Danielle Battle has trouble keeping her debits and credits equal. During a recent month, Danielle made the following errors:In preparing the trial balance, Danielle omitted a $5,800 note payable.Danielle recorded a $230 purchase of supplies on account by debiting Supplies and crediting Accounts Payable for $320.In recording a $280 payment on account, Danielle debited Supplies instead of Accounts Payable.In journalizing a receipt of cash from service revenue, Danielle debited Cash for $80 instead of the correct amount of $800. The credit was correct.Danielle posted a $900 utility expense as $90. The credit to Cash was correct.а.b.c.d.е.RequiredFor each of these errors, state whether total debits equal total credits on the trial balance.1.2.Identify each account that has an incorrect balance, and indicate the amount and direction of the error (such as "Accounts Receivable $500 too high").Requirement 1. For each of these errors, state whether total debits equal total credits on the trial balance.To help you, transaction (a) has been answered for you. Use this as a guide to answer the remaining parts of Requirement 1.a. .Total debitsTotal creditsb.Total debitsTotal creditsc.Total debitsTotal creditsd.Total debitsTotal creditsе.Total debitsTotal creditsRequirement 2. Identify each account that has an incorrect balance, and indicate the amount and direction of the error (such as "Accounts Receivable $500 too high").For each transaction, identify any accounts with misstated balances and indicate the amount and direction of the error. To help you, transaction (a) has been answered for you.AccountAmountDirection of ErrorNote Payable5,800Too lowa.b. AccountAmountDirection of ErrorNote Payable5,800Too lowC.d.е.Choose from any list or enter any number in the input fields and then continue to the next question.a.b.

1. a. In the provided situation, the notes payable of $5,800 are not recorded in the trial due to…

Danielle Battle has trouble keeping her debits and credits equal. During a recent month, Danielle made the following errors: In preparing the trial balance, Danielle omitted a $5,800 note payable. Danielle recorded a $230 purchase of supplies on account by debiting Supplies and crediting Accounts Payable for $320. In recording a $280 payment on account, Danielle debited Supplies instead of Accounts Payable. In journalizing a receipt of cash from service revenue, Danielle debited Cash for $80 instead of the correct amount of $800. The credit was correct. Danielle posted a $900 utility expense as $90. The credit to Cash was correct. а. b. C. d. e. Required 1. For each of these errors, state whether total debits equal total credits on the trial balance. Identify each account that has an incorrect balance, and indicate the amount and direction of the error (such as "Accounts Receivable $500 too high"). 2.

Danielle Battle has trouble keeping her debits and credits equal. During a recent month, Danielle made the following errors: In preparing the trial balance, Danielle omitted a $5,800 note payable. Danielle recorded a $230 purchase of supplies on account by debiting Supplies and crediting Accounts Payable for $320. In recording a $280 payment on account, Danielle debited Supplies instead of Accounts Payable. In journalizing a receipt of cash from service revenue, Danielle debited Cash for $80 instead of the correct amount of $800. The credit was correct. Danielle posted a $900 utility expense as $90. The credit to Cash was correct. а. b. C. d. e. Required 1. For each of these errors, state whether total debits equal total credits on the trial balance. Identify each account that has an incorrect balance, and indicate the amount and direction of the error (such as "Accounts Receivable $500 too high"). 2.

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter3: The General Journal And The General Ledger

Section: Chapter Questions

Problem 6E: The bookkeeper for Nevado Company has prepared the following trial balance: The bookkeeper has asked...

