eBookErrors in Trial BalanceThe following preliminary unadjusted trial balance of Ranger Co., a sports ticket agency, does not balance:Ranger Co.Unadjusted Trial BalanceAugust 31, 20Y7Debit BalancesCredit BalancesCash56,720Accounts Receivable26,660Prepaid Insurance9,590Equipment9,000Accounts Payable15,540Unearned Rent3,460Carmen Meeks, Capital97,560Carmen Meeks, Drawing11,900Fees Earned100,390Wages Expense50,300Advertising Expense8,620Miscellaneous Expense1,700210,460180,980When the ledger and other records are reviewed, you discover the following: (1) the debits and credits in the cash account t v.com/ilm/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSession Locator=&inprogress=false☐PauseBookWhen the ledger and other records are reviewed, you discover the following: (1) the debits and credits in the cash account total $56,720 and $40,720, respectively; (2) a billingof $3,010 to a customer on account was not posted to the accounts receivable account; (3) a payment of $2,160 made to a creditor on account was not posted to the accountspayable account; (4) the balance of the unearned rent account is $6,450; (5) the correct balance of the equipment account is $90,000; and (6) each account has a normalbalance.Prepare a corrected unadjusted trial balance. If an amount box does not require an entry, leave it blank.Ranger Co.Unadjusted Trial BalanceAugust 31, 20Y7Debit CreditBalances BalancesCashAccounts ReceivablePrepaid InsuranceEquipmentAccounts PayableUnearned RentCarmen Meeks, CapitalCarmen Meeks, DrawingFees EarnedWages ExpenseAdvertising ExpenseMiscellaneous Expense

The trial balance is prepared to record the final balance of each account and further it is used to…

Cash Accounts Receivable Prepaid Insurance Equipment Accounts Payable Unearned Rent Carmen Meeks, Capital Carmen Meeks, Drawing Fees Earned Wages Expense Advertising Expense Miscellaneous Expense 56,720 26,660 9,000 97,560 11,900 8,620 9,590 15,540 3,460 100,390 50,300 1,700

Cash Accounts Receivable Prepaid Insurance Equipment Accounts Payable Unearned Rent Carmen Meeks, Capital Carmen Meeks, Drawing Fees Earned Wages Expense Advertising Expense Miscellaneous Expense 56,720 26,660 9,000 97,560 11,900 8,620 9,590 15,540 3,460 100,390 50,300 1,700

