Bundle: Accounting, 27th + Working Papers, Chapters 1-17
27th Edition
ISBN: 9781337759892
Author: Carl Warren, James M. Reeve, Jonathan Duchac
Publisher: Cengage Learning
expand_more
expand_more
format_list_bulleted
Videos
Textbook Question
Chapter 2, Problem 2.18EX
Errors in
The following preliminary unadjusted trial balance of Ranger Co., a sports ticket agency, does not balance:
| Ranger co. unadjusted Trail Balance August 31, 2019 |
||
| Debit balances | Credit Balances | |
| Cash | 77,600 | |
| 37,750 | ||
| Prepaid insurance | 12,000 | |
| Equipment | 19,000 | |
| Accounts payable | 29,100 | |
| Unearned Rent | 10,800 | |
| Carmen Meeks, Capital | 110,000 | |
| Carmen Meeks, Drawing | 13,000 | |
| Fees Earned | 385,000 | |
| Wages Expense | 213,000 | |
| Advertising Expense | 16,350 | |
| Miscellaneous Expense | 18,400 | |
| 273,700 | 668,300 | |
When the ledger and other records are reviewed, you discover the following: (1) the debits and credits in the cash account total $77,600 and $62,100, respectively; (2) a billing of $9,000 to a customer on account was not posted to the accounts receivable account; (3) a payment of $4,500 made to a creditor on account was not posted to the accounts payable account; (4) the balance of the unearned rent account is $5,400; (5) the correct balance of the equipment account is $190,000; and (6) each account has a normal balance. Prepare a corrected unadjusted trial balance.
Expert Solution & Answer
Trending nowThis is a popular solution!
Students have asked these similar questions
22 Salaries Payable
55 Insurance Expense
23 Unearmed Fees
59 Miscellaneous Expense
The post-dosing trial balance as of April 30, 2019
Required:
Journalize each of the May transactions using Kelly Consulling's clhar of accounts. (Do not Insert the account rumbers in the Post. Ref. colt
compound transaction, if an amount box does not require an entry, leave it blank,
May 3. Receved.cash fromn clients as an advance payrment for servies to be provided and recorded it as unearned fees, s1.500.
Post. Ref.
4,500
May 5: Received cash from dlients on account, $2,450.
Post. Ref.
Debit
2,450
May 9: Paid cash for a newspaper advertisement, $225.
Post. Ref.
Debit
DOOdODS日
May 13: Paid Office Station Co. for part of the debt incurred on April 5, $640.
Post. Ref.
Debit
640
May 15: Provided services on accournt for the period May 1-15, $9,180.
Description
Post. Ref.
Debit
9,180
9,180
May 16: Paid part-time receptionist for two weeks' salary induding the amount owed on April 30, $750.
Description
Post.…
Corrected trial balanceThe Colby Group has the following unadjusted trial balance as of August 31, 2019: 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…
I need help with the attached image
Chapter 2 Solutions
Bundle: Accounting, 27th + Working Papers, Chapters 1-17
Ch. 2 - What is the difference between an account and a...Ch. 2 - Prob. 2DQCh. 2 - Prob. 3DQCh. 2 - eCatalog Services Company performed services in...Ch. 2 - If the two totals of a trial balance are equal,...Ch. 2 - Assume that a trial balance is prepared with an...Ch. 2 - Assume that when a purchase of supplies of 2,650...Ch. 2 - Assume that Muscular Consulting erroneously...Ch. 2 - Assume that Sunshine Realty Co. borrowed 300,000...Ch. 2 - Checking accounts are a common form of deposits...
Ch. 2 - Rules of debit and credit and normal balances...Ch. 2 - Rules of debit and credit and normal balances...Ch. 2 - Journal entry for asset purchase Prepare a journal...Ch. 2 - Journal entry for asset purchase Prepare a journal...Ch. 2 - Journal entry for fees earned Prepare a journal...Ch. 2 - Journal entry for fees earned Prepare a journal...Ch. 2 - Journal entry for owner's withdrawal Prepare a...Ch. 2 - Journal entry for owner's withdrawal Prepare a...Ch. 2 - Prob. 2.5APECh. 2 - Missing amount from an account On August 1, the...Ch. 2 - Trial balance errors For each of the following...Ch. 2 - Trial balance errors For each of the following...Ch. 2 - Correcting entries The following errors took place...Ch. 2 - Correcting entries The following errors took place...Ch. 2 - Horizontal analysis Two income statements for...Ch. 2 - Horizontal analysis Two income statements for...Ch. 2 - Chart of accounts The following accounts appeared...Ch. 2 - Chart of accounts Oak Interiors is owned and...Ch. 2 - Chart of accounts Outdoor Leadership School is a...Ch. 2 - Rules of debit and credit The following table...Ch. 2 - Normal entries for accounts During the month,...Ch. 2 - Normal balances of accounts Identify each of the...Ch. 2 - Transactions Concrete Consulting Co. has the...Ch. 2 - Journalizing and posting On September 18, 2019,...Ch. 2 - Transactions and T accounts The following selected...Ch. 2 - Prob. 2.10EXCh. 2 - Account balances a.During February, 186,500 was...Ch. 2 - Capital account balance As of January 1, Terrace...Ch. 2 - Identifying transactions National Park Tours Co....Ch. 2 - Journal entries Based upon the T accounts in...Ch. 2 - Trial balance Based upon the data presented in...Ch. 2 - Trial balance The accounts in the ledger of...Ch. 2 - Effect of errors on trial balance Indicate which...Ch. 2 - Errors in trial balance The following preliminary...Ch. 2 - Effect of errors on trial balance The following...Ch. 2 - Errors in trial balance Identify the errors in the...Ch. 2 - Entries to correct errors The following errors...Ch. 2 - Entries to correct errors The following errors...Ch. 2 - Prob. 2.23EXCh. 2 - Prob. 2.24EXCh. 2 - Entries into T accounts and trial balance Connie...Ch. 2 - Journal entries and trial balance On January 1,...Ch. 2 - Journal entries and trial balance On June 1, 2019,...Ch. 2 - Journal entries and trial balance Elite Realty...Ch. 2 - Corrected trial balance The Colby Group has the...Ch. 2 - Entries into T accounts and trial balance Ken...Ch. 2 - Journal entries and trial balance On August 1,...Ch. 2 - Journal entries and trial balance On October 1,...Ch. 2 - Journal entries and trial balance Valley Realty...Ch. 2 - Corrected trial balance Tech Support Services has...Ch. 2 - The transactions completed by PS Music during June...Ch. 2 - Prob. 2.1CPCh. 2 - Prob. 2.5CPCh. 2 - Prob. 2.6CPCh. 2 - Prob. 2.7CP
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.Similar questions
- Write-Off of Uncollectible Accounts King Enterprises had 27 customers utilizing its financial planning services in 2019. Each customer paid King $25,000 for receiving Kings assistance. King estimates that 2% of its $675,000 credit sales in 2019 will be uncollectible. During 2020, King wrote off $2,700 related to services performed in 2019. Required: 1. Prepare the journal entry to record the defaulted balance. 2. Prepare the adjusting entry to record the bad debt expense for 2019.arrow_forwardThe unadjusted trial balance of Helena’s Hire Cars is shown below (ignore GST).Helena’s Hire CarsTrial BalanceAs at 30 June 2019Account Debit CreditCash at bank 18,140Accounts receivable 21,340Office supplies 640Prepaid advertising 3,880Hire cars 93,600Accumulated Depreciation - hire cars 39,400Accounts payable 10,800Unearned hire fees 2,260Helena, Capital 68,340Helena, Drawings 20,600Hire fees revenue 98,700Wages expense 50,620Fuel and oil expense 10,680219,500 219,500Additional informationa. Petrol purchased on credit for $680 and used during the last week in June has not been paid foror recorded.b. A physical count showed office supplies totalling $340 were still on hand at 30 June.c. Depreciation for 1 year on the hire cars is $12,400.d. Prepaid advertising has a balance of $600 at the end of the month.e. The balance in the Unearned Hire Fees account includes $1,800 received in May for hire servicescompleted in June.Required:Prepare a 10-column worksheet for the year ended 30 June…arrow_forwardSolstice Company determines on October 1 that it cannot collect $58,000 of its accounts receivable from its customer, P. Moore. Apply the direct write-off method to record this loss as of October 1. View transaction list Journal entry worksheet ** ▷arrow_forward
- Complete the accounting cycle using the adjusted trial balance below. JM PHOTOCOPYING CENTER Adjusted Trial Balance December 31, 2019 Account Title Debit Credit Cash P 16.500.00 Accounts Receivable 7.500.00 Allowance for doubtful accounts P 150.00 Note Receivable 5,527.50 3.000.00 Unused Supplies Prepaid rent 5.000.00 Photocopying Equipment 30,000.00 450.00 Accumulated Depreciation - Photocopying Equipment Furniture and Fixtures 5.000.00 Accumulated Depreciation - Furniture & Fixtures 75.00 Accounts payable 2.500.00 Loan payable 50,000.00 Notes payable 5.000.00 Salaries Payable 816.67 Unearned Photocopying Revenues 1,800.00 Mercado, Capital 10,000.00 Mercado, Drawing 500.00 Photocopying Revenues 24,227.50 Taxes and Licenses Expense 2,000.00 Salaries expense 4.800.00 Supplies expense 7,000.00 Utilities expense 2,500.00 Rent expense 5,000.00 525.00 Depreciation Expense Bad debts expense 166.67 P 95,019.17 P 95,019.17 Totals Requirements: 1. Prepare Financial Statements: Profit and loss…arrow_forwardAdams Company wrote off the following accounts receivable as uncollectible for the first year of its operations ending December 31, 2019: Amount 10,000 Customer Billy Adams Stan Fry 8,000 Tammy Imes Shana Wagner 5,000 1,700 Total 24,700 a. Journalize the write-offs for 2019 under the direct write-off method. b. Journalize the write-offs for 2019 under the allowance method. Also, journalize the adjusting entry for uncollectible accounts. The company recorded $2,600,000 of credit sales during 2019. Based on past history and industry averages, 1.75% of credit sales are expected to be uncollectible. c. How much higher or lower would Adams Company's 2019 net income have been under the direct write-off method than under the allowance method? %24arrow_forward1. Calculate Smith's preadjustment balance in accounts receivable on December 31, 2019. $ 372,150 x 2. Calculate Smith's preadjustment balance in allowance for doubtful accounts on December 31, 2019. 650 X Feedback V Check My Work 1 & 2. Using T-accounts, start with the balance at the beginning of the year and make the necessary debits and/or credits for the transactions that occurred during the year. 3. Prepare the necessary adjusting entry for 2019. Bad Debt Expense 3,850 X Allowance for Doubtful Accounts v 3,850 Xarrow_forward
