close solutoin list

Errors in trial balance Identify the errors in the following trial balance. All accounts have normal balances. Ensemble Co. Unadjusted Trial Balance For the Year Ending December 31, 20Y8 Debit Balances Credit Balances Cash 42,900 Accounts Receivable 123,500 Prepaid Insurance 27,000 Equipment 300,000 Accounts Payable 52,000 4,800 Salaries Payable Common Stock 40,000 Retained Earnings 137,200 Dividends 5,000 Service Revenue 1,216,000 Salary Expense 660,000 Advertising Expense 275,000 Miscellaneous Expense 16,600 1,801,500 1,801,500

BuyFind

Corporate Financial Accounting

15th Edition
Carl Warren + 1 other
Publisher: Cengage Learning
ISBN: 9781337398169
BuyFind

Corporate Financial Accounting

15th Edition
Carl Warren + 1 other
Publisher: Cengage Learning
ISBN: 9781337398169

Solutions

Chapter
Section
Chapter 2, Problem 2.20EX
Textbook Problem

Errors in trial balance

Identify the errors in the following trial balance. All accounts have normal balances.

Ensemble Co. Unadjusted Trial Balance For the Year Ending December 31, 20Y8

 

Debit

Balances

Credit

Balances

Cash

42,900

Accounts Receivable

 

123,500

Prepaid Insurance 27,000  
Equipment 300,000  

Accounts Payable

52,000

4,800

Salaries Payable  
Common Stock   40,000
Retained Earnings   137,200
Dividends   5,000
Service Revenue   1,216,000
Salary Expense 660,000

Advertising Expense   275,000
Miscellaneous Expense 16,600  
  1,801,500 1,801,500

Expert Solution

Want to see this answer and more?

Experts are waiting 24/7 to provide step-by-step solutions in as fast as 30 minutes!*

See Solution

*Response times vary by subject and question complexity. Median response time is 34 minutes and may be longer for new subjects.

Chapter 2 Solutions

Corporate Financial Accounting
Show all chapter solutions
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 - Horizontal analysis Two income statements for...Ch. 2 - Chart of accounts The following accounts appeared...Ch. 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 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 - 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 - 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...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 - Continuing Problem 4.Total of Debit column: 40,750...Ch. 2 - Analyze Amazon.com Amazon.com, Inc. (AMZN) is the...Ch. 2 - Analyze Chipotle Mexican Grill Chipotle Mexican...Ch. 2 - Analyze Vera Bradley. Inc. Vera Bradley, Inc....Ch. 2 - Analyze Target The following data (in millions)...Ch. 2 - Analyze Wal-Mart The following data (in millions)...Ch. 2 - Compare Target and Wal-Mart Based upon MAD 2-4 and...Ch. 2 - Ethics in Action Buddy Dupree is the accounting...Ch. 2 - Recording your tuition State College requires...Ch. 2 - Record transactions The following discussion took...

Additional Business Textbook Solutions

Find more solutions based on key concepts
Show solutions
Identify the major considerations when organizing a business.

Foundations of Business (MindTap Course List)

OPTIMAL CAPITAL BUDGET Hampton Manufacturing estimates that its WACC is 125%. The company is considering the fo...

Fundamentals of Financial Management, Concise Edition (with Thomson ONE - Business School Edition, 1 term (6 months) Printed Access Card) (MindTap Course List)