I'll upvote if complete and correct. Thank you Preparing a Corrected Trial BalanceThe following trial balance of Splendid Household Services as of December 31, 2019 does notbalance because of a number of errors:DebitP 13,00030,8408,700CreditCashAccounts receivableSuppliesPrepaid insuranceEquipmentNotes PayableAccounts PayableS, CapitalS, DrawingService Income2,14069,400P 14,0005,65031,2002,000147,500Wages expenseRent expenseAdvertising expenseUtility expenseTotal46,5006,0005101,920P. 181,010 P. 198,350In the process comparing the amounts in the trial balance with the ledger, re-computing thebalances of the accounts, and comparing the postings with the journal entries, the errarsdescribed below were discovered:a. The balance of cash was understated by P5,000.b. The cash receipts of P1,200 was posted as debit to cash of P2,100.c. A credit of P600 to accounts receivable was not posted.d. Areturn of P750 of defective supplies purchased was erroneously posted as P570 credit tosupplies.e. An insurance policy acquired at cost of P1,480 was posted as a credit to prepaid insurance.f. A debit of P2,250 in accounts payable was overlooked when determining the balance of theaccount.g. The balance of notes payable was overstated by P1,000.h. A debit of P5,100 in advertising expense was entered as P510 in the trial balance.i. Miscellaneous expense with a balance of P3,220 was omitted from the trial balance.Instruction:Prepare a corrected trial balance as of December 31, 2019.

Trial Balance: A trial balance is an accounting worksheet where the balance of all records is…

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Accounting

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Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter22: End-of-fiscal-period Work For A Corporation

Section22.1: Preparing Adjusting Entries

Problem 1OYO

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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.
The unadjusted trial balance of Recessive Interiors at January 31, 2019, the end of the year, follows: The data needed to determine year-end adjustments are as follows: a. Supplies on hand at January 31 are 2,850. b. Insurance premiums expired during the year are 3,150. c. Depreciation of equipment during the year is 5,250. d. Depreciation of trucks during the year is 4,000. e. Wages accrued but not paid at January 31 are 900. Instructions 1. For each account listed in the unadjusted trial balance, enter the balance in the appropriate Balance column of a four-column account and place a check mark () in the Posting Reference column. 2. (Optional) Enter the unadjusted trial balance on an end-of-period spreadsheet and complete the spreadsheet. Add the accounts listed in part (3) as needed. 3. Journalize and post the adjusting entries, inserting balances in the accounts affected. Record the adjusting entries on Page 26 of the journal. The following additional accounts from Recessive Interiors chart of accounts should be used: Wages Payable, 22; Depreciation ExpenseEquipment, 54; Supplies Expense, 55; Depreciation ExpenseTrucks, 56; Insurance Expense, 57. 4. Prepare an adjusted trial balance. 5. Prepare an income statement, a statement of owners equity (no additional investments were made during the year), and a balance sheet. 6. Journalize and post the closing entries. Record the closing entries on Page 27 of the journal. Indicate closed accounts by inserting a line in both Balance columns opposite the closing entry. 7. Prepare a post-closing trial balance.
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.
Accrued rent income of P 25,000 was overlooked at the end of 2021. What would be the adjusting entry if the error was discovered at December 31, 2022? Group of answer choices A. Debit - Retained Earnings, P 25,000; Credit - Rent Income, P 25,000. B. No adjusting entry is necessary C. Debit - Rent Income, P 25,000; Credit - Retained Earnings, P 25,000. D. Debit - Rent Receivable, P 25,000; Credit - Retained Earnings, P 25,000.
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…
Correction of errorsIn examining the books of Mulan Company, you found out that certain adjustments had been overlooked at the end of 2019 and 2020. You also discovered that other items had been improperly recorded. These omissions and other failures for each year are summarized below: 12/31/20 12/31/19Salaries payable P780,000 P873,600Interest receivable 213,000 259,200Prepaid insurance 307,800 384,000Advances from customers (Collections from customers had beenrecorded as sales but should have been recognized as advances from customers because goods were not shipped until the following year) 561,000 470,400 Machinery (Capital expenditures had been recorded as repairs but shouldhave been charged to Machinery; the depreciation rate is 10% per year, but depreciation in the year of expenditure is to be recognized at 5%) 522,000 564,000 Required:Compute for the total effect of errors in the net income of 2019 and 2020.
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Required: (a) What is the total estimated uncollectible amount of accounts receivable? (b) Prepare journal entries to record impairment loss of receivable in 2021 using Statement of Financial Position approach. (c) Prepare a partial statement of financial position as at 31 December 2021 on the accounts receivable. (d) Prepare journal entries to record impairment loss of receivable in 2021 assuming the balance of the Allowance for Impairment account is $7.300 (Cr.) prior to adjustment.
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The following trial balance for Kids Play does not balance and the owner is concerned and has passed it to you for review and adjustments where applicable:Trial BalanceJune 30th, 2013AccountDebitCreditCash6,600Accounts receivable8,000Supplies600Motor vehicle89,000Accounts payable55,000Marlon Morgan: Capital50,700Marlon Brown: Withdrawal2,300Service revenue4,500Salary4,100Rent800.111,400110,2003You have now been presented with the following list of errors and have been asked to prepare the adjusted trial balance: (journal entries are not required)a. Cash was understated by $2,000b. A $1,000 debit to accounts receivable was posted as a credit.c. A $1,400 purchase of supplies on account was omitted from the company’s books.d. Motor Vehicle cost should have been $84,300 instead of $89,000e. Salary expense was overstated by $500The following trial balance for Kids Play does not balance and the owner is concerned and has passed it to you for review and adjustments where applicable:Trial…
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