The night manager of Dixie Transportation Service, who had no accounting background, prepared the following balance sheet for the company at February 28, 2011. The dollar amounts were taken directly from the company's accounting records and are correct. However, the balance sheet con- tains a number of errors in its headings, format, and the classification of assets, liabilities, and owners' equity. DIXIE TRANSPORTATION SERVICE MANAGER's REPORT 8 P.M. THURSDAY Assets Owners' Equity $ 92,000 Capital Stock Retained Earnings Accounts Receivable $ 70,000 Notes Payable Supplies ... Land..... Accounts Payable... 62,000 288,000 Cash..... 69,000 14,000 Building 80,000 70,000 Automobiles . 165,000 $468,000 26,000 $468,000 Prepare a corrected balance sheet. Include a proper heading.

The night manager of Dixie Transportation Service, who had no accounting background, prepared the following balance sheet for the company at February 28, 2011. The dollar amounts were taken directly from the company's accounting records and are correct. However, the balance sheet con- tains a number of errors in its headings, format, and the classification of assets, liabilities, and owners' equity. DIXIE TRANSPORTATION SERVICE MANAGER's REPORT 8 P.M. THURSDAY Assets Owners' Equity $ 92,000 Capital Stock Retained Earnings Accounts Receivable $ 70,000 Notes Payable Supplies ... Land..... Accounts Payable... 62,000 288,000 Cash..... 69,000 14,000 Building 80,000 70,000 Automobiles . 165,000 $468,000 26,000 $468,000 Prepare a corrected balance sheet. Include a proper heading.

Financial Accounting

14th Edition

ISBN:9781305088436

Author:Carl Warren, Jim Reeve, Jonathan Duchac

Publisher:Carl Warren, Jim Reeve, Jonathan Duchac

Chapter5: Accounting Systems

Section: Chapter Questions

Problem 19E: After Bunker Hill Assay Services Inc. had completed all postings for March in the current year...

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After Bunker Hill Assay Services Inc. had completed all postings for March in the current year (2016), the sum of the balances in the following accounts payable ledger did not agree with the 37,600 balance of the controlling account in the general ledger: Assuming that the controlling account balance of 36,600 has been verified as correct, (a) determine the error(s) in the preceding accounts and (b) prepare a listing of accounts payable creditor balances (from the corrected accounts payable subsidiary ledger).
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