PLEASE ANWSER! I HAVE 2 MINS LEFT ITS ONLY WRITING EXPLAINATION IT MIGHT BE EAZY FOR YOU ITS A CASE STUDY QUESTION
(PLEASE MAKE YOUR EXPLAINATION CLEAR AND READ YHE QUESTION CAREFULLY)
Case 3 - Omar, a student in accounting, comes to you, his teacher, with the following difficulty. After a great deal of time and effort, Orar has failed to balance the post-closing trial balance and has become quite frustrated. "Everything was going fine," he says, "My balance sheet balanced. My income statement agreed. I just can't figure it out." Omar's balance sheet, income statement, and post-closing trial balance are given below. $ 131 7 406 385 19.462 $20 554 BALANCE SHEET Antti Bank Accounts Receivable Supples Equipment Tou Assets Label Bank Loan Accounts Payable Tow Labietis Owner' Equity Benin Behance Netlon $ 876 Drawings 15 000 Decrease in Equity Ending Balance Tot Lisblind Owner's Equity INCOME STATEMENT $12000 5 726 517 726 $26 704 15 876 10 828 528 554 $1462 Revenue Expenses Alben Delivery Re $ 3.902 764 12 000 672 12.000 We NE LOM 32 50 POSTCLOSING TRIAL BALANCE Bank 301 Account Recewable 7106 Suppe 38$ Equat 19.462 Bank Loan 12000 Aco Pel 5.726 Lediga 2500 2655 10304 1. How can you tell quickly which figure or figures on the post-closing trial balance are probably incorrect? 2. Which figure or figures are wrong in the trial balance? 3. Explain what error or errors Omar has made during the accounting process to cause this error. Case 3 - Omar, a student in accounting, comes to you, his teacher, with the following difficulty. After a great deal of time and effort, Orar has failed to balance the post-closing trial balance and has become quite frustrated. "Everything was going fine," he says, "My balance sheet balanced. My income statement agreed. I just can't figure it out." Omar's balance sheet, income statement, and post-closing trial balance are given below. $ 131 7 406 385 19.462 $20 554 BALANCE SHEET Antti Bank Accounts Receivable Supples Equipment Tou Assets Label Bank Loan Accounts Payable Tow Labietis Owner' Equity Benin Behance Netlon $ 876 Drawings 15 000 Decrease in Equity Ending Balance Tot Lisblind Owner's Equity INCOME STATEMENT $12000 5 726 517 726 $26 704 15 876 10 828 528 554 $1462 Revenue Expenses Alben Delivery Re $ 3.902 764 12 000 672 12.000 We NE LOM 32 50 POSTCLOSING TRIAL BALANCE Bank 301 Account Recewable 7106 Suppe 38$ Equat 19.462 Bank Loan 12000 Aco Pel 5.726 Lediga 2500 2655 10304 1. How can you tell quickly which figure or figures on the post-closing trial balance are probably incorrect? 2. Which figure or figures are wrong in the trial balance? 3. Explain what error or errors Omar has made during the accounting process to cause this error