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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repare an adjusted trial balance. If an amount Ledger Accounts, Adjusting Entries, Financial Statements, and Closing Entries; Optional Spreadsheet The unadjusted trial balance of Recessive Interiors at January 31, 2019, the end of the year, follows: Recessive InteriorsUnadjusted Trial BalanceJanuary 31, 2019 Account No. Debit Balances Credit Balances Cash 11 13,100 Supplies 13 8,000 Prepaid Insurance 14 7,500 Equipment 16 113,000 Accumulated Depreciation-Equipment 17 12,000 Trucks 18 90,000 Accumulated Depreciation-Trucks 19 27,100 Accounts Payable 21 4,500 Jeanne McQuay, Capital 31 126,400 Jeanne McQuay, Drawing 32 3,000 Service Revenue 41 155,000 Wages Expense 51 72,000 Rent Expense 52 7,600 Truck Expense 53 5,350 Miscellaneous Expense 59 5,450 325,000 325,000 The following additional accounts from Recessive…
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Adjusting entries and adjusted trial balances Instructions Chart of Accounts Journal Adjusted Trial Balance XInstructions Pitman Company is a small editorial services company owned and operated by Jan Pitman. On October 31, 2019 the end of the current year, Pitman Company’s accounting clerk prepared the following unadjusted trial balance: Pitman CompanyUNADJUSTED TRIAL BALANCEOctober 31, 2019 ACCOUNT TITLEDEBITCREDIT1Cash7,420.002Accounts Receivable38,115.003Prepaid Insurance7,050.004Supplies1,630.005Land114,550.006Building150,250.007Accumulated Depreciation-Building88,800.008Equipment133,200.009Accumulated Depreciation-Equipment96,605.0010Accounts Payable12,560.0011Unearned Rent7,035.0012Jan Pitman, Capital217,215.0013Jan Pitman, Drawing15,055.0014Fees Earned327,900.0015Salaries and Wages Expense194,870.0016Utilities Expense42,345.0017Advertising Expense22,335.0018Repairs Expense17,690.0019Miscellaneous Expense5,605.0020Totals750,115.00750,115.00 The data needed to determine…
Prepare an adjusted trial balance. If an amount Ledger Accounts, Adjusting Entries, Financial Statements, and Closing Entries; Optional Spreadsheet The unadjusted trial balance of Recessive Interiors at January 31, 2019, the end of the year, follows: Recessive InteriorsUnadjusted Trial BalanceJanuary 31, 2019 Account No. Debit Balances Credit Balances Cash 11 13,100 Supplies 13 8,000 Prepaid Insurance 14 7,500 Equipment 16 113,000 Accumulated Depreciation-Equipment 17 12,000 Trucks 18 90,000 Accumulated Depreciation-Trucks 19 27,100 Accounts Payable 21 4,500 Jeanne McQuay, Capital 31 126,400 Jeanne McQuay, Drawing 32 3,000 Service Revenue 41 155,000 Wages Expense 51 72,000 Rent Expense 52 7,600 Truck Expense 53 5,350 Miscellaneous Expense 59 5,450 325,000 325,000 The following additional accounts from Recessive…
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Vedula Advertising was founded by Murali Vedula in January 2015. The following are both the adjusted and unadjusted trial balances as of December 31, 2020. Vedula AdvertisingTrial BalanceDecember 31, 2020 Unadjusted Adjusted Dr. Cr. Dr. Cr. Cash $ 11,000 $ 11,000 Accounts Receivable 16,000 19,500 Supplies 9,400 6,500 Prepaid Insurance 3,350 1,790 Equipment 60,000 60,000 Accumulated Depreciation—Equipment $ 25,000 $ 30,000 Notes Payable 8,000 8,000 Accounts Payable 2,000 2,000 Interest Payable 0 560 Unearned Service Revenue 5,000 3,100 Salaries and Wages Payable 0 820 Common Stock 20,000 20,000 Retained Earnings 5,500 5,500 Dividends 10,000 10,000 Service Revenue 57,600 63,000 Salaries and Wages Expense 9,000 9,820 Insurance Expense 1,560 Interest Expense 560 Depreciation Expense 5,000 Supplies Expense 2,900 Rent…
This is a partial adjusted trial balance of Cullumber Company. CULLUMBER COMPANYAdjusted Trial BalanceJanuary 31, 2022 Debit Credit Supplies $920 Prepaid Insurance 1,620 Salaries and Wages Payable $1,040 Unearned Service Revenue 850 Supplies Expense 920 Insurance Expense 540 Salaries and Wages Expense 1,800 Service Revenue 4,490 Prepare the closing entries at January 31, 2022. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 31 enter an account title to close revenue account enter a debit amount enter a credit amount enter an account title to close revenue account enter a debit amount enter a credit amount (To close revenue account) Jan. 31…
6. Raon Electronics Company The adjusted trial balance of Raon Electronics Company as of 30 September 2018 is given below. Prepare the SFP using report form and the SCI using the single-step format. RAON Electronics Company Trial Balance - Adjusted30 September 2018Account Debit Credit Cash ₱21 700Accounts Receivable 4 200Supplies 1 800Prepaid Insurance 6 300Land 43 500Buildings 132 000Accumulated Depreciation – Building ₱25 000Accounts Payable 3 700Notes Payable 10 300Salaries Payable 2 500Property Taxes Payable 4 100Unearned Revenue 2 600Loans Payable(due in 4 years) 100 000Mr. L, Capital ?Service Revenue 78 600Wages Expense 14 800Utilities Expense 4 600Property Tax Expense 3 500Insurance Expense 6 700Supplies Expense 5 100Depreciation Expense 8 800Interest Expense 13 200Miscellaneous Expense 1 200Total ₱267 400 ₱267 400For Mr. L, Capital squeeze in the figure, i.e total credits ₱267 400 less total accumulated depreciation down to service revenue.Instructions: How much will be the…
Pitman Company is a small editorial services company owned and operated by Jan Pitman. On October 31, 2019 the end of the current year, Pitman Company’s accounting clerk prepared the following unadjusted trial balance:Pitman CompanyUNADJUSTED TRIAL BALANCEOctober 31, 2019ACCOUNT TITLE DEBIT CREDIT1Cash7,710.002Accounts Receivable37,935.003Prepaid Insurance7,070.004Supplies2,125.005Land108,400.006Building145,300.007Accumulated Depreciation-Building85,610.008Equipment134,800.009Accumulated Depreciation-Equipment96,100.0010Accounts Payable12,625.0011Unearned Rent6,340.0012Jan Pitman, Capital219,690.0013Jan Pitman, Drawing15,120.0014Fees Earned323,700.0015Salaries and Wages Expense196,770.0016Utilities Expense42,265.0017Advertising Expense23,135.0018Repairs Expense17,195.0019Miscellaneous Expense6,240.0020Totals744,065.00744,065.00The data needed to determine year-end adjustments are as follows:a. Unexpired insurance at October 31, $6,105.b. Supplies on hand at October 31, $485.c.…
The unadjusted trial balance of Helena’s Hire Cars is shown below (ignore GST). Helena’s Hire Cars Trial Balance As at 30 June 2019 Account Debit Credit Cash at bank 18,140 Accounts receivable 21,340 Office supplies 640 Prepaid advertising 3,880 Hire cars 93,600 Accumulated Depreciation - hire cars 39,400 Accounts payable 10,800 Unearned hire fees 2,260 Helena, Capital 68,340 Helena, Drawings 20,600 Hire fees revenue 98,700 Wages expense 50,620 Fuel and oil expense 10,680 219,500 219,500 Additional information Petrol purchased on credit for $680 and used during the last week in June has not been paid for or recorded. A physical count showed office supplies totalling $340 were still on hand at 30 June. Depreciation for 1 year on the hire cars is $12,400. Prepaid advertising has a balance of $600 at the end of the month. The…
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