Horngren's Accounting, Student Value Edition Plus MyLab Accounting with Pearson eText -- Access Card Package (12th Edition)
12th Edition
ISBN: 9780134642932
Author: Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura
Publisher: PEARSON
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Chapter 2, Problem P2.39BPGB
Correcting errors in a
| Learning Objective 4 Total Debits $123,300 |
| LOVE TO LEARN CHILD CARE Trial Balance May 31, 2018 | ||
| Balance | ||
| Account Title | Debit | Credit |
| Cash | $8,060 | |
| 8,700 | ||
| Office Supplies | 1,000 | |
| Prepaid Insurance | 1,700 | |
| Equipment | 90,400 | |
| Accounts Payable | $3,000 | |
| Notes Payable | 45,000 | |
| Ebony, Capital | 54,000 | |
| Ebony, Withdrawals | 3,740 | |
| Service Revenue | 4,350 | |
| Salaries Expense | 16,300 | |
| Rent Expense | 400 | |
| Total | $118,350 | $118,300 |
The trial balance of Love to Learn Child Care does not balance.
The following errors are detected.
- Cash is understated by $1,800.
- A $3,800 debit to Accounts Receivable was posted as a credit.
- A $1,000 purchase of office supplies on account was neither journalized nor posted.
- Equipment was incorrectly transferred from the ledger as $90,400. It should have been transferred as $82,500.
- Salaries Expense is overstated by $350.
- A $300 cash payment for advertising expense was neither journalized nor posted.
- A $160 owner’s withdrawal of cash was incorrectly journalized as $1,600.
- Service Revenue was understated by $4,000.
- A 12-month insurance policy was posted as a $1, 400 credit to Prepaid Insurance. Cash was posted correctly.
Prepare the corrected trial balance as of May 31, 2018.
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Chapter 2 Solutions
Horngren's Accounting, Student Value Edition Plus MyLab Accounting with Pearson eText -- Access Card Package (12th Edition)
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Learning...Ch. 2 - Journalizing transactions and posting to...Ch. 2 - Prob. S2.8SECh. 2 - Prob. S2.9SECh. 2 - Using accounting vocabulary Learning Objectives 1,...Ch. 2 - Creating a chart of accounts Learning Objective 1...Ch. 2 - Identifying accounts, increases in accounts, and...Ch. 2 - Identifying increases and decreases in accounts...Ch. 2 - Identifying source documents Learning Objective 3...Ch. 2 - Analyzing and journalizing transactions Learing...Ch. 2 - Analyzing and journalizing transactions Leaning...Ch. 2 - Posting journal entries to T-accounts Learning...Ch. 2 - Analyzing and journalizing transactions Learning...Ch. 2 - Posting journal entries to four-column accounts...Ch. 2 - Analyzing transactions from T-accounts Learning...Ch. 2 - Journalizing transactions from T-accounts Learning...Ch. 2 - Preparing a trial balance Learning Objective 4...Ch. 2 - Preparing a trial balance from T-accounts Learning...Ch. 2 - Journalizing transactions, posting journal entries...Ch. 2 - Analyzing accounting errors Learning Ojective 4...Ch. 2 - Prob. E2.26ECh. 2 - E2-27 Correcting errors in a trial...Ch. 2 - Prob. E2.28ECh. 2 - Journalizing transactions, posting journal entries...Ch. 2 - Journalizing transactions, posting journal entries...Ch. 2 - Journalizing transactions, posting journal entries...Ch. 2 - Journalizing transactions, posting journal entries...Ch. 2 - Correcting errors in a trial balance Learning...Ch. 2 - Prob. P2.34APGACh. 2 - Prob. P2.35BPGBCh. 2 - Prob. P2.36BPGBCh. 2 - Journalizing transactions, posting journal entries...Ch. 2 - Prob. P2.38BPGBCh. 2 - Correcting errors in a trial balance Learning...Ch. 2 - Prob. P2.40BPGBCh. 2 - Prob. P2.41CTCh. 2 - P2-42 Journalizing transactions, posting to...Ch. 2 - Journalizing transactions, posting to T-accounts,...Ch. 2 - Before you begin this assignment, renew the Tymg...Ch. 2 - Prob. 2.1DCCh. 2 - Prob. 2.1EICh. 2 - Prob. 2.1FCCh. 2 - Prob. 2.1FSC
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