Mastery Problem: Analyzing Transactions KL Company Taccounts Transactions Trial Balance: Unequal Totals Trial Balance: Correct T accounts Cash 3/1 17,600.00 3/3 2,600.00 3/25 7.800.00 3/27 1,200.00 3/30 7.900.00 3/29 3,575.00 3/31 1,850.00 Accounts Receivable 3/18 10,100.00 3/30 7,900.00 Check My Work Next Mastery Problem: Analyzing Transactions KL Company Taccounts Transactions Trial Balance: Unequal Totals Trial Balance: Correct Transactions Shaded cells have feedback. X Descriptions of the transactions for the month of March are provided in the following table. Each of the transactions has been posted to the accounts. Referring to the accounts, select the date on which each transaction occurred, enter the amount of the transaction, and select the account to debit and credit. Transaction Date Amount Debit Credit Katie Long, owner of KL Co., contributed cash to the 3/1 $ business Purchased equipment, giving a note payable for the purchase price. Paid rent for April. Purchased supplies on account. Recorded fees earned on account. Received cash for fees earned. Paid creditors on account. Paid wages. Received cash from customers on account. Recorded owner's withdrawal. Points: 1/40 Fearlharl Check My Work Next Mastery Problem: Analyzing Transactions KL Company Taccounts Transactions Trial Balance: Unequal Totals Trial Balance: Correct Trial Balance: Unequal Totals X KL Company UNADJUSTED TRIAL BALANCE March 31, 2018 ACCOUNT TITLE DEBIT CREDIT 1 Cash 11,125.00 2 Accounts Receivable 2,200.00 3 Supplies 5,100.00 17,000.00 4 Equipment 5 Accounts Payable 300.00 17,000.00 6 Notes Payable 7 Katie Long, Capital 17,600.00 1,850.00 8 Katie Long, Drawing 9 Fees Earned 2,300.00 10 Rent Expense 2,600.00 11 Wages Expense 3,575.00 12 Totals 36,125.00 44,525.00 Check My Work Next Mastery Problem: Analyzing Transactions KL Company Taccounts Transactions Trial Balance: Unequal Totals Trial Balance: Correct Trial Balance: Correct Shaded cells have feedback. X KL Company Score: 28/47 UNADJUSTED TRIAL BALANCE March 31, 2018 ACCOUNT TITLE DEBIT CREDIT 1 Cash 24,550.00 2 Accounts Receivable 2,050.00 3 Supplies 1,500.00 + Equipment 18,000.00 5 Accounts Payable 300.00 6 Notes Payable 18,000.00 7 Katie Long, Capital 18,400.00 8 Katie Long, Drawing 1,975.00 9 Fees Earned 17,600.00 10 Rent Expense 2,600.00 11 Wages Expense 3,625.00 12 Totals Check My Work Next Mastery Problem: Analyzing Transactions KL Company Taccounts Transactions Trial Balance: Unequal Totals Trial Balance: Correct Errors in Trial Balance Shaded cells have feedback. X Compare the trial balance prepared by the intem (Trial Balance: Unequal Totals) to the trial balance that you prepared (Trial Balance: Correct). In the following table, select the accounts for each type of error. Not all accounts contain errors. Accounts Receivable Accounts Payable Notes Payable Katie Long, Capital Katie Long, Drawing Fees Earned Rent Expense Wages Expense Error Type Cash Supplies Equipment Transposition O o Incorrectly reported as a debit Incorrectly reported as a O O O n credit Balance computed incorrectly 0 0 0 Points: 014 Feedback Check My Work Next Mastery Problem: Analyzing Transactions KL Company Taccounts Transactions Trial Balance: Unequal Totals Trial Balance: Correct Errors in Trial Balance Accounting Equation Shaded cells have feedback. X Shaded cells have feedback. X The intern is puzzled and asks "Are you sure the accounting equation is still in balance?" Using the corrected trial balance you prepared, prove that the accounting equation is in balance. Assets Liabilities + Owner's Equity $ $ + $ Points: 0/3 Feedback Check My Work Add the balances of all asset accounts, then the balances of all liabilities, and then the balances of all equity accounts. Where do revenue and expense accounts fit into the accounting equation? Still puzzled, the intern asks "Why do none of the amounts in the accounting equation equal the totals on the trial balance?" Check all that apply. This is because the revenue and expense accounts are part of the owner's equity element. The accounts with debit balances should be part of the total assets. Check My Work Next Mastery Problem: Analyzing Transactions KL Company T accounts Transactions Trial Balance: Unequal Totals Trial Balance: Correct Errors in Trial Balance Shaded cells have feedback. X Shaded cells have feedback. X Accounting Equation Feedback Check My Work Add the balances of all asset accounts, then the balances of all liabilities, and then the balances of all equity accounts. Where do revenue and expense accounts fit into the accounting equation? Still puzzled, the intern asks "Why do none of the amounts in the accounting equation equal the totals on the trial balance?" Check all that apply. This is because the revenue and expense accounts are part of the owner's equity element. The accounts with debit balances should be part of the total assets. The accounts with credit balances are not all classified the same element of the accounting equation. For example, not all accounts with credit balances are liabilities. You point out the total of the assets, liabilities and owner's equity is equal to the sum of the debit and credit totals in the trial balance. The accounts with debit balances are not all classified in the same element of the accounting equation. For example, not all accounts with debit balances are assets. The accounts that make up the total for owner's equity have a mix of debit and credit balances. Points: Check My Work