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The 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 the trial balance. Instructions 1. Prepare a corrected unadjusted trial balance as of August 31, 2019. 2. Does the fact that the unadjusted trial balance in (1) is balanced mean that there are no errors in the accounts? Explain.
The bookkeeper for Nevado Company has prepared the following trial balance: The bookkeeper has asked for your help. In examining the companys journal and ledger, you discover the following errors. Use this information to construct a corrected trial balance. a. The debits to the Cash account total 8,000, and the credits total 3,300. b. A 500 payment to a creditor was entered in the journal correctly but was not posted to the Accounts Payable account. c. The first two numbers in the balance of the Accounts Receivable account were transposed when the balance was copied from the ledger to the trial balance. d. The 1,500 amount withdrawn by the owner for personal use was debited to Miscellaneous Expense by mistakeit was correctly credited to Cash.
The accounts in the ledger of Hickory Furniture Company as of December 31, 2016, are listed in alphabetical order as follows. All accounts have normal balances. The balance of the cash account has been intentionally omitted. Prepare an unadjusted trial balance, listing the accounts in their normal order and inserting the missing figure for cash.
The revenue journal for Sapling Consulting Inc. follows. The accounts receivable controlling account has a July 1, 2016, balance of 625 consisting of an amount due from Aladdin Co. There were no collections during July. a. Prepare a T account for the accounts receivable customer accounts. b. Post the transactions from the revenue journal to the customer accounts, and determine their ending balances. c. Prepare T accounts for the accounts receivable and fees earned accounts. Post control totals to the two accounts, and determine the ending balances. d. Prepare a schedule of the customer account balances to verify the equality of the sum of the customer account balances and the accounts receivable controlling account balance. e. How might a computerized system differ from a revenue journal in recording revenue transactions?
Post the following July transactions to T-accounts for Accounts Receivable, Sales Revenue, and Cash, indicating the ending balance. Assume no beginning balances in these accounts. A. sold products to customers for cash, $7,500 B. sold products to customers on account, $12,650 C. collected cash from customer accounts, $9,500
Post the following July transactions to T-accounts for Accounts Receivable, Sales Revenue, and Cash, indicating the ending balance. Assume no beginning balances in these accounts. A. on first day of the month, sold products to customers for cash, $13,660 B. on fifth day of month, sold products to customers on account, $22,100 C. on tenth day of month, collected cash from customer accounts, $18,500
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Tech Support Services has the following unadjusted trial balance as of January 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 overstated by $8,000.b. A cash receipt of $4,100 was posted as a debit to Cash of $1,400. c. A debit of $12,350 to Accounts Receivable was not posted.d. A return of $235 of defective supplies was erroneously posted as a $325 credit to Supplies.e. An insurance policy acquired at a cost of $3,000 was posted as a credit to PrepaidInsurance.f. The balance of Notes Payable was overstated by $21,000.g. A credit of $3,450 in Accounts Payable was overlooked when the balance of the account was determined.h. A debit of $6,000 for a withdrawal by the owner was posted as a debit to ThadEngelberg, Capital.i. The balance of $28,350 in Advertising Expense was entered as $23,850 in the trialbalance.j. Miscellaneous Expense, with a balance of $4,600, was omitted from the trial…
The 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 PrepaidInsurance.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 balanceof 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 thetrial…
On April 25, Foreman Electric installs wiring in a new home for $3,500 on account. However, on April 27, Foreman’s electrical work does not pass inspection, and Foreman grants the customer an allowance of $600 because of the problem. The customer makes full payment of the balance owed, excluding the allowance, on April 30. Required: 1. Record the credit sale on April 25. 2. Record the sales allowance on April 27. 3. Record the cash collection on April 30. 4. Calculate net sales associated with these transactions.
On April 25, Amanda Company received a $210 check from Garreit for services to be performed in the future. The bookkeeper for Amanda Company incorrectly debited Cash for $120 and credited Accounts Receivable for $120. The amounts have been posted to the ledger. The correcting entry is: debit Cash $210 and credit Unearned Service Revenue $210. debit Accounts Receivable $210 and credit Cash $210. debit cash $90 and Accounts Receivable $120; credit Unearned Service Revenue $210. debit Cash $90 and Accounts Receivable $120 and credit Service Revenue $210.
The accounts clerk for Sean and Co. Ltd extracted the trial balance as at 30 June 2019. The total credits exceeded the debit side by $300 and a suspense account was opened for it. The following errors were discovered:i. Cheque payment of $280 to Accounts Payable Alex was corrected credited the bank account but debited to Accounts Payable Alecia’s account.ii. Sales of $2,600 worth of goods to Joshua was correctly entered into Sales Account as $2,600 but recorded in Accounts Receivable Joshua as $2,900.iii. Purchase of Motor Vehicles worth $6,500 was debited to Motor Vehicles Repairs Account.iv. $250 commission received was debited to Commission Received Account and credited to Bank Account. 1) Show the accounting treatment (without the narratives) to correct the error. 2) The net profit for the month ended 30 June 2019 before adjustments errors was $18,450. Show the Statement of Corrected Net Profit.