Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Below is the unadjusted trial balance for Dawson Designs Co. Dawson Designs Co. Unadjusted Trial Balance For the Month of January Debit Credit Balances Balances
Below is the unadjusted trial balance for Dawson Designs Co. Dawson Designs Co. Unadjusted Trial Balance For the Month of January Debit Credit Balances Balances Cash 23,000 Accounts Receivable 49,700 Prepaid Insurance 11,300 Equipment 150,500 Accounts Payable 6,050 Salaries Payable 4,250 Tim Dawson, Capital 110,000 Tim Dawson, Drawing 18,500 Service Revenue 236,600 Salary Expense 98,930 Miscellaneous Expense 4,970 424,020 424,020 1. Identify the errors in the above trial balance by selecting the correct answer from the following dropdowns. All accounts have normal balances. a. The date of the trial balance should be dated January 31 b. The Cash balance c. The Accounts Receivable balance d. The Prepaid Insurance balance e. The Equipment balance f. The Accounts Payable balance g. The Salaries Payable balance h. The Tim Dawson, Capital balance i. The Tim Dawson, Drawing balance 1. The Service Revenue balance k. The Salary Expense balance 1. The Miscellaneous Expense balance 2. Prepare a corrected trial balance. If an amount box does not require an entry, leave it blank. Dawson Designs Co. Unadjusted Trial Balance January 31 Debit Balances Credit Balances Cash Accounts Receivable Prepaid Insurance Equipment Accounts Payable Salaries Payable Tim Dawson, Capital Tim Dawson, Drawing Service Revenue Salary Expense Miscellaneous Expense Below is the unadjusted trial balance for Dawson Designs Co. Dawson Designs Co. Unadjusted Trial Balance For the Month of January Debit Credit Balances Balances Cash 23,000 Accounts Receivable 49,700 Prepaid Insurance 11,300 Equipment 150,500 Accounts Payable 6,050 Salaries Payable 4,250 Tim Dawson, Capital 110,000 Tim Dawson, Drawing 18,500 Service Revenue 236,600 Salary Expense 98,930 Miscellaneous Expense 4,970 424,020 424,020 1. Identify the errors in the above trial balance by selecting the correct answer from the following dropdowns. All accounts have normal balances. a. The date of the trial balance should be dated January 31 b. The Cash balance c. The Accounts Receivable balance d. The Prepaid Insurance balance e. The Equipment balance f. The Accounts Payable balance g. The Salaries Payable balance h. The Tim Dawson, Capital balance i. The Tim Dawson, Drawing balance 1. The Service Revenue balance k. The Salary Expense balance 1. The Miscellaneous Expense balance 2. Prepare a corrected trial balance. If an amount box does not require an entry, leave it blank. Dawson Designs Co. Unadjusted Trial Balance January 31 Debit Balances Credit Balances Cash Accounts Receivable Prepaid Insurance Equipment Accounts Payable Salaries Payable Tim Dawson, Capital Tim Dawson, Drawing Service Revenue Salary Expense Miscellaneous Expense
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started