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prepare a corrected trial balance

prepare a corrected trial balance

FINANCIAL ACCOUNTING
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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prepare a corrected trial balance 

4:45 Zoom Leave FINACCRE 1 - Saved to this PC - O Search (Alt+Q) Layout References Mailings Review View Help - A A" Aa v Ao AaBbCcDc AABBCCDC AaBbCcD AaBbC AaBl x² A • I A - I Normal T No Spac.. No Spacin.. Heading 1 Head Paragraph Styles 2.1 3.1. 4. 1 5.1. 6.I.7.1 8.. 9. 10. 11. 1 12.1 13. 14. 15. 16. 17. CASH P 38,400 ACCOUNTS RECEIVABLE 56,600 SUPPLIES 2,400 PREPAID INSURANCE 1,800 DELIVERY EQUIPMENT 650,000 ACCOUNTS PAYABLE P 45,400 676,540 7,000 ALLAN, CAPITAL ALLAMN, DRAWING TRUCKING REVENUE 84,460 SALARIES EXPENSE 26,000 OIL AND GAS EXPENSE 25,000 RENT EXPENSE 6,000 ADVERTISING EXPENSE 3,400 UTILITIES EXPENSE 260 P809,860 P813,400 The errors discovered were as follows: The balance of rent expenses was understated by P4,000. b. a. The cash payment of P4,200 was credited to cash for P2,400 Supplies purchased for P600 had been posted as a credit to supplies A debit of P1,000 to prepaid insurance has been overlooked, hence not posted The accounts payable account had debit balance of P53,200 and credits of P91,800 A notes payable account with credit balance of P24,000 was not included in the trial с. d. е. f. balance g. The drawing account balance of Allan Drawing is not on its normal balance h. A P2,000 payment for advertising expense has been posted to salaries expense The utility expense of P2,600 has been posted as P260. i. Prepare a corrected trial balance. es) O Foc 19 Unmute Start Video Share Content Participants More
Transcribed Image Text:4:45 Zoom Leave FINACCRE 1 - Saved to this PC - O Search (Alt+Q) Layout References Mailings Review View Help - A A" Aa v Ao AaBbCcDc AABBCCDC AaBbCcD AaBbC AaBl x² A • I A - I Normal T No Spac.. No Spacin.. Heading 1 Head Paragraph Styles 2.1 3.1. 4. 1 5.1. 6.I.7.1 8.. 9. 10. 11. 1 12.1 13. 14. 15. 16. 17. CASH P 38,400 ACCOUNTS RECEIVABLE 56,600 SUPPLIES 2,400 PREPAID INSURANCE 1,800 DELIVERY EQUIPMENT 650,000 ACCOUNTS PAYABLE P 45,400 676,540 7,000 ALLAN, CAPITAL ALLAMN, DRAWING TRUCKING REVENUE 84,460 SALARIES EXPENSE 26,000 OIL AND GAS EXPENSE 25,000 RENT EXPENSE 6,000 ADVERTISING EXPENSE 3,400 UTILITIES EXPENSE 260 P809,860 P813,400 The errors discovered were as follows: The balance of rent expenses was understated by P4,000. b. a. The cash payment of P4,200 was credited to cash for P2,400 Supplies purchased for P600 had been posted as a credit to supplies A debit of P1,000 to prepaid insurance has been overlooked, hence not posted The accounts payable account had debit balance of P53,200 and credits of P91,800 A notes payable account with credit balance of P24,000 was not included in the trial с. d. е. f. balance g. The drawing account balance of Allan Drawing is not on its normal balance h. A P2,000 payment for advertising expense has been posted to salaries expense The utility expense of P2,600 has been posted as P260. i. Prepare a corrected trial balance. es) O Foc 19 Unmute Start Video Share Content Participants More
FINACCRE 1 - Saved to this PC - O Search (Alt-Q) Layout References Mailings Review View Help - A A Aa- AaBbCcDc AaBbCcDc AaBbCcDc AaBbC AaBl x A• I A v I Normal T No Spac.. No Spacin.. Heading 1 Head Paragraph Styles •2.1.3. 4.. 5 . 6.. 7.1. 8.1.9.1 10. 11. 12 13. 1 14. 15. 16. 17. I PROBLEM 3 The trial balance of the World Trucking as of December 31, 2021 does not balance because of errors described below: WORLD TRUCKING TRIAL BALANCE DECEMBER 31, 2021 CASH P 38,400 ACCOUNTS RECEIVABLE 56,600 SUPPLIES 2,400 PREPAID INSURANCE 1,800 DELIVERY EQUIPMENT 650,000 ACCOUNTS PAYABLE P 45,400 ALLAN, CAPITAL 676,540 ALLAMN, DRAWING 7,000 TRUCKING REVENUE 84,460 SALARIES EXPENSE 26,000 OIL AND GAS EXPENSE 25,000 6,000 3,400 RENT EXPENSE ADVERTISING EXPENSE UTILITIES EXPENSE 260 P809,860 P813,400 The errors discovered were as follows: а. The balance of rent expenses was understated by P4,000. b. The cash payment of P4,200 was credited to cash for P2,400 C. Supplies purchased for P600 had been posted as a credit to supplies es) O Foc
Transcribed Image Text:FINACCRE 1 - Saved to this PC - O Search (Alt-Q) Layout References Mailings Review View Help - A A Aa- AaBbCcDc AaBbCcDc AaBbCcDc AaBbC AaBl x A• I A v I Normal T No Spac.. No Spacin.. Heading 1 Head Paragraph Styles •2.1.3. 4.. 5 . 6.. 7.1. 8.1.9.1 10. 11. 12 13. 1 14. 15. 16. 17. I PROBLEM 3 The trial balance of the World Trucking as of December 31, 2021 does not balance because of errors described below: WORLD TRUCKING TRIAL BALANCE DECEMBER 31, 2021 CASH P 38,400 ACCOUNTS RECEIVABLE 56,600 SUPPLIES 2,400 PREPAID INSURANCE 1,800 DELIVERY EQUIPMENT 650,000 ACCOUNTS PAYABLE P 45,400 ALLAN, CAPITAL 676,540 ALLAMN, DRAWING 7,000 TRUCKING REVENUE 84,460 SALARIES EXPENSE 26,000 OIL AND GAS EXPENSE 25,000 6,000 3,400 RENT EXPENSE ADVERTISING EXPENSE UTILITIES EXPENSE 260 P809,860 P813,400 The errors discovered were as follows: а. The balance of rent expenses was understated by P4,000. b. The cash payment of P4,200 was credited to cash for P2,400 C. Supplies purchased for P600 had been posted as a credit to supplies es) O Foc
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