did i do it coreectly
Your line manager wants to assess your understanding and ability to prepare and produce the Trial Balance by using the following ledger accounts of the Masterminds Programming Company in order to produce a trail balance at Decernber 31.2021, applying the use of the balance off rule to complete the ledger. And, make the adjustments entries for the following transactions before preparing the final accounts for LCC company: - On the 5th of July 2021, the business purchased supplies for 800 cash. On 31 st of December, 2021 the business found out that the supplies still on hand were 600 only. - On the1st of July the business purchased a one-year insurance policy for 600 . Prepare the adjusting entry on 31 t of December 2021. ( 6 months) - Masterminds recelved 2,100 on October 2 from customer for advertising services expected to be completed by December 31. Uneamed Service Revenue shows a balance of 2,100 on 31th of December 2021 . Analysis reveals that the company performed 1,300 of services Now, At Masterminds Company, the following errors were discovered after the transactions had been journalized and posted. Prepare the necessary correcting entry for each of the following, and explain what the accounting errors that alfects the trial balance are. - A collection on account of $550 was debited to Cash $550 and credited to Service Revenue $550. - The purchase of supplies on account for $1,750 was recorded as a debit to Supplies for $1,570 and a credit to Accounts Payable for $1,570 - A payment for Utilities Expense costing $200 was omitted from the general journal \begin{tabular}{|l|l|l|l|l|r|} \hline \multicolumn{7}{|c|}{ Accounts Payable } \\ \hline Date & Explanation & Ref & Dr. & C. & Balance \\ \hline 11-Jul & & 11 & & 42000 & 42000 \\ \hline & & & & & \\ \hline \end{tabular} \begin{tabular}{|c|c|l|l|l|r|} \hline \multicolumn{7}{|c|}{ Motor Vehicles } \\ \hline Date & Explanation & Ref & Dr. & Cr. & Balance \\ \hline 7.jul & & 11 & 44000 & & 44000 \\ \hline & & & & & \\ \hline \end{tabular} \begin{tabular}{|r|r|l|l|l|r|} \hline \multicolumn{7}{|c|}{ Accounts Receivable } \\ \hline Date & Explanation & Ref & Dr. & Cr. & Balance \\ \hline 7-Jul & & 11 & 69000 & & 69000 \\ \hline 17-Jul & & 11 & & 18000 & 51000 \\ \hline \end{tabular} \begin{tabular}{|r|r|l|r|l|r|} \hline \multicolumn{7}{|c|}{ Land } \\ \hline Date & Explanation & Ref & Or. & Or. & Balance \\ \hline 8.jul & & 11 & 8500 & & 8500 \\ \hline & & & & & \\ \hline \end{tabular} \begin{tabular}{|c|r|l|l|l|r|} \hline \multicolumn{7}{|c|}{ Arsumulated Depreciation-Motor Vehicles } \\ \hline Date & Explanation & Ret & Or. & Cr. & Balance \\ \hline 30-lul & & J & & 9000 & 9000 \\ \hline & & & & & \\ \hline \end{tabular} \begin{tabular}{|c|l|l|l|l|r|} \hline \multicolumn{7}{|c|}{ Service Hlevenue } \\ \hline Date & Explanation & Ref & Dr. & Cr. & Balance \\ \hline 11-Jul & & 11 & & 3300 & 3300 \\ \hline & & & & & \\ \hline \end{tabular} \begin{tabular}{|r|l|l|l|l|c|} \hline \multicolumn{7}{|c|}{ Share Capital } \\ \hline Date & Explanstion & Ref & Dr. & O. & Balance \\ \hline 1.Jul & & 11 & & 121600 & 121600 \\ \hline & & & & & \\ \hline \end{tabular} \begin{tabular}{|l|l|l|l|l|l|} \hline Dere & Erpanation & Ref & Dr. & C. & Balance \\ \hline 15 lug & & If & 102000 & & 100000 \\ \hline & & & & & \\ \hline \end{tabular} \begin{tabular}{|c|l|l|l|l|l|} \hline \multicolumn{7}{|c|}{ Acrumulated Depreciation-tquigment } \\ \hline Date & Explanation & Ret & Dr. & Or. & Bsance \\ \hline 30J & & 11 & & 22500 & 27500 \\ \hline & & & & & \\ \hline \end{tabular} \begin{tabular}{|c|l|l|l|l|r|} \hline \multicolumn{7}{|c|}{ Drawing } \\ \hline Dute & Explanation & Ref & Dr & Or. & Batance \\ \hline 21Ju & & 11 & 27000 & & 23000 \\ \hline & & & & & \\ \hline \end{tabular} \begin{tabular}{|c|c|l|l|l|l|} \hline \multicolumn{7}{|c|}{ Imvontory } \\ \hline Dste & Explanation & Aef & Dr & G & Balance \\ \hline 21 tul & & 11 & 15000 & & 15000 \\ \hline & & & & & \\ \hline \end{tabular} \begin{tabular}{|c|c|l|c|l|r|} \hline \multicolumn{7}{|c|}{ Wages in Salaries Expenses. } \\ \hline Date & Explanation & Ref & Dr. & O. & Bdance \\ \hline 29JI & & in & 64000 & & 64000 \\ \hline & & & & & \\ \hline \end{tabular} \begin{tabular}{|c|c|l|l|l|r|} \hline \multicolumn{5}{|c|}{ Heating 8 tighting } \\ \hline Pref & Explanation & Ref & Dr. & Cr. & Balanse \\ \hline 26-Jut & & A & 5000 & & 5000 \\ \hline & & & & & \\ \hline \end{tabular} \begin{tabular}{|r|l|l|l|l|r|} \hline \multicolumn{7}{|c|}{ Supplies } \\ \hline Date & Exglanation & Ref & Dr. & Cr. & Batance \\ \hline 1.Jul & & 11 & 900 & & 900 \\ \hline & & & & & \\ \hline \end{tabular} \begin{tabular}{|r|l|l|l|l|r|} \hline \multicolumn{7}{|c|}{ Hent Expense } \\ \hline Date & Explanation & Ref & Dr. & Cr. & Batance \\ \hline B0-duf & & 11 & 14000 & & 14000 \\ \hline & & & & & \\ \hline \end{tabular} \begin{tabular}{|r|l|l|l|l|r|} \hline \multicolumn{7}{|c|}{ Prepaid Insurance } \\ \hline Date & Exglanation & Ref & Dr. & Cr. & Balance \\ \hline 5.lul & & 11 & 500 & & 500 \\ \hline & & & & & \\ \hline \end{tabular} \begin{tabular}{|r|l|l|l|l|l|} \hline \multicolumn{7}{|c|}{ Purchases } \\ \hline Date & Explanation & Ref & Dr. & O. & Balance \\ \hline 5-lul & & II & 302000 & & 302000 \\ \hline & & & & & \\ \hline \end{tabular} \begin{tabular}{|l|l|l|l|l|l|} \hline \multicolumn{7}{|c|}{ Sules Reverue } \\ \hline Date & Explanation & Ref & Or. & Cr. & Palarce \\ \hline 19.lul & & II & & 488000 & 478000 \\ \hline & & & & & \\ \hline \end{tabular} \begin{tabular}{|r|r|r|l|l|r|} \hline \multicolumn{7}{|c|}{ Purchase fleturn } \\ \hline Ore & Explanation & Ref & Dr. & C. & Balance \\ \hline 7-Jul & & in & & 1000 & 1000 \\ \hline & & & & & \\ \hline \end{tabular} \begin{tabular}{|c|r|l|l|l|r|} \hline \multicolumn{7}{|c|}{ Sales iketum } \\ \hline Date & Eeplanation & Ref & Or. & Cr. & 8alance \\ \hline 19.lul & & 11 & 2000 & & 2000 \\ \hline & & & & & \\ \hline \end{tabular} Your line manager wants to assess your understanding and ability to prepare and produce the Trial Balance by using the following ledger accounts of the Masterminds Programming Company in order to produce a trail balance at Decernber 31.2021, applying the use of the balance off rule to complete the ledger. And, make the adjustments entries for the following transactions before preparing the final accounts for LCC company: - On the 5th of July 2021, the business purchased supplies for 800 cash. On 31 st of December, 2021 the business found out that the supplies still on hand were 600 only. - On the1st of July the business purchased a one-year insurance policy for 600 . Prepare the adjusting entry on 31 t of December 2021. ( 6 months) - Masterminds recelved 2,100 on October 2 from customer for advertising services expected to be completed by December 31. Uneamed Service Revenue shows a balance of 2,100 on 31th of December 2021 . Analysis reveals that the company performed 1,300 of services Now, At Masterminds Company, the following errors were discovered after the transactions had been journalized and posted. Prepare the necessary correcting entry for each of the following, and explain what the accounting errors that alfects the trial balance are. - A collection on account of $550 was debited to Cash $550 and credited to Service Revenue $550. - The purchase of supplies on account for $1,750 was recorded as a debit to Supplies for $1,570 and a credit to Accounts Payable for $1,570 - A payment for Utilities Expense costing $200 was omitted from the general journal \begin{tabular}{|l|l|l|l|l|r|} \hline \multicolumn{7}{|c|}{ Accounts Payable } \\ \hline Date & Explanation & Ref & Dr. & C. & Balance \\ \hline 11-Jul & & 11 & & 42000 & 42000 \\ \hline & & & & & \\ \hline \end{tabular} \begin{tabular}{|c|c|l|l|l|r|} \hline \multicolumn{7}{|c|}{ Motor Vehicles } \\ \hline Date & Explanation & Ref & Dr. & Cr. & Balance \\ \hline 7.jul & & 11 & 44000 & & 44000 \\ \hline & & & & & \\ \hline \end{tabular} \begin{tabular}{|r|r|l|l|l|r|} \hline \multicolumn{7}{|c|}{ Accounts Receivable } \\ \hline Date & Explanation & Ref & Dr. & Cr. & Balance \\ \hline 7-Jul & & 11 & 69000 & & 69000 \\ \hline 17-Jul & & 11 & & 18000 & 51000 \\ \hline \end{tabular} \begin{tabular}{|r|r|l|r|l|r|} \hline \multicolumn{7}{|c|}{ Land } \\ \hline Date & Explanation & Ref & Or. & Or. & Balance \\ \hline 8.jul & & 11 & 8500 & & 8500 \\ \hline & & & & & \\ \hline \end{tabular} \begin{tabular}{|c|r|l|l|l|r|} \hline \multicolumn{7}{|c|}{ Arsumulated Depreciation-Motor Vehicles } \\ \hline Date & Explanation & Ret & Or. & Cr. & Balance \\ \hline 30-lul & & J & & 9000 & 9000 \\ \hline & & & & & \\ \hline \end{tabular} \begin{tabular}{|c|l|l|l|l|r|} \hline \multicolumn{7}{|c|}{ Service Hlevenue } \\ \hline Date & Explanation & Ref & Dr. & Cr. & Balance \\ \hline 11-Jul & & 11 & & 3300 & 3300 \\ \hline & & & & & \\ \hline \end{tabular} \begin{tabular}{|r|l|l|l|l|c|} \hline \multicolumn{7}{|c|}{ Share Capital } \\ \hline Date & Explanstion & Ref & Dr. & O. & Balance \\ \hline 1.Jul & & 11 & & 121600 & 121600 \\ \hline & & & & & \\ \hline \end{tabular} \begin{tabular}{|l|l|l|l|l|l|} \hline Dere & Erpanation & Ref & Dr. & C. & Balance \\ \hline 15 lug & & If & 102000 & & 100000 \\ \hline & & & & & \\ \hline \end{tabular} \begin{tabular}{|c|l|l|l|l|l|} \hline \multicolumn{7}{|c|}{ Acrumulated Depreciation-tquigment } \\ \hline Date & Explanation & Ret & Dr. & Or. & Bsance \\ \hline 30J & & 11 & & 22500 & 27500 \\ \hline & & & & & \\ \hline \end{tabular} \begin{tabular}{|c|l|l|l|l|r|} \hline \multicolumn{7}{|c|}{ Drawing } \\ \hline Dute & Explanation & Ref & Dr & Or. & Batance \\ \hline 21Ju & & 11 & 27000 & & 23000 \\ \hline & & & & & \\ \hline \end{tabular} \begin{tabular}{|c|c|l|l|l|l|} \hline \multicolumn{7}{|c|}{ Imvontory } \\ \hline Dste & Explanation & Aef & Dr & G & Balance \\ \hline 21 tul & & 11 & 15000 & & 15000 \\ \hline & & & & & \\ \hline \end{tabular} \begin{tabular}{|c|c|l|c|l|r|} \hline \multicolumn{7}{|c|}{ Wages in Salaries Expenses. } \\ \hline Date & Explanation & Ref & Dr. & O. & Bdance \\ \hline 29JI & & in & 64000 & & 64000 \\ \hline & & & & & \\ \hline \end{tabular} \begin{tabular}{|c|c|l|l|l|r|} \hline \multicolumn{5}{|c|}{ Heating 8 tighting } \\ \hline Pref & Explanation & Ref & Dr. & Cr. & Balanse \\ \hline 26-Jut & & A & 5000 & & 5000 \\ \hline & & & & & \\ \hline \end{tabular} \begin{tabular}{|r|l|l|l|l|r|} \hline \multicolumn{7}{|c|}{ Supplies } \\ \hline Date & Exglanation & Ref & Dr. & Cr. & Batance \\ \hline 1.Jul & & 11 & 900 & & 900 \\ \hline & & & & & \\ \hline \end{tabular} \begin{tabular}{|r|l|l|l|l|r|} \hline \multicolumn{7}{|c|}{ Hent Expense } \\ \hline Date & Explanation & Ref & Dr. & Cr. & Batance \\ \hline B0-duf & & 11 & 14000 & & 14000 \\ \hline & & & & & \\ \hline \end{tabular} \begin{tabular}{|r|l|l|l|l|r|} \hline \multicolumn{7}{|c|}{ Prepaid Insurance } \\ \hline Date & Exglanation & Ref & Dr. & Cr. & Balance \\ \hline 5.lul & & 11 & 500 & & 500 \\ \hline & & & & & \\ \hline \end{tabular} \begin{tabular}{|r|l|l|l|l|l|} \hline \multicolumn{7}{|c|}{ Purchases } \\ \hline Date & Explanation & Ref & Dr. & O. & Balance \\ \hline 5-lul & & II & 302000 & & 302000 \\ \hline & & & & & \\ \hline \end{tabular} \begin{tabular}{|l|l|l|l|l|l|} \hline \multicolumn{7}{|c|}{ Sules Reverue } \\ \hline Date & Explanation & Ref & Or. & Cr. & Palarce \\ \hline 19.lul & & II & & 488000 & 478000 \\ \hline & & & & & \\ \hline \end{tabular} \begin{tabular}{|r|r|r|l|l|r|} \hline \multicolumn{7}{|c|}{ Purchase fleturn } \\ \hline Ore & Explanation & Ref & Dr. & C. & Balance \\ \hline 7-Jul & & in & & 1000 & 1000 \\ \hline & & & & & \\ \hline \end{tabular} \begin{tabular}{|c|r|l|l|l|r|} \hline \multicolumn{7}{|c|}{ Sales iketum } \\ \hline Date & Eeplanation & Ref & Or. & Cr. & 8alance \\ \hline 19.lul & & 11 & 2000 & & 2000 \\ \hline & & & & & \\ \hline \end{tabular}
