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The debit and credit totals are not equal as a result of the following errors: a. The cash entered on the trial balance was overstated by $7,000. b. A cash receipt of $8,200 was posted as a debit to Cash of $2,800. c. A debit of $16,500 to Accounts Receivable was not posted. d. A return of $125 of defective supplies was erroneously posted as a $1,250 credit to Supplies. e. An insurance policy acquired at a cost of $3,600 was posted as a credit to Prepaid Insurance. f. The balance of Notes Payable was understated by $9,000. g. A credit of $10,000 in Accounts Payable was overlooked when determining the balance of the account. h. A debit of $5,000 for dividends was posted as a credit to Retained Earnings. i. The balance of $60,300 in Rent Expense was entered as $63,000 in the trial balance. j. Gas, Electricity, and Water Expense, with a balance of $16,350, was omitted from the trial balance. Required: 1. Prepare a corrected unadjusted trial balance as of May 31, 20Y6. List all accounts in the order of Assets, Liabiliti The Lexington Group Unadjusted Trial Balance May 31, 20Y6 Account Cash Accounts Receivable Supplies Prepaid Insurance Equipment Notes Payable Accounts Payable Common Stock Retained Earnings Dividends Fees Earned Wages Expense Debit Balances Credit Balances Incorrect 53,500 975 X 20,000 45,000 36,000 89,150

The debit and credit totals are not equal as a result of the following errors: a. The cash entered on the trial balance was overstated by $7,000. b. A cash receipt of $8,200 was posted as a debit to Cash of $2,800. c. A debit of $16,500 to Accounts Receivable was not posted. d. A return of $125 of defective supplies was erroneously posted as a $1,250 credit to Supplies. e. An insurance policy acquired at a cost of $3,600 was posted as a credit to Prepaid Insurance. f. The balance of Notes Payable was understated by $9,000. g. A credit of $10,000 in Accounts Payable was overlooked when determining the balance of the account. h. A debit of $5,000 for dividends was posted as a credit to Retained Earnings. i. The balance of $60,300 in Rent Expense was entered as $63,000 in the trial balance. j. Gas, Electricity, and Water Expense, with a balance of $16,350, was omitted from the trial balance. Required: 1. Prepare a corrected unadjusted trial balance as of May 31, 20Y6. List all accounts in the order of Assets, Liabiliti The Lexington Group Unadjusted Trial Balance May 31, 20Y6 Account Cash Accounts Receivable Supplies Prepaid Insurance Equipment Notes Payable Accounts Payable Common Stock Retained Earnings Dividends Fees Earned Wages Expense Debit Balances Credit Balances Incorrect 53,500 975 X 20,000 45,000 36,000 89,150

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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Hi, 

I am having problems with the following excercise and it is only with question a,b,d and e. Its an accouting problem, attached you will the images of the excercises I was wondering if you can help me with at least one of the 4 questions, I think if I understand one of them I can figure out the other 3, thanks for your support

The debit and credit totals are not equal as a result of the following errors: a. The cash entered on the trial balance was overstated by $7,000. b. A cash receipt of $8,200 was posted as a debit to Cash of $2,800. c. A debit of $16,500 to Accounts Receivable was not posted. d. A return of $125 of defective supplies was erroneously posted as a $1,250 credit to Supplies. e. An insurance policy acquired at a cost of $3,600 was posted as a credit to Prepaid Insurance. f. The balance of Notes Payable was understated by $9,000. g. A credit of $10,000 in Accounts Payable was overlooked when determining the balance of the account. h. A debit of $5,000 for dividends was posted as a credit to Retained Earnings. i. The balance of $60,300 in Rent Expense was entered as $63,000 in the trial balance. j. Gas, Electricity, and Water Expense, with a balance of $16,350, was omitted from the trial balance. Required: 1. Prepare a corrected unadjusted trial balance as of May 31, 20Y6. List all accounts in the order of Assets, Liabilities, The Lexington Group Unadjusted Trial Balance May 31, 20Y6 Account Cash Accounts Receivable Supplies Prepaid Insurance Equipment Notes Payable Accounts Payable Common Stock Retained Earnings Dividends Fees Earned Wages Expense Debit Balances Credit Balances Incorrect 53,500 975 X 20,000 45,000 36,000 89,150
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 overstated by $7,000. b. A cash receipt of $8,200 was posted as a debit to Cash of $2,800. c. A debit of $16,500 to Accounts Receivable was not posted. d. A return of $125 of defective supplies was erroneously posted as a $1,250 credit to Supplies. e. An insurance policy acquired at a cost of $3,600 was posted as a credit to Prepaid Insurance. f. The balance of Notes Payable was understated by $9,000. g. A credit of $10,000 in Accounts Payable was overlooked when determining the balance of the account. h. A debit of $5,000 for dividends was posted as a credit to Retained Earnings. i. The balance of $60,300 in Rent Expense was entered as $63,000 in the trial balance. j. Gas, Electricity, and Water Expense, with a balance of $16,350, was omitted from the trial balance. Required: 1. Prepare a corrected unadjusted trial balance as of May 31, 20Y6. List all accounts in the order of Assets, Liabilities, The Lexington Group Unadjusted Trial Balance May 31, 20Y6 Account Cash Accounts Receivable Supplies Prepaid Insurance Equipment Notes Payable Accounts Payable Common Stock Retained Earnings Dividends Fees Earned Wages Expense Debit Balances Credit Balances Incorrect 53,500 975 X 20,000 45,000 36,000 89,150
The Lexington Group has the following unadjusted trial balance as of May 31, 20Y6: Cash Accounts Receivable Supplies Prepaid Insurance Equipment Notes Payable Accounts Payable Common Stock Retained Earnings Dividends Fees Earned Wages Expense Rent Expense Advertising Expense Miscellaneous Expense The Lexington Group Unadjusted Trial Balance May 31, 20Y6 Debit Balances 20,350 37,000 1,100 200 171,175 15,000 270,000 63,000 25,200 5,100 608,125 Credit Balances 36,000 26,000 50,000 94,150 429,850 636,000 The debit and credit totals are not equal as a result of the following errors:
Transcribed Image Text:The Lexington Group has the following unadjusted trial balance as of May 31, 20Y6: Cash Accounts Receivable Supplies Prepaid Insurance Equipment Notes Payable Accounts Payable Common Stock Retained Earnings Dividends Fees Earned Wages Expense Rent Expense Advertising Expense Miscellaneous Expense The Lexington Group Unadjusted Trial Balance May 31, 20Y6 Debit Balances 20,350 37,000 1,100 200 171,175 15,000 270,000 63,000 25,200 5,100 608,125 Credit Balances 36,000 26,000 50,000 94,150 429,850 636,000 The debit and credit totals are not equal as a result of the following errors:
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