Identify the errors in the following trial balance. All accounts have normalbalances. Mascot Co. Unadjusted Trial Balance
Question:
Identify the errors in the following trial balance. All accounts have normalbalances.
Transcribed Image Text:
Mascot Co. Unadjusted Trial Balance For the Month Ending July 31, 2014 Debit Balances Credit Balance5 112,600 7,500 100,000 197,200 17,000 682,000 Dividends 73,000 11,600 1,189,300 1,189,300
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 92% (13 reviews)
1 The Debit column total is added incorrectly The sum is 890700 rather than 1189300 2 T...View the full answer
Answered By
Benard Ndini Mwendwa
I am a graduate from Kenya. I managed to score one of the highest levels in my BS. I have experience in academic writing since I have been working as a freelancer in most of my time. I am willing to help other students attain better grades in their academic portfolio. Thank you.
4.90+
107+ Reviews
240+ Question Solved
Related Book For
Corporate Financial Accounting
ISBN: 978-1133952411
12th edition
Authors: Carl S. Warren, James M. Reeve, Jonathan E. Duchac
Question Posted:
Related Video
A trial balance is a list of all the general ledger accounts contained in the ledger of a business. This list will contain the name of each nominal ledger account and the value of that nominal ledger balance. Each nominal ledger account will hold either a debit balance or a credit balance
Students also viewed these Accounting questions
-
Identify the errors in the following trial balance and prepare a corrected trial balance. All accounts have normal balances. Burgoo Co. Unadjusted Trial Balance For the Month Ended March 31, 2015...
-
Identify the errors in the following income statement: Keepsakes Company Income Statement For the Year Ended February 29, 2012 Revenue from sales: Sales...... $7,200,000 Add: Sales returns and...
-
Identify the errors in the following schedule of cost of merchandise sold for the current year ended July 31,2010: Cost of merchandise sold: Merchandise inventory, July 31, 2010 Purchases Plus:...
-
Problems 113 122. The purpose of these problems is to keep the material fresh in your mind so that you are better prepared for later sections, a final exam, or subsequent courses such as calculus. X...
-
The partial pressure of O2 in air at sea level is 0.21 atm. Using the data in Table 13.1, together with Henry's law, calculate the molar concentration of O2 in the surface water of a mountain lake...
-
___________ are used to represent the relationships between the hardware components used in the physical infrastructure of an information system. (a) Package diagrams (b) Deployment diagrams (c)...
-
How to enforce a settlement agreement?
-
Anna is about to buy a house on a hill. Prior to the purchase she obtains a promise from Betty, the owner of the adjacent property, that Betty will not build any structure that would block Annas...
-
A year ago, the Sequoia Growth Fund was being quoted at an NAV of $27.16 and an offer price of $28.40; today, it's being quoted at $28.08 (NAV) and $28.70 (offer). Use the approximate yield formula...
-
The capacitance in a series RCL circuit is C1 = 2.60 F, and the corresponding resonant frequency is f01 = 7.30 kHz. The generator frequency is 5.60 kHz. What is the value of the capacitance C2 that...
-
The following errors occurred in posting from a two-column journal: 1. A credit of $6,000 to Accounts Payable was not posted. 2. An entry debiting Accounts Receivable and crediting Fees Earned for...
-
The following data (in millions) are taken from the financial statements of Target Corporation. a. For Target Corporation, determine the amount of change in millions and the percent of change (round...
-
On December 31, it was estimated that goodwill of $4,000,000 was impaired. In addition, a patent with an estimated useful economic life of 15 years was acquired for $900,000 on August 1. Required: A....
-
When dealing with other workers, provide an example of how to respect their differences in culture.
-
You are a lawyer or paralegal in a firm that represents Veterans in front of the Board of Veterans Appeals (BVA). You just got a new client, Ed, who fought in the Vietnam War. At the time, he applied...
-
When deciding the best strategy to add extra time on a project, we should consider an approach that considers the cost of overtime the amount of time to be reduced lighting requirements work morale...
-
Discussion : Copyright protection is available for original works of authorship that are fixed in a tangible form, whether published or unpublished. The categories of works that can be protected by...
-
What is the name of Germany's central bank What is the role of a CentralBank? What is the name of the Central Bank for that country? How does the Central Bank help form a Financial Safety Net? Are...
-
____________________ who have an opportunity to try. _________________crops often see a great _________________ benefit and adopt this new technology, but other members of the ___________ are slower...
-
1. What is the semi-annually compounded interest rate if $200 accumulates to $318.77 in eight years? Answer in percentage with two decimal places. 2. What is the quarterly compounded interest rate if...
-
Using the gasoline data of Baltagi and Griffin (1983), given as Gasoline.dat on the Springer website, reproduce Table 3.6. Table 3.6 Gasoline demand data. Two-way error component results 3 B 0.889...
-
The following transactions, adjusting entries, and closing entries were completed by Legacy Furniture Co. during a three-year period. All are related to the use of delivery equipment. The...
-
The following transactions, adjusting entries, and closing entries were completed by Legacy Furniture Co. during a three-year period. All are related to the use of delivery equipment. The...
-
Lily Flower's weekly gross earnings for the present week were $2,500. Flower has two exemptions. Using the wage bracket withholding table in Exhibit 3 with a $75 standard withholding allowance for...
-
What is the context for risk management? Question 2: Why is it important to set the scope for risk management? Question 3: Explain why it is necessary for a business to document the identified risks...
-
List and explain four reasons you might consider refurbishing an existing piece of fire apparatus compared to replacement. What are the considerations you have to think of to compare refurbishment...
-
1. How is the production team of One Tree Hill with the show? Consider the sets and outdoor settings, and what makes it a great film series in Wilmington, North Carolina. 2. What does the framing and...
Study smarter with the SolutionInn App