I. Mr. J. Strom is the owner of a hardware store in Shelburne, Nova Scotia. At the end of the year, he attempted to prepare a trial balance of the accounts in the general ledger. The trial balance appears below. The balances them- selves are correct but Mr. Strom has no knowledge of double-entry book- keeping so he has made many errors in listing the balances. J. STROM TRIAL BALANCE DECEMBER 31, 20- Debit Credit Bank 3 000 Land 250 000 A/R - Jones Supplies Office Equipment 10 940 3 400 15 350 Automobile 21 200 Building A/P - Smith 240 000 5 160 Bank Loan 52 000 J. Strom, Capital Mortgage Payable 208 230 278 500 570 870 516 910 Find the errors and prepare a corrected trial balance. Assume that no exceptional balances exist from overpayments.

I. Mr. J. Strom is the owner of a hardware store in Shelburne, Nova Scotia. At the end of the year, he attempted to prepare a trial balance of the accounts in the general ledger. The trial balance appears below. The balances them- selves are correct but Mr. Strom has no knowledge of double-entry book- keeping so he has made many errors in listing the balances. J. STROM TRIAL BALANCE DECEMBER 31, 20- Debit Credit Bank 3 000 Land 250 000 A/R - Jones Supplies Office Equipment 10 940 3 400 15 350 Automobile 21 200 Building A/P - Smith 240 000 5 160 Bank Loan 52 000 J. Strom, Capital Mortgage Payable 208 230 278 500 570 870 516 910 Find the errors and prepare a corrected trial balance. Assume that no exceptional balances exist from overpayments.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Carol Stokke receives her April 6 bank statement showing a balance of $859.75; her checkbook balance is $954.25. The bank statement shows an ATM charge of $25.00, NSF fee of $27.00, earned interest of $2.75, and Carol's $630.15 refund check, which was processed by the IRS and deposited to her account. Carol has two checks that have not cleared-No. 115 for $521.15 and No. 116 for $205.50. There is also a deposit in transit for $1,402.05. Prepare Carol's bank reconciliation. (Input all amounts as positive values. Round your answers to 2 decimal places.) BANK RECONCILIATION Carol's checkbook balance Bank balance Add: Add: Subtotal Subtotal Deduct: Dedut: Subtotal Reconciled balance Reconciled balance
2. Ranfurly has been operating a checking account for the past month. After his last transaction log reconciliation he calculated that his beginning balance was $3,465.22. He collected and deposited cash monies twice during the month in the amount of $354.44 and $900.00. He wrote check no 34 on august 3d in the amount of $56.78 to WSC, check no 35 pm august 18h in the amount of $667.00 to BPL, check no 36 on august 20h in the amount of $500.00 to Precious Tots preschool for his son, check no 37 on august 20h in the amount of $200.00 to Ycares fashion center, check no 38 on august 26th to Cable Bahamas in the amount of $90.00. His bank automatically withdraws $1500.00 for his monthly mortgage payment, and $500 for his monthly credit card payment. He also deposited his monthly paycheck on August 28 in the amount of $2900.00. Make all entries in the transaction log below: Transaction Date Description Debit Credit Balance Number
On April 2, Granger Sales decides to establish a $380 petty cash fund to relieve the burden on Accounting. a. Journalize the establishment of the fund. If an amount box does not require an entry, leave it blank. Apr. 2 b. On April 10, the petty cash fund has receipts for mail and postage of $55, contributions and donations of $33, and meals and entertainment of $112, and $176 in cash. Journalize the replenishment of the fund. If an amount box does not require an entry, leave it blank. Apr. 10 c. On April 11, Granger Sales decides to increase petty cash to $450. Journalize this event. If an amount box does not require an entry, leave it blank. Apr. 11
For the accounts receive and interest revenue I for march 20, I got 13, however its wrong, can you tell me what I am doing wrong? our answer is partially correct. Try again. On January 10, Molly Amise uses her Windsor, Inc. credit card to purchase merchandise from Windsor, Inc. for $1,500. On February 10, Molly is billed for the amount due of $1,500. On February 12, Molly pays $1,300 on the balance due. On March 10, Molly is billed for the amount due, including interest at 1% per month on the unpaid balance as of February 12.Prepare the entries on Windsor, Inc.’s books related to the transactions that occurred on January 10, February 12, and March 10. (Omit cost of goods sold entries.) (Round answers to 0 decimal places, e.g. 825. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit choose a transaction…
The unadjusted balance at the end of the month of the Branch Current is P567,980. The following information is provided to you. (see image below) Compute for the unadjusted balance of the Home Office Current account.
Ac.
16. Jim Havey receives an invoice amounting to $2916 with cash terms of 3/10 prox. and dated June 7. If a partial payment of $1666 is made on July 8, find (a) the credit given for the partial payment and (b) the balance due on the invoice. [7.4]
Quantum Solutions Company, a computer consulting firm, has decided to write off the $33,550 balance of an account owed by a customer, Alliance Inc. Required: On March 1, journalize the entry to record the write-off, assuming that (a) the direct write-off method is used and (b) the allowance method is used. Refer to the Chart of Accounts for exact wording of account titles. CHART OF ACCOUNTS Quantum Solutions Company General Ledger ASSETS 110 Cash 111 Petty Cash 121 Accounts Receivable-Alliance Inc. 129 Allowance for Doubtful Accounts 131 Interest Receivable 132 Notes Receivable 141 Merchandise Inventory 145 Office Supplies 146 Store Supplies 151 Prepaid Insurance 181 Land 191 Store Equipment 192 Accumulated Depreciation-Store Equipment 193 Office Equipment 194 Accumulated Depreciation-Office Equipment LIABILITIES 210 Accounts Payable 211 Salaries Payable 213 Sales Tax Payable 214 Interest Payable 215…
Which of the following journal entries will increase the total balance of the debit accounts in the ledger by $4,500? Select answer from the options below: A debit to Supplies for $4,500; a credit to Cash for $500; and a credit to Accounts Payable for $5,000. A debit to Supplies Expense for $4,500; a credit to Cash for $500; and a credit to Accounts Payable for $4,000. A debit to Accounts Payable for $4,500; and a credit to Cash for $4,500. A debit to Supplies Expense for $5,000; a credit to Cash for $500; and a credit to Accounts Payable for $4,500.
4
Prepare journal entries for the following transactions, using the accounts in the order listed: PLEASE NOTE: For similar accounting treatment (DR or CR), you are to record accounts in the order in which they are mentioned in the transactions. On June 1, Kellie Company had decided to initiate a petty cash fund in the amount of $1,200. DR CR On June 5, the petty cash fund needed replenishment, and the following are the receipts: Auto Expense $125, Supplies $368, Postage Expense $325, Repairs and Maintenance Expense $99, Miscellaneous Expense $259. The cash on hand at this time was $38. DR DR DR DR DR DR or CR? CR On June 14, the petty cash fund needed replenishment, and the following are the receipts: Auto Expense $425, Supplies $95, Postage Expense $240, Repairs and Maintenance Expense $299, Miscellaneous Expense $77. The cash on hand at this time was $80. DR DR DR DR DR DR or CR?…