The trial balance of Beautiful Tots Child Care does not balance.
BEAUTIFUL TOTS CHILD CARE
T...
Business, 07.06.2021 01:10 cecilysimpson3089
The trial balance of Beautiful Tots Child Care does not balance.
BEAUTIFUL TOTS CHILD CARE
Trial Balance August 31, 2018
Balance
Account Title Debit Credit
Cash 7,900
Accounts Receivable 6,700
Office Supplies 1,000
Prepaid Insurance 300
Equipment 91,500
Accounts Payable 3,400
Notes Payable 45,000
Common stock 57,000
Dividends 5000
Service Revenue 12,350
Salaries Expense 4,400
Rent Expense 750
Total 117,550 S117,750
The following errors are detected:
a. Cash is understated by $1,500.
b. A $4,100 debit to Accounts Receivable was posted as a credit.
c. A $1,400 purchase of office supplies on account was neither journalized nor posted.
d. Equipment was incorrectly transferred from the ledger as $91,500. It should have been transferred as $83,000.
e. Salaries Expense is overstated by $700.
f. A $300 cash payment for advertising expense was neither journalized nor posted.
g. A $200 cash dividend was incorrectly journalized as $2,000.
h. Service Revenue was understated by $4,100.
i. A 12-month insurance policy was posted as a $1,900 credit to Prepaid Insurance.
Cash was posted correctly.
Prepare the corrected trial balance as of August 31, 2018. Journal entries are not required.
Answers: 2
Other questions on the subject: Business
Business, 22.06.2019 10:00, ladnerhailey16
You are president of a large corporation. at a typical monthly meeting, each of your vice presidents gives standard area reports. in the past, these reports have been good, and the vps seem satisfied about their work. based on situational approach to leadership, which leadership style should you exhibit at the next meeting?
Answers: 2
Business, 22.06.2019 23:40, valenciafaithtorres
Martha is one producer in the perfectly competitive jelly industry. last year, martha and all of her competitors found themselves earning economic profits. if there is free entry and exit, what do you expect to happen to the number of suppliers in the industry and the price of jelly? the number of suppliers will increase, and the price of jelly will fall. the number of suppliers will decrease, and the price of jelly will increase. the number of suppliers will increase, and the price of jelly will increase. the number of suppliers will decrease, and the price of jelly will fall.
Answers: 3
Business, 23.06.2019 00:30, genyjoannerubiera
Listed below are several transactions that took place during the first two years of operations for the law firm of pete, pete, and roy. year 1 year 2amounts billed to clients for services rendered $ 170,000 $ 220,000 cash collected from clients 160,000 190,000 cash disbursements salaries paid to employees for services rendered during the year 90,000 100,000 utilities 30,000 40,000 purchase of insurance policy 60,000 0 in addition, you learn that the company incurred utility costs of $35,000 in year 1, that there were no liabilities at the end of year 2, no anticipated bad debts on receivables, and that the insurance policy covers a three-year period. required: 1. & 3. calculate the net operating cash flow for years 1 and 2 and determine the amount of receivables from clients that the company would show in its year 1 and year 2 balance sheets prepared according to the accrual accounting model.2. prepare an income statement for each year according to the accrual accounting model.
Answers: 1
Business, 23.06.2019 01:10, DarcieMATHlin6217
Match the steps for conducting an informational interview with the task involved in each step or its purpose. 1. research your chosen career field. 2. identify someone to interview. 3. prepare for the interview. 4. conduct the informational interview. 5. follow up with your interviewer. a. learn more about a company that interests you. b. encourage the interviewer to do most of the talking while you take notes. c. write a handwritten -you letter to express that you want to stay in touch. d. make contact through email, a phone call, or mail to arrange the meeting. e. choose a conservative, professional ensemble to wear.
Answers: 3
You know the right answer?
Questions in other subjects:
