Mason Company Trial Balance December 31, 2019 Debit Credit Cash $20,000 Accounts Payable Insurance Expense Supplies Accounts Receivable $ 3,000 1,500 1,200 10,300 Salaries Payable Notes Payable Common Stock 1,900 3,100 10,000 2,000 Dividends Retained Earnings Service Revenue 8,000 19,200 2,100 Unearned Service Revenue Prepaid Insurance Salaries Expense Supplies Expense 1,900 9,500 900 $46,400 $48,200

Mason Company Trial Balance December 31, 2019 Debit Credit Cash $20,000 Accounts Payable Insurance Expense Supplies Accounts Receivable $ 3,000 1,500 1,200 10,300 Salaries Payable Notes Payable Common Stock 1,900 3,100 10,000 2,000 Dividends Retained Earnings Service Revenue 8,000 19,200 2,100 Unearned Service Revenue Prepaid Insurance Salaries Expense Supplies Expense 1,900 9,500 900 $46,400 $48,200

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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Similar questions

Which error cannot be revealed on the preparation of the trial balance? Wrong Totalling of account Compensatory Errors Error of Commission Wrong Balancing of an account
Identify at least four types of errors and /or omissions that would NOT be identified by a trial balance that is in equilibrium. Provide a brief description of each one or present examples of transactions being recorded in a way that will still allow the trial balance to “balance”.
The general journals are: Select one: O a. Used as the main accounting record in which information was extracted from all other journals and grouped together in various accounts. b. Used to record similar repetitive activities on a regular basis. CA collection of all adjusting entries. d. Used to record transactions that did not occur on a regular basis or with sufficient volume to justify maintaining a separate book.
Presented below is information related to the purchases of common stock by Carla Company during 2020. Cost Fair Value (at purchase date) (at December 31) Investment in Arroyo Company stock $107,000 $88,000 Investment in Lee Corporation stock 230,000 278,000 Investment in Woods Inc. stock 190,000 200,000 Total $527,000 $566,000 (Assume a zero balance for any Fair Value Adjustment account.) (a) What entry would Carla make at December 31, 2020, to record the investment in Arroyo Company stock if it chooses to report this security using the fair value option? (b) What entry would Carla make at December 31, 2020, to record the investments in the Lee and Woods corporations, assuming that Carla did not select the fair value option for these investments?
Which of the folloving errors cannot be detected by the trial balance? a Incorrect accounts were used to record a given transaction. b. Incorrect amounts were recorded for a given transaction C. A journal entry was posted twice. d. A journal entry was not posted to the general ledger, O a All of the Letters O b C&D A &B B&C
(b) To record estimated liability. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.) Period 1 Account Titles and Explanation Period 2 Account Titles and Explanation Save for Later Debit Debit Credit Credit Attempts: 0 of 1 used Submit Answer
Prepare the journal entry under basis 2, assuming that Chester Company did not remit payment until July 29. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.)
At the time of the event, which of the following does not result in a journal entry and an update of information in the general ledger? A. Shipping and billing the customer B. Receiving cash from the customer C. Approving payment for the vendor D. Processing of a sales order E. Making a payment to the vendor
For each of the following situations, indicate whether itrepresents an accounting error and explain why it is or isnot an error. Also state whether a trial balance would indicate that an error exists for each situation.d. The debit side of a journal entry was recorded in theaccounts, but the credit side was not.
In maintaining the accounts receivable, the method that applies a customer’s payment to the account balance without consideration of which unpaid invoices the customer is paying is: TurnaroundOpen-invoice Balance-forwardCycle billingMatching
Provide two examples of errors that can be made in accounting transactions. In addition, discuss how these errors are "fixed."