Johnny Soong provides consultancy services to Health & Safety companies. His Trial Balance for the month ended September 30th, 2019 can be found below.Johnny SoongTrial Balanceas at September 30 2019 Name of account Dr ($) Cr ($) Cash 12,950 Account Receivable 21,350 Office Supplies 55,950 Furniture 38,000 Accounts Payable 17,050 JohnnySoong, Capital 100,000 JohnnySoong, Withdrawals 9,000 Consulting Service Revenue 83,750 Insurance expense 20,000 Salaries expense 9,850 Utilities expense 9,700 Rent Expense 24,000 200,800 200,800 Required:Prepare the company’s Income Statement for the month ended September 30, 2019 Prepare the company’s Statement of Owner’s Equity for the month ended September30, 2019 Prepare the company’s Balance Sheet as at September 30th, 2019 Part BThe following errors were found in the books of RoscoConsultingduring the month:Consultancy Service provided to Briggs Safetyon account for $1500 had been omitted completely from the books.A purchase of supplies for $1000was entered in the cash account but omitted from the supplies accountMotor Vehicle purchasedfor $129,000 cash was entered in the books as $1290.Drawings of$1000 were recorded as $100.A gas bill for $500was entered in the motor vehicle account Required:Record the journal entries necessary to correct each of the errors.State the type of error made for (i), (ii) & (v)

Name: Johnny Soong provides consultancy services to Health & Safety companie
Uploaded: 2024-03-04T10:43:15.000Z
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Description: Johnny Soong provides consultancy services to Health & Safety companies. His Trial Balance for the month ended September 30th, 2019 can be found below.Johnny SoongTrial Balanceas at September 30 2019 Name of account Dr ($) Cr ($) Cash 12,950

Income Statement: Income statement is one of the most important financial statement of the company.…

Answered: Johnny Soong provides consultancy…

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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Johnny Soong provides consultancy services to Health & Safety companies. His Trial Balance for the month ended September 30^th, 2019 can be found below.

Johnny Soong
Trial Balance
as at September 30 2019

Name of account	Dr ($)	Cr ($)
Cash	12,950
Account Receivable	21,350
Office Supplies	55,950
Furniture	38,000
Accounts Payable		17,050
JohnnySoong, Capital		100,000
JohnnySoong, Withdrawals	9,000
Consulting Service Revenue		83,750
Insurance expense	20,000
Salaries expense	9,850
Utilities expense	9,700
Rent Expense	24,000
	200,800	200,800

Required:

Prepare the company’s Income Statement for the month ended September 30, 2019

Prepare the company’s Statement of Owner’s Equity for the month ended September30, 2019

Prepare the company’s Balance Sheet as at September 30^th, 2019

Part B

The following errors were found in the books of RoscoConsultingduring the month:

Consultancy Service provided to Briggs Safetyon account for $1500 had been omitted completely from the books.
A purchase of supplies for $1000was entered in the cash account but omitted from the supplies account
Motor Vehicle purchasedfor $129,000 cash was entered in the books as $1290.
Drawings of$1000 were recorded as $100.
A gas bill for $500was entered in the motor vehicle account

Required:

Record the journal entries necessary to correct each of the errors.
State the type of error made for (i), (ii) & (v)

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