Identify the single transposition or slide error in each of the following independent trial balances.Case ACase BCase C$ 3,9001,90012,900Cash120$ 59Accounts receivable26046EquipmentAccounts payableCapitalWithdrawals3,1702$791$ 2,35016,150190721,1002298507,000Revenue3,0009,6006418,700$ 4, 290 $34,400Wages expense61010Totals$ 5,010$28,100$ 906$ 942esIncorrectValueAccountCorrect ValueCase ACase BCase C

Transposition error is that error when two digits in a number are interchanged, such as 267 as 276…

Identify the single transposition or slide error in each of the following independent trial balances. Case A Case B Case C $ 3,900 1,900 12,900 Cash $ 120 $ 59 Accounts receivable Equipment Accounts payable Capital Withdrawals 260 46 3,170 791 $ 1,100 $ 2,350 16,150 190 $4 72 229 850 7,000 Revenue 3,000 9,600 641 Wages expense 610 8,700 10 Totals $ 5,010 $ 4, 290 $34,400 $28,100 $ 906 $ 942 es Incorrect Value Account Correct Value Case A Case B Case C

Identify the single transposition or slide error in each of the following independent trial balances. Case A Case B Case C $ 3,900 1,900 12,900 Cash $ 120 $ 59 Accounts receivable Equipment Accounts payable Capital Withdrawals 260 46 3,170 791 $ 1,100 $ 2,350 16,150 190 $4 72 229 850 7,000 Revenue 3,000 9,600 641 Wages expense 610 8,700 10 Totals $ 5,010 $ 4, 290 $34,400 $28,100 $ 906 $ 942 es Incorrect Value Account Correct Value Case A Case B Case C

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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20A8. Question seventeen: The trial balance as at 30 April 20X7 of Timber Products Limited was balanced by the inclusion of the following debit balance: Difference on trial balance suspense account shs.2,513. Subsequent investigations revealed the following errors: (i) Discounts received of shs.324 in January 20X7 have been posted to the debit of the discounts allowed account. (11) Wages of shs.2,963 paid in February 20X7 have not been posted from the cash book. (iii) A remittance of shs.940 received from K Mitcham in November 20X6 has been posted to the credit of B Mansell Limited. (iv) In December 20X6, the company took advantage of an opportunity to purchase a large quantity of stationery at a bargain price of shs.2,000. No adjustments have been made in the accounts for the fact that three-quarters, in value, of this stationery was in stock on 30 April 20X7. (v) A payment of shs.341 to J Winters in January 20X7 has been posted in the personal account as shs.143. (vi) A remittance of…
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uncollectible accounts in each age category are as follows: Age Class Balance Percent Uncollectible Not past due $902,000 3/4% 1-30 days past due 292,000 1 31-60 days past due 98,500 8 61-90 days past due 68,000 16 91-180 days past due 44,700 50 Over 180 days past due 15,500 80 $1,420,700 Estimate what the proper balance of the allowance for doubtful accounts should be as of December 31. Estimated Estimated Uncollectible Accounts Uncollectible Accounts Age Class Balance Percent Not past due $902,000 3/4% 1-30 days past due 292,000 1 31-60 days past due 98,500 8 61-90 days past due 68,000 16 91-180 days past due 44,700 50 Over 180 days past due 15,500 80 Total $1,420,700 Check My Work Amount
The following account balances come from the records of Ourso Company: Beginning Balance $2,800 Ending Balance $3,600 350 Accounts receivable Allowance for doubtful accounts 280 During the accounting period, Ourso recorded $14,000 of sales revenue on account. The company also wrote off a $150 account receivable. Required a. Determine the amount of cash collected from receivables. b. Determine the amount of uncollectible accounts expense recognized during the period. a Collections of accounts receivable b. Uncollectible accounts expense
eceivables in the Balance Sheet The following partial balance sheet contains errors. ZABEL COMPANYBalance SheetDecember 31, 20Y4 Assets Current assets: Cash $76,000 Notes receivable $117,500 Less interest receivable 9,300 108,200 Account receivable $477,000 Plus allowance for doubtful accounts 21,750 498,750 Prepare a corrected partial balance sheet for Zabel Company.
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