- Solstice Company determines on October 1 that it cannot collect $61,000 of its accounts receivable from its customer, P. Moore. Apply the direct write-off method to record this loss as of October 1. View transaction list Journal entry worksheet 1 Record the write-off an account. Note: Enter debits before credits. Date October 01 General Journal Debit Creditarrow_forwardCurrent Attempt in Progress On December 31, 2021, the Allowance for Doubtful Accounts has an unadjusted debit balance of $1,020. Lawn Corporation estimates that 10% of its total accounts receivable balance of $94,700 will become uncollectible and records the necessary adjustment to the Allowance for Doubtful Accounts. On May 11, 2022, Lawn Corporation determined a J. Reno's account was uncollectible and wrote off $1,570. On June 12, 2022, Reno paid the amount previously written off. Prepare the journal entries on December 31, 2021, May 11, 2022, and June 12, 2022. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit (To reverse write-off of account receivable) (To record recovery of uncollectible amount)arrow_forwardMake the adjusted trial balancearrow_forward
- Results of Receivable Confirmation You obtained from your client, SLC Corporation, the following schedule of accounts receivable as of October 31, 2021: Act. No. Conf. No. Name of Customers Balance 18,000 12,000 10,000 10,000 10,000 2018-20 001 Melba dela Cruz 2018-35 002 Ronald Magno 003 004 2018-45 Ana Marie Querol 2018-80 Aiko Villavicencio 2018-85 005 Cleofe Santiago 2019-05 006 Aezelle Villavicencio 16,000 2019-20 007 Jesse Caling 24,000 8,000 14,000 30,000 2,000 2019-25 008 Arthur Galicio 2020-33 009 Remuel Bernardo 2020-40 010 Benjamin Cabudbod 2020-42 011 Rhoda Marano Shirley Layug Jenielyn Mariano Anjelo Cruz 2021-12 012 22,000 2021-25 013 4,000 8,000 2021-38 014 2021-50 015 Gieron Adriano 12,000 200,000arrow_forwardDo not give answer in imagearrow_forwardYou have been provided with the end of year, unadjusted trial balance for City Movers LTD and a list of balance day adjustments to be entered into the General Journal. CITY MOVERS UNADJUSTED TRIAL BALANCE AS AT 31st August 2021 Cash at bank 60080 Accounts Receivable 68250 Allowance for Doubtful Debts 1500 Prepaid Insurance 3600 Moving Van 45000 Acc. Depreciation- Van 9000 Capital – Gui Nash 102000 Drawings – Gui Nash 16,500 Fees Revenue 90930 Moving staff wages 10000 Total 203430 203430 Additional Information The annual Insurance policy was paid on 1st June 2021. An Accounts Receivable of $750 is uncollectable and is to be written off. The policy is to have the Allowance for Doubtful Debts equal to 2% of accounts receivable Moving van is depreciated at 10% per annum straight line method. Wages amounting to $ 950 had been incurred but not been paid as at 31st August 2021. Required:…arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Financial And Managerial AccountingAccountingISBN:9781337902663Author:WARREN, Carl S.Publisher:Cengage Learning,
Financial AccountingAccountingISBN:9781337272124Author:Carl Warren, James M. Reeve, Jonathan DuchacPublisher:Cengage Learning
College Accounting (Book Only): A Career ApproachAccountingISBN:9781337280570Author:Scott, Cathy J.Publisher:South-Western College Pub
Cornerstones of Financial AccountingAccountingISBN:9781337690881Author:Jay Rich, Jeff JonesPublisher:Cengage Learning
College Accounting (Book Only): A Career ApproachAccountingISBN:9781305084087Author:Cathy J. ScottPublisher:Cengage Learning
Financial And Managerial Accounting
Accounting
ISBN:9781337902663
Author:WARREN, Carl S.
Publisher:Cengage Learning,
Financial Accounting
Accounting
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Cengage Learning
College Accounting (Book Only): A Career Approach
Accounting
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:South-Western College Pub
Cornerstones of Financial Accounting
Accounting
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Cengage Learning
College Accounting (Book Only): A Career Approach
Accounting
ISBN:9781305084087
Author:Cathy J. Scott
Publisher:Cengage Learning
Accounting Changes and Error Analysis: Intermediate Accounting Chapter 22; Author: Finally Learn;https://www.youtube.com/watch?v=c2uQdN53MV4;License: Standard Youtube License