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PART ONE: The accounts in the ledger of Hickory Furniture Company as of December 31, 2016, are listed in alphabetical order as follows. All accounts

PART ONE: The accounts in the ledger of Hickory Furniture Company as of December 31, 2016, are listed in alphabetical order as follows. All accounts have normal balances. The balance of the cash account has been intentionally omitted. I AM MISSING CASH (DEBIT) and Debit TOTAL---only

Accounts Payable $ 42,880

Notes Payable $ 41,000

Accounts Receivable 115,430

Prepaid Insurance 20,400

Cash ?

Rent Expense 45,000

Common Stock 15,000

Retained Earnings 51,000

Dividends 22,500

Supplies 4,940

Fees Earned 746,050

Supplies Expense 6,070

Insurance Expense 3,100

Unearned Rent 13,200

Land 41,000

Utilities Expense 26,840

Miscellaneous Expense 9,900

Wages Expense 572,100

Prepare an unadjusted trial balance and insert the missing figure for cash.

Hickory Furniture Company
UNADJUSTED TRIAL BALANCE
Score: 68/75
December 31, 2016
ACCOUNT TITLE DEBIT CREDIT
1
Cash
2
Accounts Receivable
3
Supplies
4
Prepaid insurance
5
Land
6
Accounts Payable
7
Unearned Rent
8
Notes Payable
9
Common Stock
10
Retained Earnings
11
Dividends
12
Fees Earned
13
Wages Expense
14
Rent Expense
15
Utilities Expense
16
Supplies Expense
17
Insurance Expense
18
Miscellaneous Expense
19
Totals

PART TWO:

On July 24, it was discovered that the following errors took place in journalizing and posting transactions:

a. Cash of $8,100 received on account was recorded as a debit to Fees Earned and a credit to Cash.
b. A $1,560 purchase of supplies for cash was recorded as a debit to Supplies Expense and a credit to Accounts Payable.

Journalize the entries on July 24 to correct the errors. Use two transactions to correct the error described in b. (That is, record an entry to reverse the incorrect entry and a second entry to record the correct entry.) Refer to the Chart of Accounts for exact wording of account titles.

JOURNAL
DATE DESCRIPTION POST. REF. DEBIT CREDIT
1
XXXX
2
3
4
5
XXXX
XXX
6
XXXX
7
XXXX

CHART OF ACCOUNTS
General Ledger
ASSETS
11 Cash
12 Accounts Receivable
13 Supplies
14 Prepaid Rent
15 Land
16 Office Equipment
17 Automobiles
LIABILITIES
21 Accounts Payable
22 Salaries Payable
23 Notes Payable
EQUITY
31 Common Stock
32 Retained Earnings
33 Dividends
REVENUE
41 Fees Earned
EXPENSES
51 Advertising Expense
52 Automobile Expense
53 Insurance Expense
54 Rent Expense
55 Salaries Expense
56 Supplies Expense
57 Utilities Expense
58 Miscellaneous Expense

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