Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

cant figure this out Trial Balance a. Cash is understated by $1,400. b. A $3,500 debit to Accounts Receivable was posted as a credit. c.

cant figure this out
image text in transcribed
image text in transcribed
image text in transcribed
Trial Balance a. Cash is understated by $1,400. b. A $3,500 debit to Accounts Receivable was posted as a credit. c. A $1,200 purchase of office supplies on account was neither journalized nor posted. d. Equipment was incorrectly transferred from the ledger as $86,300. It should have been transferred as $78,000. e. Salaries Expense is overstated by $400. f. A $900 cash payment for advertising expense was neither journalized nor posted. g. A $240 owner's withdrawal of cash was incorrectly journalized as $2,400. h. Service Revenue was understated by $4,000. i. A 12 -month insurance policy was posted as a $1,000 credit to Prepaid Insurance. Cash was posted correctly. The trial balance of Smart Tots Child Care does not balance. The following errors are delected: (Click the icon to view the trial balancei) (Click the icon to viow the errors:) Prepare the corrected trial balance as of August312024 Journal ontries required

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Interpreting And Analyzing Financial Statements

Authors: Karen P. Schoenebeck

3rd Edition

0130082163, 9780130082169

More Books

Students also viewed these Accounting questions

Question

2. Have enough shelves so that materials need not be stacked.

Answered: 1 week ago