An inexperienced bookkeeper prepared the following trial balance. Prepare a correct trial balance, assuming all account balances
Question:
Transcribed Image Text:
CAPPSHAW COMPANY Trial Balance December 31, 2017 Debit Credit Cash Prepaid Insurance Accounts Payable Unearned Service Revenue Owners Capital Owners Drawings Service Revenue Salaries and Wages Expense Rent Expense $10,800 3,500 3,000 2,200 9,000 4,500 25,600 18,600 2,400 $48,000 $31,600
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 56% (16 reviews)
CAPPSHAW COMPANY Trial Balance December 31 2017 Debit Credi...View the full answer
Answered By
Asim farooq
I have done MS finance and expertise in the field of Accounting, finance, cost accounting, security analysis and portfolio management and management, MS office is at my fingertips, I want my client to take advantage of my practical knowledge. I have been mentoring my client on a freelancer website from last two years, Currently I am working in Telecom company as a financial analyst and before that working as an accountant with Pepsi for one year. I also join a nonprofit organization as a finance assistant to my job duties are making payment to client after tax calculation, I have started my professional career from teaching I was teaching to a master's level student for two years in the evening.
My Expert Service
Financial accounting, Financial management, Cost accounting, Human resource management, Business communication and report writing. Financial accounting : • Journal entries • Financial statements including balance sheet, Profit & Loss account, Cash flow statement • Adjustment entries • Ratio analysis • Accounting concepts • Single entry accounting • Double entry accounting • Bills of exchange • Bank reconciliation statements Cost accounting : • Budgeting • Job order costing • Process costing • Cost of goods sold Financial management : • Capital budgeting • Net Present Value (NPV) • Internal Rate of Return (IRR) • Payback period • Discounted cash flows • Financial analysis • Capital assets pricing model • Simple interest, Compound interest & annuities
4.40+
65+ Reviews
86+ Question Solved
Related Book For
Accounting Principles
ISBN: 978-1118875056
12th edition
Authors: Jerry Weygandt, Paul Kimmel, Donald Kieso
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
-
An inexperienced bookkeeper prepared the following trial balance that does not balance. Prepare a correct trial balance, assuming all account balances arenormal. PETTENGILL COMPANY Trial Balance...
-
An inexperienced bookkeeper prepared the following trial balance that does not balance. Prepare a correct trial balance, assuming all account balances arenormal. CINELLI COMPANY Trial Balance...
-
An inexperienced bookkeeper prepared the following trial balance that does not balance. Prepare a correct trial balance, assuming all account balances arenormal. PELICAN COMPANY Trial Balance...
-
In Exercises 1138, use the given conditions to write an equation for each line in point-slope form and slope-intercept form. Slope = 2, passing through (3, 5)
-
Select and construct a graph a graph for a chart that shows Student Housing at Be Smart University for 2010. Use PowerPoint to construct this chart for an oral presentation and to enter the header...
-
You are chief accotmtant for your company, which manufactures three joint products. The company president has told you that it is very important for the costs of the three products to be determined...
-
Describe the five approaches to exemplary leadership. AppendixLO1
-
Ellery Stevens, senior partner in a rapidly growing local CPA firm, has decided to retire. His share in the firm's profits and losses is 30 percent and his capital account, before considering...
-
The following worksheet (extract) has been prepared for the consolidation of Esk Ltd and Urban Ltd. Required i. Describe why each of the adjustment entries in the worksheet is required during...
-
The adjusted trial balance for Hercules Company is presented below. Instructions a. Prepare the closing entries. b. Prepare T accounts for the accounts aff ected by the closing entries. Post the...
-
From the ledger balances given below, prepare a trial balance for the Amaro Company at June 30, 2017. List the accounts in the order shown on page 58 of the textbook. All account balances are normal....
-
Tom Rast engaged in the following activities in establishing his photography studio, Picture This!: 1. Opened a bank account in the name of Picture This! and deposited $6,300 of his own money into...
-
1. Conduct an industry environment analysis. Is Carlsberg A/S in an attractive industry? 2. Identify the reasons for Carlsberg A/S mergers and acquisitions (M&As)? What type of the M&A strategy does...
-
Analysts and investors often use return on equity ( ROE ) to compare profitability of a company with other firms in the industry. ROE is considered a very important measure, and managers strive to...
-
Provide a brief summary of the case. Respond to the following: 1. Discuss the factors which contributed to the success of the change process in terms of unfreeze, move, and refreeze stages in force...
-
Prepare a proposal where a government agency meets with consumer groups and producers on how to address the shortages in rice, sugar, onions, and fuel, i.e. oil, gasoline and the like. Use the format...
-
Decided to embark on a personal improvement project centered around time management after reviewing the insightful workbook by Neuhauser et al. (2004). My decision was influenced by my recognition...
-
You are the Senior Manager of IAuditYou LLP, you were recently assigned to take over a very important client for the company, The engagement partner, Max Roff, has been the audit partner for the past...
-
The policies and procedures used by management to protect assets from misuse, ensure accurate business information, and ensure compliance with laws and regulations are called: A. internal controls B....
-
Assume today is the 21st of February. Using the information below, FT Extract, answer the following questions (parts i and ii). You work for a US company that is due to receive 250 million in June...
-
Explain for whom international differences in financial reporting are a problem. Describe any ways you know about in which those who face such problems are dealing with them.
-
Under what circumstances may a static budget be an appropriate basis for evaluating a managers effectiveness in controlling costs?
-
What is management by exception? What criteria may be used in identifying exceptions?
-
What is responsibility accounting? Explain the purpose of responsibility accounting.
-
Which of the following concerning short-term financing methods is NOT CORRECT? Short-term bank loans typically do not require assets as collateral. Firms generally have little control over the level...
-
Kingbird Corporation is preparing its December 31, 2017, balance sheet. The following items may be reported as either a current or long-term liability. 1. On December 15, 2017, Kingbird declared a...
-
BE13.2 (LO 1), AP An inexperienced accountant for Silva Corporation showed the following in the income statement: net income \$337,500 and unrealized gain on availablefor-sale securities (before...
Study smarter with the SolutionInn App