Financial and Managerial Accounting - With CengageNow
14th Edition
ISBN: 9781337577809
Author: WARREN
Publisher: CENGAGE L
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Chapter 3, Problem 3.27EX
To determine
A trial balance is the summary of all the ledger accounts. The trial balance is prepared to check the total balance of the debit with the total of the balance of the credit column, which must be equal. The trial balance is usually prepared to check accuracy of ledger balances. In trial balance the debit balances are recorded in the left column, and credit balances are recorded in the right column.
To identify: The errors in the accountant’s entries and to prepare trial balance of the Laundry E as on May 31, 2019.
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The accountant for Eva’s Laundry prepared the following unadjusted and adjusted trialbalances. Assume that all balances in the unadjusted trial balance and the amounts of theadjustments are correct. Identify the errors in the accountant’s adjusting entries, assumingthat none of the accounts were affected by more than one adjusting entry.
The accountant for Eva’s Laundry prepared the following unadjusted and adjusted trial balances. Assume that all balances in the unadjusted trial balance and the amounts of the adjustments are correct. Identify the errors in the accountant’s adjusting entries, assuming that none of the accounts were affected by more than one adjusting entry.
After preparing the trial balance, the accountant finds that the total of debit side is OMR 125,600 and Total of Credit Side OMR 126,500. This difference should be treated before rectification of errors was
Chapter 3 Solutions
Financial and Managerial Accounting - With CengageNow
Ch. 3 - How are revenues and expenses reported on the...Ch. 3 - Is the matching concept related to (A) the cash...Ch. 3 - Why are adjusting entries needed at the end of an...Ch. 3 - What is the difference between adjusting entries...Ch. 3 - Identify the four different categories of...Ch. 3 - If the effect of the debit portion of an adjusting...Ch. 3 - If the effect of the credit portion of an...Ch. 3 - Does every adjusting entry have an effect on...Ch. 3 - Prob. 9DQCh. 3 - (A) Explain the purpose of the two accounts:...
Ch. 3 - Account requiring adjustment Indicate with a Yes...Ch. 3 - Type of adjustment Classify the following items as...Ch. 3 - Adjustment for accrued revenues At the end of the...Ch. 3 - Adjustment for accrued expense Prospect Realty Co....Ch. 3 - Adjustment for unearned revenue On June 1, 2018,...Ch. 3 - Adjustment for prepaid expense The prepaid...Ch. 3 - Adjustment for depreciation The estimated amount...Ch. 3 - Effect of omitting adjustments For the year ending...Ch. 3 - Effect of errors on adjusted trial balance For...Ch. 3 - Classifying types of adjustments Classify the...Ch. 3 - Classifying adjusting entries The following...Ch. 3 - Adjusting entry for accrued fees At the end of the...Ch. 3 - Effect on omitting adjusting entry The adjusting...Ch. 3 - Adjusting entries for accrued salaries Garcia...Ch. 3 - Determining wages paid The wages payable and wages...Ch. 3 - Effect of omitting adjusting entry Accrued...Ch. 3 - Effect of omitting adjusting entry When preparing...Ch. 3 - Adjusting entries for unearned fees The balance in...Ch. 3 - Effect of omitting adjusting entry At the end of...Ch. 3 - Adjusting entry for supplies The balance in the...Ch. 3 - Determining supplies purchased The supplies and...Ch. 3 - Effect of omitting adjusting entry At March 31,...Ch. 3 - Adjusting entries for prepaid insurance The...Ch. 3 - Adjusting entries for prepaid insurance The...Ch. 3 - Adjusting entries for unearned and accrued fees...Ch. 3 - Prob. 3.17EXCh. 3 - Adjustment for depreciation The estimated amount...Ch. 3 - Determining fixed assets book value The balance in...Ch. 3 - Prob. 3.20EXCh. 3 - Prob. 3.21EXCh. 3 - Effects of errors on financial statements For a...Ch. 3 - Effects of errors on financial statements The...Ch. 3 - Effects of errors on financial statements If the...Ch. 3 - Prob. 3.25EXCh. 3 - Adjusting entries from trial balances The...Ch. 3 - Prob. 3.27EXCh. 3 - Adjusting entries On March 31, the following data...Ch. 3 - Adjusting entries Selected account balances before...Ch. 3 - Adjusting entries Reliable Repairs Service, an...Ch. 3 - Adjusting entries Good Note Company specializes in...Ch. 3 - Adjusting entries and adjusted trial balances...Ch. 3 - Adjusting entries and errors At the end of April,...Ch. 3 - Adjusting entries On May 31, the following data...Ch. 3 - Adjusting entries Selected account balances before...Ch. 3 - Prob. 3.3BPRCh. 3 - Adjusting entries The Signage Company specializes...Ch. 3 - Adjusting entries and adjusted trial balances...Ch. 3 - Prob. 3.6BPRCh. 3 - The unadjusted trial balance that you prepared for...Ch. 3 - Prob. 1ADMCh. 3 - Prob. 2ADMCh. 3 - Nike: Vertical analysis The following data are...Ch. 3 - ATT and Verizon: Vertical analysis The following...Ch. 3 - Ethics in Action Chris P. Bacon is the chief...Ch. 3 - Prob. 3TIF
