Financial and Managerial Accounting - Workingpapers
15th Edition
ISBN: 9781337912112
Author: WARREN
Publisher: CENGAGE L
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Textbook Question
Chapter 2, Problem 18E
Errors in
The following preliminary unadjusted trial balance of Ranger Co., a sports ticket agency, does not balance:
When the ledger and other records are reviewed, you discover the following: (1) the debits and credits in the cash account total $77,600 and $62,100, respectively; (2) a billing of $9,000 to a customer on account was not posted to the accounts receivable account; (3) a payment of $4,500 made to a creditor on account was not posted to the accounts payable account;
(4) the balance of the unearned rent account is $5,400; (5) the correct balance of the equipment account is $190,000; and (6) each account has a normal balance.
Prepare a corrected unadjusted trial balance.
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Which of the following errors would be detected by a trial balance?
Group of answer choices
The cashier pocketed the cash from a
cash sale and did not record it on the
register
A cash sale was recorded in the sales
account as $548 instead of $584 but
was correctly recorded in the bank
account
Supplies purchased on credit were
recorded as a debit to the plant and
equipment account and a credit to the
accounts payable account
Staff wages were recorded as office
expenses
A suspense account was opened when a trial balance failed to agree. The following errors were later
discovered.
A gas bill of $420 had been recorded in the gas account as $240.
A discount of $50 given to a customer had been credited to discounts received.
Interest received of $70 had been entered in the bank account only.
What was the original balance on the suspense account?
The total of a list of balances in Patricia Co’s receivables ledger was $643,700 on 30 September 20X9. This did not agree with the balance on Patricia Co’s receivables ledger control account. The following errors were discovered:
(i) A credit balance on an individual customer’s account of $400 was incorrectly extracted as a debit balance
(ii) An invoice for $3,553 was posted to the customer account as £3,535 (iii) The total of the sales returns day book was overcast by $600
What amount should be shown in Patricia Co’s statement of financial position for accounts receivable at 30 September 20X9?
A. $642,918 B. $642,882 C. $644,482 D. $643,418
Chapter 2 Solutions
Financial and Managerial Accounting - Workingpapers
Ch. 2 - What is the difference between an account and...Ch. 2 - Prob. 2DQCh. 2 - Prob. 3DQCh. 2 - eCatalog Services Company performed services in...Ch. 2 - If the two totals of a trial balance are equal,...Ch. 2 - Prob. 6DQCh. 2 - Assume that when a purchase of supplies of 2,650...Ch. 2 - Assume that Muscular Consulting erroneously...Ch. 2 - Assume that Sunshine Realty Co. borrowed 300,000...Ch. 2 - Checking accounts are one of the most common forms...
Ch. 2 - Rules of debit and credit and normal balances...Ch. 2 - Journal entry for asset purchase Prepare a journal...Ch. 2 - Journal entry for fees earned Prepare a journal...Ch. 2 - Journal entry for dividends Prepare a journal...Ch. 2 - Missing amount from an account On August 1, the...Ch. 2 - Trial balance errors For each of the following...Ch. 2 - Correcting entries The following errors took place...Ch. 2 - Prob. 8BECh. 2 - Prob. 1ECh. 2 - Chart of accounts Superior Interiors is owned and...Ch. 2 - Chart of accounts LeadCo School is a newly...Ch. 2 - Rules of debit and credit The following table...Ch. 2 - Normal entries for accounts During the month,...Ch. 2 - Normal balances of accounts Identify each of the...Ch. 2 - Transactions Innovative Consulting Co. has the...Ch. 2 - Journalizing and posting On February 11, 20Y9,...Ch. 2 - Transactions and T accounts The following selected...Ch. 2 - Cash account balance During the month, Bavarian...Ch. 2 - Account balances A. During February, 186,500 was...Ch. 2 - Retained earnings account balance As of January 1,...Ch. 2 - Identifying transactions Rocky Mountain Tours Co....Ch. 2 - Journal entries Based upon the T accounts in...Ch. 2 - Trial balance Based upon the data presented in...Ch. 2 - Trial balance The accounts in the ledger of...Ch. 2 - Effect of errors on trial balance Indicate which...Ch. 2 - Errors in trial balance The following preliminary...Ch. 2 - Effect of errors on trial balance The following...Ch. 2 - Errors in trial balance Identify the errors in the...Ch. 2 - Entries to correct errors The following errors...Ch. 2 - Entries to correct errors The following errors...Ch. 2 - Entries into T accounts and trial balance Marjorie...Ch. 2 - Journal entries and trial balance On October 1,...Ch. 2 - Journal entries and trial balance On November 1,...Ch. 2 - Journal entries and trial balance Elite Realty...Ch. 2 - Corrected trial balance The Lexington Group has...Ch. 2 - Entries into T accounts and trial balance Ken...Ch. 2 - Journal entries and trial balance On August 1,...Ch. 2 - Journal entries and trial balance On October 1,...Ch. 2 - Journal entries and trial balance Valley Realty...Ch. 2 - Corrected trial balance Tech Support Services has...Ch. 2 - The transactions completed by PS Music during June...Ch. 2 - Analyze Amazon.com Amazon.com, Inc. (AMZN) is the...Ch. 2 - Prob. 2MADCh. 2 - Prob. 3MADCh. 2 - Analyze Target The following data (in millions)...Ch. 2 - Prob. 5MADCh. 2 - Prob. 6MADCh. 2 - Prob. 1TIFCh. 2 - Prob. 4TIFCh. 2 - Prob. 5TIF
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