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(ADOPTED) The trial balance of Tokyo's Portrai 2021 is shown below. It does not balance becaus of errors. CASH ACCOUNTS RECEIVABLE DEBIT CREDIT 14,200 18,900 SUPPLIES PREPAID INSURANCE EQUIPMENT ACCOUNTS PAYABLE NOTES PAYABLE TOKYO, CAPITAL TOKYO, DRAWING PHOTOGRAPHY REVENUE WAGES EXPENSE RENT EXPENSE ADVERTISING EXPENSE UTILITIES EXPENSE |ТОТAL 3,751 3,200 57,380 8,400 6,000 52,000 4,000 114,760 43,810 20,000 476 7,240 172,957 181,160

(ADOPTED) The trial balance of Tokyo's Portrai 2021 is shown below. It does not balance becaus of errors. CASH ACCOUNTS RECEIVABLE DEBIT CREDIT 14,200 18,900 SUPPLIES PREPAID INSURANCE EQUIPMENT ACCOUNTS PAYABLE NOTES PAYABLE TOKYO, CAPITAL TOKYO, DRAWING PHOTOGRAPHY REVENUE WAGES EXPENSE RENT EXPENSE ADVERTISING EXPENSE UTILITIES EXPENSE |ТОТAL 3,751 3,200 57,380 8,400 6,000 52,000 4,000 114,760 43,810 20,000 476 7,240 172,957 181,160

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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Prepare a corrected trial balance as of july 31 2021

5:11 Exercise #1_Trial Balance Preparatio... Exercise #1 Trial Balance Preparation (ADOPTED) The trial balance of Tokyo's Portrait as of July 31, 2021 is shown below. It does not balance because of a number of errors. DEBIT CREDIT CASH ACCOUNTS RECEIVABLE SUPPLIES PREPAID INSURANCE EQUIPMENT ACCOUNTS PAYABLE 14,200 18,900 3,751 3,200 57,380 8,400 NOTES PAYABLE 6,000 |ТОKYO, CAPITAL 52,000 TOKYO, DRAWING PHOTOGRAPHY REVENUE WAGES EXPENSE 4,000 114,760 43,810 20,000 476 RENT EXPENSE ADVERTISING EXPENSE UTILITIES EXPENSE |ТОTAL 7,240 172,957 181,160 A. A debit of Php 200 to Cash was posted as Php 2,000. B. A debit of Php 1,500 to Accounts Receivable was not posted. C. A return of Php 67 of defectives supplies was erroneously posted as a Php 76 credit to supplies. D. An insurance policy acquired at a cost of Php 1,080 was posted as a credit to Prepaid Insurance. E. The balance of Notes Payable was understated by Php 800. F. A credit of Php 600 to Accounts Payable was overlooked when the balance of the account was determined. G. A debit of Php 2,000 for a withdrawal by the owner was posted as a credit to capital account. H. The correct balance of Advertising Expense was Php 2,380. I. Miscellaneous Expense, with a balance of Php 1,830, was omitted from the trial balance. REQUIRED: Prepare a corrected trial balance as of July 31, 2021. Sir A The CPA Prof | Accounting Iksimplified D00 00 Dashboard Calendar To Do Notifications Inbox
Transcribed Image Text:5:11 Exercise #1_Trial Balance Preparatio... Exercise #1 Trial Balance Preparation (ADOPTED) The trial balance of Tokyo's Portrait as of July 31, 2021 is shown below. It does not balance because of a number of errors. DEBIT CREDIT CASH ACCOUNTS RECEIVABLE SUPPLIES PREPAID INSURANCE EQUIPMENT ACCOUNTS PAYABLE 14,200 18,900 3,751 3,200 57,380 8,400 NOTES PAYABLE 6,000 |ТОKYO, CAPITAL 52,000 TOKYO, DRAWING PHOTOGRAPHY REVENUE WAGES EXPENSE 4,000 114,760 43,810 20,000 476 RENT EXPENSE ADVERTISING EXPENSE UTILITIES EXPENSE |ТОTAL 7,240 172,957 181,160 A. A debit of Php 200 to Cash was posted as Php 2,000. B. A debit of Php 1,500 to Accounts Receivable was not posted. C. A return of Php 67 of defectives supplies was erroneously posted as a Php 76 credit to supplies. D. An insurance policy acquired at a cost of Php 1,080 was posted as a credit to Prepaid Insurance. E. The balance of Notes Payable was understated by Php 800. F. A credit of Php 600 to Accounts Payable was overlooked when the balance of the account was determined. G. A debit of Php 2,000 for a withdrawal by the owner was posted as a credit to capital account. H. The correct balance of Advertising Expense was Php 2,380. I. Miscellaneous Expense, with a balance of Php 1,830, was omitted from the trial balance. REQUIRED: Prepare a corrected trial balance as of July 31, 2021. Sir A The CPA Prof | Accounting Iksimplified D00 00 Dashboard Calendar To Do Notifications Inbox
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