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- Adjusting entries from trial balances The accountant for Evas Laundry prepared the following unadjusted and adjusted trial balances. Assume that all balances in the unadjusted trial balance and the amounts of the adjustments are correct. Identify the errors in the accountants adjusting entries, assuming that none of the accounts were affected by more than one adjusting entry.arrow_forwardThe accountant for Eva's Laundry prepared the following unadjusted and adjusted trial balances. Assume that all balances in the unadjusted trial balance and the amounts of the adjustments are correct. Identify the errors in the accountant's adjusting entries, assuming that none of the accounts were affected by more than one adjusting entry. Eva's Laundry Trial Balances May 31, 20Y9 Unadjusted Adjusted Debit Balances Credit Balances Debit Balances Credit Balances Cash 7,500 7,500 Accounts Receivable.. 18,250 23,250 Laundry Supplies.. Prepaid Insurance 3,750 6,750 5,200 1,600 Laundry Equipment Accumulated Depreciation-Laundry Equipment.... Accounts Payable Wages Payable 190,000 177,000 48,000 48,000 9,600 9,600 1,000 Common Stock 35,000 35,000 Retained Earnings. 75,300 75,300 Dividends 28,775 28,775 Laundry Revenue. Wages Expense Rent Expense Utilities Expense Depreciation Expense Laundry Supplies Expense Insurance Expense 182,100 182,100 49,200 49,200 25,575 18,500 25,575 18,500 13,000…arrow_forwardIdentify the errors in the following trial balance. All accounts have normal balancearrow_forward
- The accountant for Eva's Laundry prepared the following unadjusted and adjusted trial balances. Assume that all balances in the unadjusted trial balance and the amounts of the adjustments are correct. Identify the errors in the accountant's adjusting entries, assuming that none of the accounts were affected by more than one adjusting entry. Eva's Laundry Trial Balances May 31, 2019 Unadjusted Adjusted Debit Balances Credit Balances Debit Balances Credit Balances Cash 7,500 18,250 3,750 5,200 190,000 7,500 Accounts Receivable. 23,250 Laundry Supplies.. Prepaid Insurance* Laundry Equipment . Accumulated Depreciation-Laundry Equipment.... Accounts Payable Wages Payable... Eva Baldwin, Capital. Eva Baldwin, Drawing Laundry Revenue. Wages Expense Rent Expense .. Utilities Expense Depreciation Expense Laundry Supplies Expense Insurance Expense Miscellaneous Expense 6,750 1,600 177,000 48,000 48,000 9,600 1,000 9,600 110,300 110,300 28,775 28,775 182,100 182,100 49,200 49,200 25,575 25,575…arrow_forwardThe following errors were made in journalizing transactions. In each case, calculate the amount of the error and indicate whether the debit or the credit column of the trial balance will be understated or overstated.arrow_forwardIdentify the errors in the following trial balance. All accounts have normal balances.arrow_forward
- Adjusting journal entry for the allowance for doubtful account.arrow_forwardThe following Post-Closing Trial Balance contains errors. Prepare a corrected Post-Closing Trial Balance:arrow_forwardCHOOSE FROM THE FOLLOWING ACCOUNTS FOR THE CORRECT ACCOUNT OF ADJUSTING ENTRIES: deferred revenue salesarrow_forward
- Review and study the following journal entries and determine which entries have errors. All transactions are regular daily transactions (no adjusting entries). When looking for errors ask yourself does that transaction make sense? Once you discover an error, state how you would correct it.arrow_forwardRequired: Prepare the following: a. All necessary adjusting entries. b. Post-closing trial balance. c. Table for the computation of over and underestimation. d. Entries to record the adjustmentarrow_forwardUsing your calculations above, prepare a journal entry to adjust the allowance account. Even if you feel that your calculations are incorrect, use the appropriate results of your calculation for the journal entry.arrow_forward
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