Identify the errors in the following trial balance. All accounts have normal balances. BLUEFIN CO. Unadjusted Trial
Question:
Identify the errors in the following trial balance. All accounts have normal balances.
Transcribed Image Text:
BLUEFIN CO. Unadjusted Trial Balance For The Month Ending August 31, 2010 Debit Credit Belances Balances 45.000 Cesh........... .... ..................... **.................. Accounts Receivable.....- 9E,400 ....... 21,600 Prepaid Irsurance...........A A..... .................... Equipment, .. Accounts Payable Salaries Payable. Capital Stock Retained Earnings Dividends. ... Service Revenue.... зо0000 .... ......... ......-.... 11,100 ........T...... .. ........ ... .... ... ........ .. 7.500 ................. ......... .................. ................. 75,000 ............... ...................... 184,200 * ....... ..............r........r......... ........ 36,000 .....t...... 472.200 Salary Expense. Advertising Expense.. 196.860 ...... 43.200 .................... ...... .... Miscellaneous Expense 8.940 ....... ... ...... 916.500 916,500
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 50% (6 reviews)
1 The Debit column total is added incorrectly The sum is 583500 rather than 916500 2 The ...View the full answer
Answered By
FREDRICK MUSYOKI
Professional Qualities:
Solution-oriented.
Self-motivated.
Excellent problem-solving and critical thinking skills.
Good organization, time management and prioritization.
Efficient troubleshooting abilities.
Tutoring Qualities:
I appreciate students as individuals.
I am used to tailoring resources for individual needs.
I can integrate IT into student's lessons.
I am good at explaining concepts.
I am able to help students progress.
I have a wide curriculum knowledge.
5.00+
1+ Reviews
10+ Question Solved
Related Book For
Financial and Managerial Accounting
ISBN: 978-0538480895
11th Edition
Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren
Question Posted:
Students also viewed these Cost 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:...
-
You are currently a managing partner at Innovative Marketing Solutions (IMS) a social media marketing start-up. The firm occupies a modern office space at the London Roundhouse (a hub for tech...
-
Sunil's Supplies has hired a new junior accountant and has given her the task of identifying what should be reported as cash as at February 28, 2017, on the company's balance sheet. The following...
-
Estimate (a) The saturation magnetization (b) The saturation flux density of nickel ferrite [(NiFe2O4)8], which has a unit cell edge length of 0.8337 nm.
-
A blood pressure measurement consists of two numbers: the systolic pressure, which is the maximum pressure taken when the heart is contracting, and the diastolic pressure, which is the minimum...
-
BatCo makes metal baseball bats. Each bat requires 1 kg. of aluminum at $ 18 per kg. and 0.25 direct labor hours at $ 20 per hour. Overhead is assigned at the rate of $ 40 per labor hour. What...
-
Rodriguez Corporation issues 12,000 shares of its common stock for $56,600 cash on February 20. Prepare journal entries to record this event under each of the following separate situations. 1. The...
-
Could it be that smoking actually increases survival rates among women? The following data represent the 20-year survival status and smoking status of 1314 English women who participated in a cohort...
-
The following errors occurred is posting from a two-column journal: 1. A credit of $7,150 to Accounts Payable was not posted. 2. An entry debiting Accounts Receivable and crediting Fees Earned for...
-
The following errors took place in journalizing and posting transactions: a. Rent of $12,500 paid for the current month was recorded as a debit to Rent Expense and a credit to Prepaid Rent. b....
-
A gas-electric hybrid truck has an internal combustion engine that provides 24 mpg and a battery that uses 40 kWh per 100 miles. Calculate the miles per gallon equivalent for this vehicle.
-
On 1 Jan 2020, Uptown Ltd acquired a 40% stake in Downtown Ltd for $220,000 cash. At the time of the acquisition, Downtown's share capital was $300,000, its retained earnings were $200,000, and all...
-
Examine and research the following nine "megatrends" in our economy: Population Mobility The Internet of Things Artificial Intelligence (AI) and Robotics Ageing Population Emerging markets...
-
Write a press release The topic of this press release should be an announcement of an event that will be held at Mount Saint Mary College. It does NOT need to be a real event. The essence of the...
-
Analyze how two significant features of a specific mobile OS keep their devices secure.? Evaluates how features of a specific mobile OS keep their devices secure.?
-
The three recent articles below discuss " Why Do Prices Keep Going Up and What's the Cause of Inflation? a) What is meant by the term inflation? How is inflation measured in the U. S. economy? What...
-
A \(1000-\mathrm{kg}\) car traveling with an \(x\) component of velocity of \(+20 \mathrm{~m} / \mathrm{s}\) collides head-on with a \(1500-\mathrm{kg}\) light truck traveling with an \(x\) component...
-
Annual dividends of ATTA Corp grew from $0.96 in 2005 to $1.76 in 2017. What was the annual growth rate?
-
One advantage of using a vulnerability chart is that it forces investigators to consider all aspects of a fraud. (True/False)
-
How does using the rate of return on investment facilitate comparability between divisions of decentralized companies?
-
The rates of return on investment for Fosina Co.s three divisions, East, Central, and West, are 26%, 20%, and 15%, respectively. In expanding operations, which of Fosina Co.s divisions should be...
-
What is the objective of transfer pricing?
-
Your Boss calls you to his office and asks a couple of questions that are basically not in sequence. What is the scaling technique used to build a distributed Streaming Analytics system such as...
-
Suppose you have this query SELECT Pname, Price, Color FROM PRODUCT WHERE Price < 50 OR Color = Red; Which technique can be used to improve this query ? Q2.With a neat state transition diagram...
-
Database systems cannot stand alone; they depend on many other systems. Choose an industry from e-commerce, healthcare, or banking and discuss database security for an organization in one of those...
Study smarter with the SolutionInn App