Oriole Company discovered the following errors made in January 2020. A payment of Salaries and Wages Expense of $820 was debited to Equipment and credited to Cash, both for $820. 1. A collection of $7,700 from a client on account was debited to Cash $770 and 2. credited to Service Revenue $770. The purchase of equipment on account for $170 was debited to Equipment $940 and credited to Accounts Payable $940. 3.

Oriole Company discovered the following errors made in January 2020. A payment of Salaries and Wages Expense of $820 was debited to Equipment and credited to Cash, both for $820. 1. A collection of $7,700 from a client on account was debited to Cash $770 and 2. credited to Service Revenue $770. The purchase of equipment on account for $170 was debited to Equipment $940 and credited to Accounts Payable $940. 3.

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter2: Analyzing Transactions

Section: Chapter Questions

Problem 5PA: The Colby Group has the following unadjusted trial balance as of August 31, 2019: The debit and...

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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 Prepaid Insurance. 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 Thad Engelberg, Capital. i. The balance of 28,350 in Advertising Expense was entered as 23,850 in the trial balance. j. Miscellaneous Expense, with a balance of 4,600, was omitted from the trial balance. Instructions 1. Prepare a corrected unadjusted trial balance as of January 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.
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