I just finished entering entries into the journal ledger byway of Quickbooks. However, my Journal is off by $1.80, the Trial Balance is off by $.90, and the Balance Sheet is off by $.90. The Profit & Loss Statement is correct. I don't know where to start looking for the error.
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A: Part 1:
I just finished entering entries into the journal ledger byway of Quickbooks. However, my Journal is off by $1.80, the
I don't know where to start looking for the error.
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Solved in 5 steps
- Please help me fill out this table. Thank you so much.Slow Running Shoes uses the Aging of receivables method to account for uncollectible accounts. The balance in the Allowance for uncollectible account as at Jan 1st, 2010 was $10,500 (credit) The balance in the Accounts Receivable account as at Jan 1st, 2010 was $133,000. The company completed the following transactions during 2010 and 2011: 2010 June 10th Wrote off the balance of $600 from Manny Miller’s account as uncollectible September 15th Re-instated the account of Betty Lou and recorded the collection of $1200 as payment in full for her account which had been written off earlier December 31st Recorded the uncollectible account expense based on the aging schedule. The schedule showed that $14,100 of accounts receivable was estimated as uncollectible December 31st Made the closing entry for the uncollectible expense account 2011 Jan 17 Sold inventory to Jack Frost, $1100, on account August 15 Wrote off as uncollectible the…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…
- See the image below. Please provide some solutions so that I can verify that I solved the problem correctly. Question: The adjusting entry to correct the receivable from Yakal isThe new bookkeeper forgot to record the sale of merchandise that was made to a customer on account with 20% profit. What impact does this have on the company’s books? Cash is understated/Accounts receivable is understated/Inventory is overstated/Income statement is understated Accounts receivable is understated/Inventory is understated/Income statement is overstated Cash is overstated/Inventory is understated/Income statement is overstated Accounts receivable is understated/Inventory is overstated/Income statement is understated Cash is understated/Accounts receivable is overstated/Income statement is understatedNone
- 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.Slow Running Shoes uses the Aging of receivables method to account for uncollectible accounts. The balance in the Allowance for uncollectible account as at Jan 1st, 2010 was $10,500 (credit) The balance in the Accounts Receivable account as at Jan 1st, 2010 was $133,000. The company completed the following transactions during 2010 and 2011: 2010 June 10th Wrote off the balance of $600 from Manny Miller’s account as uncollectible September 15th Re-instated the account of Betty Lou and recorded the collection of $1200 as payment in full for her account which had been written off earlier December 31st Recorded the uncollectible account expense based on the aging schedule. The schedule showed that $14,100 of accounts receivable was estimated as uncollectible December 31st Made the closing entry for the uncollectible expense account 2011 Jan 17 Sold inventory to Jack Frost, $1100, on account August 15 Wrote off as uncollectible the…Slow Running Shoes uses the Aging of receivables method to account for uncollectible accounts. The balance in the Allowance for uncollectible account as at Jan 1st, 2010 was $10,500 (credit) The balance in the Accounts Receivable account as at Jan 1st, 2010 was $133,000. The company completed the following transactions during 2010 and 2011: 2010 June 10th Wrote off the balance of $600 from Manny Miller’s account as uncollectible September 15th Re-instated the account of Betty Lou and recorded the collection of $1200 as payment in full for her account which had been written off earlier December 31st Recorded the uncollectible account expense based on the aging schedule. The schedule showed that $14,100 of accounts receivable was estimated as uncollectible December 31st Made the closing entry for the uncollectible expense account 2011 Jan 17 Sold inventory to Jack Frost, $1100, on account August 15 Wrote off as uncollectible the…
- 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.I am having trouble with number 17 on the list. It is question 23, which I have attached as a screenshot. The accounts I used in the journal entry are correct, but the number (1413) is incorrect. One Trick Pony (OTP) incorporated and began operations near the end of the year, resulting in the following post-closing balances at December 31: Cash $ 18,970 Accounts Receivable 14,130 Allowance for Doubtful Accounts 430 * Inventories 2,000 Deferred Revenue (40 units) 4,800 Accounts Payable 2,040 Note Payable (long-term) 12,000 Common Stock 10,900 Retained Earnings 4,930 * credit balance. The following information is relevant to the first month of operations in the following year: OTP will sell inventory at $120 per unit. OTP’s January 1 inventory balance consists of 50 units at a total cost of $2,000. OTP’s policy is to use the FIFO method, recorded using a perpetual inventory system. In December, OTP received a $4,800…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.