The trial balance for Finders Company does not balance and the information as follows has been presented: Finders Company Trial Balance February 29, 2020 Debit Credit Account Cash Accounts receivable| Supplies Equipment Computers Accounts payable Notes payable Wright, Capital Wright, Drawing Service revenue 6,300 6,000 400 22,300 49,000 2,800 18,500 50,000 4,000 4,100 Salary Expense Rent expense Advertising expense Utilities expense Total 1,400 800 900 800 75,400 91,900 The following errors were detected: 1. The cash balance is overstated by $5,000. 2. Rent expense of $340 was erroneously posted as a credit rather than a debit. 3. A $6,800 credit to Service revenue was not posted. 4. A $400 debit to Accounts receivable was posted as $40. 5. The balance of Utilities expense is understated by $70. 6. A $900 purchase of supplies on account was neither journalized nor posted. 7. Equipment should be $16.490.

The trial balance for Finders Company does not balance and the information as follows has been presented: Finders Company Trial Balance February 29, 2020 Debit Credit Account Cash Accounts receivable| Supplies Equipment Computers Accounts payable Notes payable Wright, Capital Wright, Drawing Service revenue 6,300 6,000 400 22,300 49,000 2,800 18,500 50,000 4,000 4,100 Salary Expense Rent expense Advertising expense Utilities expense Total 1,400 800 900 800 75,400 91,900 The following errors were detected: 1. The cash balance is overstated by $5,000. 2. Rent expense of $340 was erroneously posted as a credit rather than a debit. 3. A $6,800 credit to Service revenue was not posted. 4. A $400 debit to Accounts receivable was posted as $40. 5. The balance of Utilities expense is understated by $70. 6. A $900 purchase of supplies on account was neither journalized nor posted. 7. Equipment should be $16.490.

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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