Answered step by step
Verified Expert Solution
Question
1 Approved Answer
In the End of Period Spreadsheet in this example, why is the total for the Debit column 1528875 wrong? Since it is in the balance
In the End of Period Spreadsheet in this example, why is the total for the Debit column 1528875 wrong? Since it is in the balance sheet, the credits and debits should equal but they don't.
End-of-Period Spreadsheet (Work Sheet) Unadjusted Trial Balance Debit Credit For the Year Ended May 31, 2018 Adjustments Adjusted Trial Balance Debit Credit Debit Credit Balance Sheet Income Statement Debit Credit Account Title Debit Credit Cash 84,500 84,500 Accounts Receivable 84,500 245,875 583,950 245,875 245,875 Inventory 13,950 570,000 570,000 Estimated Returns Inventory 15,2007 | 35,000 V 50,200 50,200 Prepaid Insurance 16,800 12,000 4,800 4,800 Store Supplies 13,800 9,800 4,000 4,000 Store Equipment 569,500 569,500 569,500 Accum. Depr.-Store Equip. 14,000 70,700 56,700 63,150 Accounts Payable 70,700 63,150 13,600 63,1507 Salaries Payable 13,600 13,600 29,270 60,000 89,270 89,270 Customers Refunds Payable Common Stock Retained Earnings 100,000 100,000 585,300 100,000 585,300 585,300 Dividends 135,000 135,000 Sales 5,376, 205 60,000 5,316, 205 5,316, 205 Cost of Goods Sold 13,950 35,000 2,991,950 3,013,000 720,800 2,991,950 727,800 Sales Salaries Expense 7,000 727,800 Advertising Expense 292,000 292,000 292,000 Depreciation Expense 14,000 14,000 V 14,000 9,800 9,800 9,800 Store Supplies Expense Miscellaneous Selling Expense 12,600 | 12,600 / 12,600 Office Salaries Expense 411,100 6,600 417,700 417,700 Rent Expense 88,700 88,700 88,700 Insurance Expense 12,000 12,000 12,000 Miscellaneous Admin. Expense 7,800 7,800 7,800 6,210,625 6 ,210,625 158,350 158,350 6,238,225 6,238,225 5,316,205 1,528,875 X 922,020 4,574,350 741,855 Net IncomeStep 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