prepare a corrected trial balance
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
prepare a corrected
![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](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fd76dcbaf-a742-4413-8100-349b376923ca%2F77b45015-954d-4446-8795-b558d898a8a5%2F99osv2_processed.jpeg&w=3840&q=75)
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](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fd76dcbaf-a742-4413-8100-349b376923ca%2F77b45015-954d-4446-8795-b558d898a8a5%2F1pnamt_processed.jpeg&w=3840&q=75)
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
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Recommended textbooks for you
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
![Horngren's Cost Accounting: A Managerial Emphasis…](https://www.bartleby.com/isbn_cover_images/9780134475585/9780134475585_smallCoverImage.gif)
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
![Intermediate Accounting](https://www.bartleby.com/isbn_cover_images/9781259722660/9781259722660_smallCoverImage.gif)
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
![Financial and Managerial Accounting](https://www.bartleby.com/isbn_cover_images/9781259726705/9781259726705_smallCoverImage.gif)
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education