Corporate Financial Accounting
14th Edition
ISBN: 9781305653535
Author: Carl Warren, James M. Reeve, Jonathan Duchac
Publisher: Cengage Learning
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Textbook Question
Chapter 2, Problem 2.15EX
Based upon the data presented in Exercise 2-13, (A) prepare an unadjusted trial balance, listing the accounts in their proper order. (B) Based upon the unadjusted trial balance, determine the net income or net loss.
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Students have asked these similar questions
Which of the following trial balances is used as a sourcefor preparing the income statement?a. Unadjusted trial balanceb. Pre-adjusted trial balancec. Adjusted trial balanced. Post-closing trial balance
What is the purpose of a trial balance?
a) To ensure that debits and credits are equal
b) To show the balances of all accounts
c) To prepare financial statements
d) To record adjusting entries
when preparing a trial balance a bookkeeper finds a difference. this difference should be:
a- ignored
b- taken as an income or expense
c- shown in a suspense account until its cleared
d- shown in a suspense account until its cleared
Chapter 2 Solutions
Corporate Financial Accounting
Ch. 2 - What is the difference between an account and a...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 - Assume that a trial balance is prepared with an...Ch. 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 - Prob. 2.2BECh. 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. 2.1EXCh. 2 - Chart of accounts Innerscape Interiors is owned...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 Zenith Consulting Co. has the...Ch. 2 - Journalizing and posting On October 3, 2018, Regal...Ch. 2 - Transactions and T accounts The following selected...Ch. 2 - Cash account balance During the month, Warwick Co....Ch. 2 - Account balances A. During February, 186,500 was...Ch. 2 - Retained earnings account balance As of January 1,...Ch. 2 - Identifying transactions Napa Tours Co. is a...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 - Total of Credit column: 525,000 Error in triad...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 - Prob. 2.22EXCh. 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 - Continuing Company AnalysisAmazon: Horizontal...Ch. 2 - Chipotle: Horizontal analysis Chipotle Mexican...Ch. 2 - Prob. 2.3ADMCh. 2 - Prob. 2.4ADMCh. 2 - Prob. 2.1TIF
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- Which of the following accounts balance would be a different number on the Balance Sheet than it is on the adjusted trial balance? A. accumulated depreciation B. unearned service revenue C. retained earnings D. dividendsarrow_forwardPrepare an adjusted trial balance from the following adjusted account balances (assume accounts have normal balances).arrow_forwardAn accountant prepared the following post-closing trial balance: Prepare a corrected post-closing trial balance. Assume that all accounts have normal balances and that the amounts shown are correct.arrow_forward
- What critical purpose does the adjusted trial balance serve? A. It proves that transactions have been posted correctly B. It is the source document from which to prepare the financial statements C. It shows the beginning balances of every account, to be used to start the new years records D. It proves that all journal entries have been made correctly.arrow_forwardIndicate on which financial statement the following accounts (from the adjusted trial balance) would appear: (A) Sales Revenue; (B) Unearned Rent Revenue; (C) Prepaid Advertising; (D) Advertising Expense; (E) Dividends; (F) Cash.arrow_forwardFrom the following Company A adjusted trial balance, prepare simple financial statements, as follows: A. Income Statement B. Retained Earnings Statement C. Balance Sheetarrow_forward
- Post-closing trial balance An accountant prepared the following post-closing trial balance: Prepare a corrected post-closing trial balance. Assume that all accounts have normal balances and that the amounts shown are correct.arrow_forwardWhich of these accounts is included in the post-closing trial balance? A. Sales Revenue B. Salaries Expense C. Retained Earnings D. Dividendsarrow_forwardWhich of the following statements is incorrect concerning the adjusted trial balance? A. THE ADJUSTED TRIAL BALANCE IS PREPARED AFTER THE ADJUSTING ENTRIES HAVE BEEN JOURNALIZED AND POST B.THE ADJUSTED TRIAL BALANCE LIST THE ACCOUNT BALANCES SEGREGATED BY ASSETS AN LIABILITIES. C. AN ADJUSTED TRIAL BALANCE PROVES THE EQUALITY OF TGE TOTAL DEBIT BALANCES ANS THE TOTAL CREDIT BALANCE IN THE LEDGER AFTER ALL ADJUSTMENT ARE MADE. D. THE ADJUSTED TRIAL BALANCE PROVIDES THE PRIMARY BASIS FOR THE PREPARATIONOF FINANCIAL STATMENTSarrow_forward
- The adjusted trial balance is prepared Select one: a.before the trial balance. b. after financial statements are prepared. c.after adjusting entries have been journalized and posted. d. to prove the equality of total assets and total liabilities.arrow_forwardWhich of the following statements about a trial balance is correct? Select one: All of these answer choices are correct. A trial balance proves the equality of the debits and credits in the ledger. A trial balance is typically prepared before adjusting entries are recorded. An adjusted trial balance provides a list of open accounts and their balances that are used in preparing financial statements.arrow_forward
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