Dao Vang, CPA, was retained by Universal Cable to prepare financial statements for April 2015 Vang accumulated all the ledger balances per Universals records and found the following UNIVERSAL CABLE Trial Balance April 30, 2015 Debit Credit Cash $4,024 Accounts Receivable 3,303 Supplies 746 Equipment 10,682 Accumulated Depreciation Equip $1,350 Accounts Payable 2,047 Salaries and Wages Payable 723 Unearned Service Revenue 881 Common Stock 8,762 Retained Earnings 3,691 Service Revenue 5,867 Salaries and Wages Expense 3,202 Advertising Expense 583 Miscellaneous Expense 260 Depreciation Expense 521 $23,321 $23,321 Dao Vang reviewed the records and found the following errors 1 Cash received from a customer on account was recorded as $830 instead of $380 2 A payment of $78 for advertising expense was entered as a debit to Miscellaneous Expense $78 and a credit to Cash $78 3 The first salary payment this month was for $1,900, which included $723 of salaries payable on March 31 The payment was recorded as a debit to Salaries and Wages Expense $1,900 and a credit to Cash $1,900 (No reversing entries were made on April 1 ) 4 The purchase on account of a printer costing $238 was recorded as a debit to Supplies and a credit to Accounts Payable for $238 5 A cash payment of repair expense on equipment for $72 was recorded as a debit to Equipment $27 and a credit to Cash $27 (a) Your answer is partially correct Try again Prepare an analysis of each error showing the incorrect entry, the correct entry, and the correcting entry Items 4 and 5 occurred on April 30, 2015 (Credit account titles are automatically indented when amount is entered Do not indent manually ) INCORRECT ENTRY No Account Titles and Explanation Debit Credit 1 2 3 4 5 CORRECT ENTRY No Account Titles and Explanation Debit Credit 1 2 3 4 5 CORRECTING ENTRY No Account Titles and Explanation Debit Credit 1 2 3 4 5 SHOW LIST OF ACCOUNTS SHOW ANSWER LINK TO TEXT By accessing this Question Assistance, you will learn while you earn points based on the Point Potential Policy set by your instructor Attempts 3 of 3 used You have surpassed the number of attempts to earn Maximum Points for this question For this attempt, and any subsequent attempt(s), you will earn points according to the Point Potential policy set by your instructor (b) Your answer is partially correct Try again Prepare a correct trial balance UNIVERSAL CABLE Trial Balance April 30, 2015 Debit Credit $ $ $ $

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Dao Vang, CPA, was retained by Universal Cable to prepare financial statements for April 2015. Vang accumulated all the ledger balances per Universals records and

Dao Vang, CPA, was retained by Universal Cable to prepare financial statements for April 2015. Vang accumulated all the ledger balances per Universals records and found the following.

UNIVERSAL CABLE Trial Balance April 30, 2015
	Debit	Credit
Cash	$4,024
Accounts Receivable	3,303
Supplies	746
Equipment	10,682
Accumulated Depreciation-Equip.		$1,350
Accounts Payable		2,047
Salaries and Wages Payable		723
Unearned Service Revenue		881
Common Stock		8,762
Retained Earnings		3,691
Service Revenue		5,867
Salaries and Wages Expense	3,202
Advertising Expense	583
Miscellaneous Expense	260
Depreciation Expense	521
	$23,321	$23,321

Dao Vang reviewed the records and found the following errors.

1.		Cash received from a customer on account was recorded as $830 instead of $380.
2.		A payment of $78 for advertising expense was entered as a debit to Miscellaneous Expense $78 and a credit to Cash $78.
3.		The first salary payment this month was for $1,900, which included $723 of salaries payable on March 31. The payment was recorded as a debit to Salaries and Wages Expense $1,900 and a credit to Cash $1,900. (No reversing entries were made on April 1.)
4.		The purchase on account of a printer costing $238 was recorded as a debit to Supplies and a credit to Accounts Payable for $238.
5.		A cash payment of repair expense on equipment for $72 was recorded as a debit to Equipment $27 and a credit to Cash $27.

image text in transcribed

(a)


	Your answer is partially correct. Try again.

Prepare an analysis of each error showing the incorrect entry, the correct entry, and the correcting entry. Items 4 and 5 occurred on April 30, 2015. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) INCORRECT ENTRY

No.	Account Titles and Explanation	Debit	Credit
1.

2.

3.

4.

5.

CORRECT ENTRY

No.	Account Titles and Explanation	Debit	Credit
1

2.

3.


4.

5.

CORRECTING ENTRY

No.	Account Titles and Explanation	Debit	Credit
1.

2.

3.

4.

5.

SHOW LIST OF ACCOUNTS

SHOW ANSWER

LINK TO TEXT

By accessing this Question Assistance, you will learn while you earn points based on the Point Potential Policy set by your instructor.

Attempts: 3 of 3 used

You have surpassed the number of attempts to earn Maximum Points for this question. For this attempt, and any subsequent attempt(s), you will earn points according to the Point Potential policy set by your instructor.