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 2.5APR
Corrected
The Lexington Group has the following unadjusted trial balance as of May 31, 2018:
The Lexington Group Unadjusted Trial Balance May 31, 2018 | ||
Debit Balances | Credit Balances | |
Cash | 20,350 | |
Accounts Receivable | 37,000 | |
Supplies | 1,100 | |
Prepaid Insurance | 200 | |
Equipment | 171,175 | |
Notes Payable | 36,000 | |
Accounts Payable | 26,000 | |
Common Stock | 50,000 | |
94,150 | ||
Dividends | 15,000 | |
Fees Earned | 429,850 | |
Wages Expense | 270,000 | |
Rent Expense | 63,000 | |
Advertising Expense | 25,200 | |
Miscellaneous Expense | 5,100 | |
608,125 | 636,000 |
The debit and credit totals are not equal as a result of the following errors:
- A. The cash entered on the trial balance was overstated by $7,000.
- B. A cash receipt of $8,200 was posted as a debit to Cash of $2,800.
- C. A debit of $ 16,500 to Accounts Receivable was not posted.
- D. A return of $125 of defective supplies was erroneously posted as a $1,250 credit to Supplies.
- E. An insurance policy acquired at a cost of $3,600 was posted as a credit to Prepaid Insurance.
- F. The balance of Notes Payable was understated by $9,000.
- G. A credit of $10,000 in Accounts Payable was overlooked when determining the balance of the account.
- H. A debit of $5,000 for dividends was posted as a credit to Retained Earnings.
- I. The balance of $60,300 in Rent Expense was entered as $63,000 in the trial balance.
- J. Gas, Electricity, and Water Expense, with a balance of $16,350, was omitted from the trial balance.
Instructions
- 1. Prepare a corrected unadjusted trial balance as of May 31, 2018.
- 2. Does the fact that the unadjusted trial balance in (1) is balanced mean that there are no errors in the accounts? Explain.
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Corrected trial balance
Tech Support Services has the following unadjusted trial balance as of January 31.20Y5:
Debit Balances
Credit Balances
Cash
25,550
Accounts Receivable
44,050
Supplies
6,660
Prepaid Insurance
3,600
Equipment Notes Payable
162,000
75,000
Accounts Payable
13,200
Common Stock
18,000
Retained Earnings Dividends
33,000
83,850
Fees Earned Wages Expense
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$34,000
Rent Expense
62,550
Advertising Expense
23,850
Gas, Electricity, and Water Expense
17,000
684,260
724,050
The debit and credit totals are not equal as a result of the following errors:
A cash receipt of $4,100 was posted as a debit to Cash of $1,400.
A debit of $12350 to Accounts Receivable was not
A return of $235of defective supplies was erroneously posted as a $325 credit to Supplies.
An insurance policy acqtured at a cost of $3,000 was posted as a…
Adjusted Trial Balance
December 31, 2014
Debit
Credit
Cash
6,590
Accounts Receivable
15,618
Prepaid Rent
1,200
Equipment
31,800
Accumulated Deprecitaion - Equipment
9,680
Notes Payable
12,500
Accounts Payable
11,601
Common Stock
20,000
Retained Earnings
3,619
Dividends
6,000
Service Revenue
27,600
Salaries & Wages Expense
15,600
Rent Expense
7,800
Depreciation Expense
392
Interest Expense
211
Interest Payable
211
85,211
85,211
How to prepare an income statement?
Question Description
SABRINA CORPORATION
UNADJUSTED TRIAL BALANCE
DECEMBER 31, 2019
DEBIT
CREDIT
CASH
36,868
FV-NI Short Term INVESTMENTS
30,300
ACCOUNTS RECEIVABLE
425,755
ALLOWANCE FOR DOUBTFUL ACCOUNTS
8,400
INVENTORY
402,912
NOTES RECEIVABLE
30,000
OFFICE BUILDING
500,000
ACCUMULATED DEPRECIATION (OFFICE BUILDING)
280,000
OFFICE EQUIPMENT
120,000
ACCUMULATED DEPRECIATION (OFFICE EQUIPMENT)
0
ACCOUNTS PAYABLE
205,258
DIVIDENDS PAYABLE
7,328
NOTES PAYABLE
60,000
PREFERRED STOCK, 30,000 OUTSTANDING ON DECEMBER 31, 2019
100,000
COMMON STOCK, 100,000 OUTSTANDING ON DEC 31, 2019
185,000
RETAINED EARNINGS
280,623
SALES REVENUE
3,590,524
SALES…
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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