.All statement are limitations of trial balance Except: OMR 650 collected from customer, is debited to cash for OMR650 and credited to account receivable for OMR650. a. OMR 100 cash drawing by the owner is debited to Owner's Drawings for OMR 1,000 and credited to Cash for OMR 1 O b. O C. transaction is not journalized. the purchase of Supplies on account is debited to Supplies and credited to Cash.

.All statement are limitations of trial balance Except: OMR 650 collected from customer, is debited to cash for OMR650 and credited to account receivable for OMR650. a. OMR 100 cash drawing by the owner is debited to Owner's Drawings for OMR 1,000 and credited to Cash for OMR 1 O b. O C. transaction is not journalized. the purchase of Supplies on account is debited to Supplies and credited to Cash.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter3: Analyzing And Recording Transactions

Section: Chapter Questions

Problem 23EA: Post the following February transactions to T-accounts for Accounts Receivable and Cash, indicating...

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Post the following February transactions to T-accounts for Accounts Receivable and Cash, indicating the ending balance (assume no beginning balances in these accounts). A. provided legal services to customers for cash, $5,600 B. provided legal services to customers on account, $4,700 C. collected cash from customer accounts, $3,500
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Errors in trial balance The following preliminary unadjusted trial balance of Ranger Co., a sports ticket agency, does not balance: 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.
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