Module 02 Assignment Instructions: Complete a brief analysis of what the current account balances are, and what they should be according to Margaret's CPA. Complete column G (Difference Analysis). Mags and Bags Trial Balance Account Mags and Bags Trial Balance-CPA Version Difference Analysis Account Number Debit Credit Debit Credit 101 10,000 10,080 105 4,200 4,600 115 125 135 15,000 6,000 25,000 14,800 6,000 25,000 137 5,000 5,000 2,200 0 37,520 12,000 26,000 2,200 0 37,520 12,000 26,400 201 205 301 |318 401 501 601 603 607 609 611 621 625 Checking Accounts Receivable (A/R) Merchandise Inventory Prepaid Insurance Vehicle Accumulated Depreciation Accounts Payable (A/P) Loan Payable Common Stock Retained Earnings Sales Cost of Goods Sold Advertising Bank Charges Depreciation Expense Freight & Delivery Insurance Office Supplies Repair & Maintenance Shipping and delivery expense Stationery & Printing Telephone Expense Utilities 13,000 2,500 60 5,000 130 13,200 2,500 60 5,000 280 0 0 248 140 0 60 627 592 442 629 633 635 500 120 230 82,7201 748 200 150 83,120 82,720 83,120 Q1: Identify which accounts are in error, and how they are related to each other. Q2: Discuss the likely causes of the errors (omission, duplication, incorrect transaction date, etc.). Q3: Looking forward, what tools will you use and actions will you take to ensure these errors don't continue to be an issue in the company records? Q4: Draft a brief response to Margaret sharing your findings and plan for how you will correct the errors in the computerized accounting software. Be specific in your findings and recommendations for correction. Include suggestions for how these types of errors can be avoided in the future