ABC Corporation, a public company, is a consulting servicesorganization and started business on January 1, 2020. You are a CPAfor ABC Corporation hired December 1, 2020. The prior CPA who wasfired had correct balances in the ledger as confirmed by PwC butintentionally put dollars in wrong columns of the November 30, 2020Unadjusted Trial Balance. Begin this Project by first preparing aCORRECTED & BALANCED Unadjusted Trial Balance for November30, 2020 from the attached INCORRECT & UNBALANCEDUnadjusted Trial Balance for November 30, 2020. START LEDGER!!!HINT: Review Page 61 Illustration 2-9 Unadjusted Trial BalanceNext, during December, the last month of operation for the calendaryear, the following internal and external transactions occurred for themonth. Analyze these transactions, record the transactions in theJournal, post to the Ledger, and prepare an Unadjusted Trial Balance forDecember 31, 2020.12/1/20: Issued additional $3,000,000 of Common Stock12/1/20: Purchased Supplies from Office Max for $30,000 on Account12/10/20: Provided Services for $500,000 Cash12/15/20: Provided Services for $400,000 on Account12/15/20: Paid Account Payable of $10,000 from the above transaction12/22/20: Provided Services for $100,000 on Account12/31/20: Paid Utilities of $20,000 for December12/31/20: Paid Advertising of $10,000 for December12/31/20: Paid Salaries of $100,000 for December12/31/20: Paid Dividend of $50,00012/31/20: ABC received $100,000 for a service to be performed duringJanuary,2021 Account TitleCashRent ExpenseSales RevenueNotes PayableCommon StockSuppliesUtilities ExpenseDividendDividend PayableSalary ExpenseOffice EquipmentAdvertising ExpensePrepaid InsuranceAccounts ReceivableTOTALSABC CorporationUnadjusted Trial BalanceNovember 30, 2020Debits$60,000$5,000,000$1,000,000$50,000$50,000$1,100,000$62,000$7,322,000Credits$2,340,000$200,000$20,000$220,000$110,000$288,000$2,000,000$5,178,000

Journal Entries - Journal Entries are the primary record of the transactions entered into by the…

ABC Corporation, a public company, is a consulting services organization and started business on January 1, 2020. You are a CPA for ABC Corporation hired December 1, 2020. The prior CPA who was fired had correct balances in the ledger as confirmed by PwC but intentionally put dollars in wrong columns of the November 30, 2020 Unadjusted Trial Balance. Begin this Project by first preparing a CORRECTED & BALANCED Unadjusted Trial Balance for November 30, 2020 from the attached INCORRECT & UNBALANCED Unadjusted Trial Balance for November 30, 2020. START LEDGER!!! HINT: Review Page 61 Illustration 2-9 Unadjusted Trial Balance Next, during December, the last month of operation for the calendar year, the following internal and external transactions occurred for the month. Analyze these transactions, record the transactions in the Journal, post to the Ledger, and prepare an Unadjusted Trial Balance for December 31, 2020. 12/1/20: Issued additional $3,000,000 Common Stock 12/1/20: Purchased Supplies from Office Max for $30,000 on Account 12/10/20: Provided Services for $500,000 Cash 12/15/20: Provided Services for $400,000 on Account 12/15/20: Paid Account Payable of $10,000 from the above transaction 12/22/20: Provided Services for $100,000 on Account 12/31/20: Paid Utilities of $20,000 for December 12/31/20: Paid Advertising of $10,000 for December 12/31/20: Paid Salaries of $100,000 for December 12/31/20: Paid Dividend of $50,000 12/31/20: ABC received $100,000 for a service to be performed during January,2021

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 10MC: Shannon Corporation began operations on January 1, 2019. Financial statements for the years ended...