Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Credit Finders Company Triat Batance February 29, 2020 Account Debit Canh 0,300 Accounts receivable 5.000 Supplies 400 Equipment 22,300 Computers 49.000 Accounts payable Notes payable
Credit Finders Company Triat Batance February 29, 2020 Account Debit Canh 0,300 Accounts receivable 5.000 Supplies 400 Equipment 22,300 Computers 49.000 Accounts payable Notes payable Wnght. Capital Wright, Drawing Service revenue Salary Expense Rent expense Advertising expense Utilities expense Total 2,800 18,500 50.000 4.000 4.100 1.400 800 900 800 91,900 75,400 The following errors were detected: 1. The cash balance is overstated by $5,000. 2. Rent expense of $340 was erroneously posted as a credit rather than a debit 3. A $6,800 credit to Service revenue was not posted 4. A $400 debit to Accounts receivable was posted as $40. 5. The balance of Utilities expense is understated by $70. 6. A $900 purchase of supplies on account was neither journalized nor posted 7. Equipment should be $16,490 Requirement 1. Prepare the corrected trial balance on February 29, 2020. Journal entries are not required 2. Prepare the company's financial statements for the month of February 2020. I- Statements Statement of Owner's equity and ti Balaina Deadline date for submission Sunday Ebruary 14th th 30
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored 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