The accountant for E-Z Laundry prepared the following unadjusted and adjusted trial balances. Assume that all balances
Question:
The accountant for E-Z 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.
E-Z Laundry Trial Balance July 31, 2012 Adjusted Unadjusted Debit Credit Balances Balances Debit Credit Balances Balances Cash 7,500 7,500 22,000 5,500 Accounts Receivable. 18,250 Laundry Supplies. Prepaid Insurance* Laundry Equipment Accumulated Depreciation-Laundry Equipment.. Accounts Payable . Wages Payable.. Capital Stock.. Retained Earnings. 3,750 5,200 1,400 190,000 184,000 48,000 48,000 9,600 9,600 1,200 40,000 40,000 70,300 70,300 Dividends.... 28,775 28,775 Laundry Revenue. Wages Expense Rent Expense . Utilities Expense 182,100 182,100 49,200 49,200 25,575 25,575 18,500 18,500 6,000 1,750 Depreciation Expense Laundry Supplies Expense Insurance Expense Miscellaneous Expense 800 3,250 3,250 350,000 350,000 354,250 351,200
Step by Step Answer:
1 The accountant debited Accounts Receivable for 3750 but did not credit Laundry Revenue This adjust...View the full answer
Financial and Managerial Accounting Using Excel for Success
ISBN: 978-1111993979
1st edition
Authors: James Reeve, Carl S. Warren, Jonathan Duchac
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 Business questions
-
The accountant for Rooster 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...
-
The accountant for Sweetwater 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...
-
The accountant for Minaret 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...
-
Suppose you come from a part of the world that is blessed with abundant water. Demand never comes close to the available amount. Should you be careful about the amount you use or should you simply...
-
Suppose that the current eur/gbp spot rate is 0.6, the effective risk-free rates of return are r = 6 percent and r = 8 percent, and the spot rate will either increase to 0.62 or decrease to 0.57 at...
-
1. Should Nicholas have promoted Paul? Why or why not? 2 What are Nicholas legal responsibilities to Paul in this situation? 3 What are Nicholas ethical responsibilities to Paul in this situation?...
-
What is this project's IRR? a. 25.67% b. 27.19% c. 28.76% d. 29.86% Assume that the appropriate cost of capital for this project is 12 percent. 0 1 2 Time Cash Flow -$750 $400 $300 3 $200 4 $400
-
Andular Financial Services was organized on April 1 of the current year. On April 2, Andular prepaid $9,000 to the city for taxes (license fees) for the next 12 months and debited the prepaid taxes...
-
Homepage B Content < 1 2 3 Question 8 of 8 (1 point) | Attempt 2 of Unlimited | View question in wo residential buildings are to be constructed with a grassy From the roof of the shorter building,...
-
Biogen, a biotechnology firm, had a beta of 1.70 in 1995. It had no debt outstanding at the end of that year. a. Estimate the cost of equity for Biogen, if the Treasury bond rate is 6.4%. b. What...
-
The unadjusted and adjusted trial balances for McWay Services Co. on August 31, 2012, are shown below. Journalize the five entries that adjusted the accounts at August 31, 2012. None of the accounts...
-
Beacon Company maintains and repairs warning lights, such as those found on radio towers and lighthouses. Beacon Company prepared the end-of-period spreadsheet shown on the next page at October 31,...
-
What are some of the risks of ethical sourcing? What about the potential advantages? Do you think ethical sourcing is a good practice?
-
Online marketing research seems to be the wave of the future. What drawbacks do you see associated with conducting surveys online? Are privacy issues greater with online surveys than with other forms...
-
Functions can be used to replace multiple code statements that perform essentially the same task with different values. This occurs in the Tic - Tac - Toe game program within the tutorial. See the...
-
A company pays its employees $3,850 each Friday, which amounts to $770 per day for the five-day work week that begins on Monday. If the monthly accounting period ends on Thursday and the employees...
-
i) The guiding principle of records management is to ensure that information is available when and where it is needed, in an organized and efficient manner, and in a well maintained environment. As...
-
1) Given f(x)=-2x+3x find each of the following: f(-3); f(2); f(-a); f(a+h)
-
Why would you construct a summary table?
-
CLASS PERIO Solving Linear Equations: Variable on Both Sides Solve each equation. 1) 6r+ 7 = 13 + 7r 3) -7x-3x+2=-8x-8 5)-14 +66+7-26=1+5b 7) n-3n = 14-4n 2) 13-4x=1-x 4)-8-x= x - 4x 6)n+2=-14-n 8)...
-
Provide two examples of selling costs and two examples of general and administrative costs at PepsiCo.
-
Describe the three inventory accounts used to record product costs.
-
What are the three categories of product costs that flow through the work-in-process inventory account? Describe each one.
-
Homework: ACCE 307 Question 9, E14-21 (book/static) = Sp 22 Part 1 of 4 Best Drugs is a distributor of pharmaceutical products. Its ABC system has five activities: (Click the icon to view the...
-
Exercise 10-3 (Algo) Measures of Internal Business Process Performance [LO10-3] Management of Mittel Rhein AG of Kln, Germany, would like to reduce the amount of time between when a customer places...
-
Homework Chapter 26 Question 2 of 2 View Policies Current Attempt in Progress -150 1 Cancer Corporation accumulates the following data relative to jobs started and fed during the month of June 2022...
Study smarter with the SolutionInn App