for Finders Coripariy dkbes not balance and the information as follows has been presented: Finders Company Trial Balance February 29, 2020 Account Cash Debit Credit 6,300 6,000 400 Accounts receivable Supplies Equipment Computers Accounts payable Notes payable Wright, Capital Wright, Drawing Service revenue 22,300 49,000 2,800 18,500 50,000 4,000 4,100 Salary Expense 1,400
for Finders Coripariy dkbes not balance and the information as follows has been presented: Finders Company Trial Balance February 29, 2020 Account Cash Debit Credit 6,300 6,000 400 Accounts receivable Supplies Equipment Computers Accounts payable Notes payable Wright, Capital Wright, Drawing Service revenue 22,300 49,000 2,800 18,500 50,000 4,000 4,100 Salary Expense 1,400
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
The following errors were detected:
The cash balance is overstated by $5,000.
Rent expense of $340 was erroneously posted as a credit rather than a debit.
A $6,800 credit to Service revenue was not posted.
A $400 debit to Accounts receivable was posted as $40.
The balance of Utilities expense is understated by $70.
A $900 purchase of supplies on account was neither journalized nor posted.
Equipment should be $16,490.
Requirement
1. Prepare the corrected trial balance on February 29, 2020. Journal entries are not required.
2. Prepare the company's financial statements for the month of February 2020.
Transcribed Image Text:The trial balance for Finders Company does not balance and the information as folows
has been presented:
Finders Company
Trial Balance
February 29, 2020
Debit
6,300
6,000
400
22,300
49,000
Account
Cash
Accounts receivable
Supplies
Equipment
Computers
Accounts payable
Notes payable
Wright, Capital
Wright, Drawing
Service revenue
Salary Expense
Rent expense
Credit
2,800
18,500
50,000
4,000
4,100
1,400
800
900
800
Advertising expense
Utilities expense
Total
91,900
75,400
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