It contains several mistakes. Trial Balance-31 January 2017 Equity 10500 Cash in hand 1320 Discount received 96 3600 Drawings Fixtures and fittings 2050 General expenses 1050 Inventory 1 February 2016 2567 Purchases 4720 Revenue returns 92 Sales revenue 8430 Trade payables 3455 Trade receivables 3203 21286 19797 In addition to the mistakes in the trial balance, the following errors were also discovered: 1) A purchase of fittings for $120 had been included in the purchases account. 2) A payment of $75 made to a trade payable had not been posted from the cash book into the payables ledger. 3) A cheque of $56 received from a customer had been correctly entered into the cash book but posted to the customer's account as $50. 4) A page of the sales day book was correctly totalled as $564 but carried forward as $456. Prepare the trial balance for Imisi after all the errors have been corrected. Please show all your workings.

It contains several mistakes. Trial Balance-31 January 2017 Equity 10500 Cash in hand 1320 Discount received 96 3600 Drawings Fixtures and fittings 2050 General expenses 1050 Inventory 1 February 2016 2567 Purchases 4720 Revenue returns 92 Sales revenue 8430 Trade payables 3455 Trade receivables 3203 21286 19797 In addition to the mistakes in the trial balance, the following errors were also discovered: 1) A purchase of fittings for $120 had been included in the purchases account. 2) A payment of $75 made to a trade payable had not been posted from the cash book into the payables ledger. 3) A cheque of $56 received from a customer had been correctly entered into the cash book but posted to the customer's account as $50. 4) A page of the sales day book was correctly totalled as $564 but carried forward as $456. Prepare the trial balance for Imisi after all the errors have been corrected. Please show all your workings.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter22: Accounting For Changes And Errors.

Section: Chapter Questions

Problem 10P: At the beginning of 2020, Tanham Company discovered the following errors made in the preceding 2...

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At the beginning of 2020, Tanham Company discovered the following errors made in the preceding 2 years: Reported net income was 27,000 in 2018 and 35,000 in 2019. The allowance for doubtful accounts had a zero balance at the beginning of 2018. No accounts were written off during 2018 or 2019. Ignore income taxes. Required: 1. What is the correct net income for 2018 and 2019? 2. Prepare the adjusting journal entry in 2020 to correct the errors.
Read the following information and answer questions that follow.Tamapo prepared the following trial balance as at 31 December 2019 which contains errors: TamapoTrial Balance as at 31 December 2019P PMotor Vehicle at net 38,000.00 Sales 109,000.00Purchases 80,230.00Inventory 5,100.00Bank Overdraft 13,900.00Cash in Hand 1,500.00Drawings 6,500.00Discount Allowed 720.00Other Operating Expenses 9,350.00Wages and Salaries 16,500.00Capital 35,000.00Difference 60,700.00 188,250.00 188,250.00Required:Prepare a corrected trial balance as at 31 December 2019.
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