The debit and credit totals are not equal as a result of the following errors: a. The cash entered on the trial balance was understated by $6,000. b. A cash receipt of $5,600 was posted as a debit to Cash of $6,500. C. A debit of $11,000 to Accounts receivable was not posted. d. A return of $150 of defective supplies was erroneously posted as a $1,500 credit to Supplies. e. An insurance policy acquired at a cost of $1,200 was posted as a credit to Prepaid Insurance. f. The balance of Notes Payable was understated by $20,000. g. A credit of $4,800 in Accounts Payable was overlooked when determining the balance of the account. h. A debit of $7,000 for a withdrawal by the owner was posted as a credit to Terry Colby, Capital. i. The balance of $58,100 in Rent Expense was entered as $51,800 in the trial balance. j. Gas, Electricity, and Water Expense, with a balance of $24,150, was omitted from the trial balance. Required: 1. Prepare a corrected unadjusted trial balance as of August 31, 20Y8. If an amount box does not require an entry, leave it bla
The debit and credit totals are not equal as a result of the following errors: a. The cash entered on the trial balance was understated by $6,000. b. A cash receipt of $5,600 was posted as a debit to Cash of $6,500. C. A debit of $11,000 to Accounts receivable was not posted. d. A return of $150 of defective supplies was erroneously posted as a $1,500 credit to Supplies. e. An insurance policy acquired at a cost of $1,200 was posted as a credit to Prepaid Insurance. f. The balance of Notes Payable was understated by $20,000. g. A credit of $4,800 in Accounts Payable was overlooked when determining the balance of the account. h. A debit of $7,000 for a withdrawal by the owner was posted as a credit to Terry Colby, Capital. i. The balance of $58,100 in Rent Expense was entered as $51,800 in the trial balance. j. Gas, Electricity, and Water Expense, with a balance of $24,150, was omitted from the trial balance. Required: 1. Prepare a corrected unadjusted trial balance as of August 31, 20Y8. If an amount box does not require an entry, leave it bla
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
PR.02.05A business 241 principles of accounting Sam Cengage Answer to module 9
Transcribed Image Text:The debit and credit totals are not equal as a result of the following errors:
a. The cash entered on the trial balance was understated by $6,000.
b. A cash receipt of $5,600 was posted as a debit to Cash of $6,500.
C. A debit of $11,000 to Accounts receivable was not posted.
d. A return of $150 of defective supplies was erroneously posted as a $1,500 credit to Supplies.
e. An insurance policy acquired at a cost of $1,200 was posted as a credit to Prepaid Insurance.
f. The balance of Notes Payable was understated by $20,000.
g. A credit of $4,800 in Accounts Payable was overlooked when determining the balance of the account.
h. A debit of $7,000 for a withdrawal by the owner was posted as a credit to Terry Colby, Capital.
i. The balance of $58,100 in Rent Expense was entered as $51,800 in the trial balance.
j. Gas, Electricity, and Water Expense, with a balance of $24,150, was omitted from the trial balance.
Required:
1. Prepare a corrected unadjusted trial balance as of August 31, 20Y8. If an amount box does not require an entry, leave it bla
Expert Solution
WORKING
WORKING NOTES ($)
1. CASH = (17,300 + 6,000 - 900)
= 22,400
2. ACCOUNTS RECEIVABLE = (37,000 + 11,000)
= 48,000
3. SUPPLIES = (7400 + 350)
= 8,750
4. PREPAID INSURANCE = (1,900 + 1,200)
= 3,100
5. NOTES PAYABLE = (97,600 + 20,000)
= 117,600
6. ACCOUNTS PAYABLE = (26,000 + 4,800)
= 30,800
7. TERRY COLBY, CAPITAL = (129,150 - 7,000)
= 1,22,150
8. TERRY COLBY , DRAWING = (56,000 + 7000)
= 63,000
9. RENT EXPENSES = (51,800 + 6,300)
= 58,100
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education