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The adjusted trial balance for Lasell, Inc. does not reconcile. Find the errors to reconcile the adjusted balance. Show/tell your work to correct the balance.

The adjusted trial balance for Lasell, Inc. does not reconcile. Find the errors to reconcile the adjusted balance. Show/tell your work to correct the 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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The adjusted trial balance for Lasell, Inc. does not reconcile. Find the errors to reconcile the adjusted balance. Show/tell your work to correct the balance. Lasell, Inc. Adjusted Trial balance December 31, 2021 Debit Credit Cash 155,000 Short-term Investments 27,000 Supplies 2,700 Prepaid Advertising 4,000 Equipment 72,000 Accum. Depreciation-Equipment 33,000 Building 110,000 Accum. Depreciation-Building 75,000 Land 75,000 Accounts Payable 49,000 Interest Payable 9,000 Rent Payable 3,400 Salaries Payable 11,700 Property Taxes Payable 9,000 Unearned Professional Fees 500 Notes Payable 107,000 Retained Earnings 193,900 Dividends 49,000 Professional Fees 142,000 Depreciation Expense-Building 4,000 Depreciation Expense-Equipment 5,000 Salaries Expense 86,000 Interest Expense 1,100 Advertisingce Expense 1,000 Rent Expense 35,000 Supplies Expense 3,400 Postage Expense 200 Repairs Expense 18,900 Telephone Expense 900 Utilities Expense 1,300 Totals
Transcribed Image Text:The adjusted trial balance for Lasell, Inc. does not reconcile. Find the errors to reconcile the adjusted balance. Show/tell your work to correct the balance. Lasell, Inc. Adjusted Trial balance December 31, 2021 Debit Credit Cash 155,000 Short-term Investments 27,000 Supplies 2,700 Prepaid Advertising 4,000 Equipment 72,000 Accum. Depreciation-Equipment 33,000 Building 110,000 Accum. Depreciation-Building 75,000 Land 75,000 Accounts Payable 49,000 Interest Payable 9,000 Rent Payable 3,400 Salaries Payable 11,700 Property Taxes Payable 9,000 Unearned Professional Fees 500 Notes Payable 107,000 Retained Earnings 193,900 Dividends 49,000 Professional Fees 142,000 Depreciation Expense-Building 4,000 Depreciation Expense-Equipment 5,000 Salaries Expense 86,000 Interest Expense 1,100 Advertisingce Expense 1,000 Rent Expense 35,000 Supplies Expense 3,400 Postage Expense 200 Repairs Expense 18,900 Telephone Expense 900 Utilities Expense 1,300 Totals
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