Accounting
Accounting
27th Edition
ISBN: 9781337272094
Author: WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher: Cengage Learning,
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Textbook Question
Chapter 2, Problem 2.5BPR

Corrected trial balance

Tech Support Services has the following unadjusted trial balance as of January 31, 2019:

Tech Support Services

Unadjusted Trial Balance

January 31, 2019

 

Debit

Balances

Credit

 Balances

Cash 25,550  
Accounts Receivable 44,050  
Supplies 6,660  
Prepaid Insurance 3,600  
Equipment 162,000  
Notes Payable   75,000
Accounts Payable   13,200
Thad Engelberg, Capital   101,850
Thad Engelberg, Drawing 33,000  
Fees Earned   534,000
Wages Expense 306,000  
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.    The cash entered on the trial balance was overstated by $8,000.

b.    A cash receipt of $4,100 was posted as a debit to Cash of $1,400.

c.    A debit of $12,350 to Accounts Receivable was not posted.

d.    A return of $235 of defective supplies was erroneously posted as a $325 credit to Supplies.

e.    An insurance policy acquired at a cost of $3,000 was posted as a credit to Prepaid Insurance.

f.    The balance of Notes Payable was overstated by $21,000.

g.    A credit of $3,450 in Accounts Payable was overlooked when the balance of the account was determined.

h.    A debit of $6,000 for a withdrawal by the owner was posted as a debit to Thad Engelberg, Capital.

i.    The balance of $28,350 in Advertising Expense was entered as $23,850 in the trial balance.

j.    Miscellaneous Expense, with a balance of $4,600, was omitted from the trial balance.

Instructions

1.    Prepare a corrected unadjusted trial balance as of January 31, 2019.

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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Chapter 2 Solutions

Accounting

Ch. 2 - Rules of debit and credit and normal balances...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 asset purchase Prepare a journal...Ch. 2 - Journal entry for fees earned Prepare a journal...Ch. 2 - Journal entry for fees earned Prepare a journal...Ch. 2 - Journal entry for owner's withdrawal Prepare a...Ch. 2 - Journal entry for owner's withdrawal Prepare a...Ch. 2 - Prob. 2.5APECh. 2 - Missing amount from an account On August 1, the...Ch. 2 - Trial balance errors For each of the following...Ch. 2 - Trial balance errors For each of the following...Ch. 2 - Correcting entries The following errors took place...Ch. 2 - Correcting entries The following errors took place...Ch. 2 - Horizontal analysis Two income statements for...Ch. 2 - Horizontal analysis Two income statements for...Ch. 2 - Chart of accounts The following accounts appeared...Ch. 2 - Chart of accounts Oak Interiors is owned and...Ch. 2 - Chart of accounts Outdoor Leadership School is a...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 Concrete Consulting Co. has the...Ch. 2 - Journalizing and posting On September 18, 2019,...Ch. 2 - Transactions and T accounts The following selected...Ch. 2 - Prob. 2.10EXCh. 2 - Account balances a.During February, 186,500 was...Ch. 2 - Capital account balance As of January 1, Terrace...Ch. 2 - Identifying transactions National Park 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 - Prob. 2.23EXCh. 2 - Prob. 2.24EXCh. 2 - Entries into T accounts and trial balance Connie...Ch. 2 - Journal entries and trial balance On January 1,...Ch. 2 - Journal entries and trial balance On June 1, 2019,...Ch. 2 - Journal entries and trial balance Elite Realty...Ch. 2 - Corrected trial balance The Colby Group has the...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 - Prob. 2.1CPCh. 2 - Prob. 2.5CPCh. 2 - Prob. 2.6CPCh. 2 - Prob. 2.7CP
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