Mastery Problem: Analyzing Transactions KL Company Taccounts Transactions Trial Balance: Unequal Totals Trial Balance: Correct T accounts Cash 3/1 17,600.00 3/3 2,600.00 3/25 7.800.00 3/27 1,200.00 3/30 7.900.00 3/29 3,575.00 3/31 1,850.00 Accounts Receivable 3/18 10,100.00 3/30 7,900.00 Check My Work Next Mastery Problem: Analyzing Transactions KL Company Taccounts Transactions Trial Balance: Unequal Totals Trial Balance: Correct Transactions Shaded cells have feedback. X Descriptions of the transactions for the month of March are provided in the following table. Each of the transactions has been posted to the accounts. Referring to the accounts, select the date on which each transaction occurred, enter the amount of the transaction, and select the account to debit and credit. Transaction Date Amount Debit Credit Katie Long, owner of KL Co., contributed cash to the 3/1 $ business Purchased equipment, giving a note payable for the purchase price. Paid rent for April. Purchased supplies on account. Recorded fees earned on account. Received cash for fees earned. Paid creditors on account. Paid wages. Received cash from customers on account. Recorded owner's withdrawal. Points: 1/40 Fearlharl Check My Work Next Mastery Problem: Analyzing Transactions KL Company Taccounts Transactions Trial Balance: Unequal Totals Trial Balance: Correct Trial Balance: Unequal Totals X KL Company UNADJUSTED TRIAL BALANCE March 31, 2018 ACCOUNT TITLE DEBIT CREDIT 1 Cash 11,125.00 2 Accounts Receivable 2,200.00 3 Supplies 5,100.00 17,000.00 4 Equipment 5 Accounts Payable 300.00 17,000.00 6 Notes Payable 7 Katie Long, Capital 17,600.00 1,850.00 8 Katie Long, Drawing 9 Fees Earned 2,300.00 10 Rent Expense 2,600.00 11 Wages Expense 3,575.00 12 Totals 36,125.00 44,525.00 Check My Work Next Mastery Problem: Analyzing Transactions KL Company Taccounts Transactions Trial Balance: Unequal Totals Trial Balance: Correct Trial Balance: Correct Shaded cells have feedback. X KL Company Score: 28/47 UNADJUSTED TRIAL BALANCE March 31, 2018 ACCOUNT TITLE DEBIT CREDIT 1 Cash 24,550.00 2 Accounts Receivable 2,050.00 3 Supplies 1,500.00 + Equipment 18,000.00 5 Accounts Payable 300.00 6 Notes Payable 18,000.00 7 Katie Long, Capital 18,400.00 8 Katie Long, Drawing 1,975.00 9 Fees Earned 17,600.00 10 Rent Expense 2,600.00 11 Wages Expense 3,625.00 12 Totals Check My Work Next Mastery Problem: Analyzing Transactions KL Company Taccounts Transactions Trial Balance: Unequal Totals Trial Balance: Correct Errors in Trial Balance Shaded cells have feedback. X Compare the trial balance prepared by the intem (Trial Balance: Unequal Totals) to the trial balance that you prepared (Trial Balance: Correct). In the following table, select the accounts for each type of error. Not all accounts contain errors. Accounts Receivable Accounts Payable Notes Payable Katie Long, Capital Katie Long, Drawing Fees Earned Rent Expense Wages Expense Error Type Cash Supplies Equipment Transposition O o Incorrectly reported as a debit Incorrectly reported as a O O O n credit Balance computed incorrectly 0 0 0 Points: 014 Feedback Check My Work Next Mastery Problem: Analyzing Transactions KL Company Taccounts Transactions Trial Balance: Unequal Totals Trial Balance: Correct Errors in Trial Balance Accounting Equation Shaded cells have feedback. X Shaded cells have feedback. X The intern is puzzled and asks "Are you sure the accounting equation is still in balance?" Using the corrected trial balance you prepared, prove that the accounting equation is in balance. Assets Liabilities + Owner's Equity $ $ + $ Points: 0/3 Feedback Check My Work Add the balances of all asset accounts, then the balances of all liabilities, and then the balances of all equity accounts. Where do revenue and expense accounts fit into the accounting equation? Still puzzled, the intern asks "Why do none of the amounts in the accounting equation equal the totals on the trial balance?" Check all that apply. This is because the revenue and expense accounts are part of the owner's equity element. The accounts with debit balances should be part of the total assets. Check My Work Next Mastery Problem: Analyzing Transactions KL Company T accounts Transactions Trial Balance: Unequal Totals Trial Balance: Correct Errors in Trial Balance Shaded cells have feedback. X Shaded cells have feedback. X Accounting Equation Feedback Check My Work Add the balances of all asset accounts, then the balances of all liabilities, and then the balances of all equity accounts. Where do revenue and expense accounts fit into the accounting equation? Still puzzled, the intern asks "Why do none of the amounts in the accounting equation equal the totals on the trial balance?" Check all that apply. This is because the revenue and expense accounts are part of the owner's equity element. The accounts with debit balances should be part of the total assets. The accounts with credit balances are not all classified the same element of the accounting equation. For example, not all accounts with credit balances are liabilities. You point out the total of the assets, liabilities and owner's equity is equal to the sum of the debit and credit totals in the trial balance. The accounts with debit balances are not all classified in the same element of the accounting equation. For example, not all accounts with debit balances are assets. The accounts that make up the total for owner's equity have a mix of debit and credit balances. Points: Check My Work