaid Insurance 1,300 Income from Services 36,000 Wages Expense 17,500 Rent Expense Supplies Utilities Expense 4,500 1,800 3,400 49,900 86,700

EXERCISE 2-5 Speedy Sewing Services, owned by T. Nguyen, hired a new bookkeeper who is not entirely familiar with the process of preparing a trial balance. All of the accounts have normal balances. Find the errors and prepare a corrected trial balance for December 31 of this year. Speedy Sewing Services Trial Balance December 31, 20- Account Name Accounts Receivable Cash Accounts Payable Equipment T. Nguyen, Capital Debit Credit 10,700 3,200 9,500 24,000 22,800 T. Nguyen, Drawing 1,900 Prepaid Insurance 1,300 Income from Services 36,000 Wages Expense 17,500 Rent Expense Supplies Utilities Expense 4,500 1,800 3,400 49,900 86,700

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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EXERCISE 2-5 Speedy Sewing Services, owned by T. Nguyen, hired a new bookkeeper who is not entirely familiar with the process of preparing a trial balance. All of the accounts have normal balances. Find the errors and prepare a corrected trial balance for December 31 of this year. Speedy Sewing Services Trial Balance December 31, 20- Account Name Accounts Receivable Cash Accounts Payable Equipment T. Nguyen, Capital Debit Credit 10,700 3,200 9,500 24,000 22,800 T. Nguyen, Drawing 1,900 Prepaid Insurance 1,300 Income from Services 36,000 Wages Expense 17,500 Rent Expense Supplies Utilities Expense 4,500 1,800 3,400 49,900 86,700
Transcribed Image Text:EXERCISE 2-5 Speedy Sewing Services, owned by T. Nguyen, hired a new bookkeeper who is not entirely familiar with the process of preparing a trial balance. All of the accounts have normal balances. Find the errors and prepare a corrected trial balance for December 31 of this year. Speedy Sewing Services Trial Balance December 31, 20- Account Name Accounts Receivable Cash Accounts Payable Equipment T. Nguyen, Capital Debit Credit 10,700 3,200 9,500 24,000 22,800 T. Nguyen, Drawing 1,900 Prepaid Insurance 1,300 Income from Services 36,000 Wages Expense 17,500 Rent Expense Supplies Utilities Expense 4,500 1,800 3,400 49,900 86,700
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