Question
please prepare a correct trail balance and show adjustments- the amounts are debit cash 5875 equipment 14020 accounts payable 5290 service revenue 7027 property tax
please prepare a correct trail balance and show adjustments-
the amounts are debit cash 5875 equipment 14020 accounts payable 5290 service revenue 7027 property tax expense 1100 salaries expense 4150 the credits are accounts receivable 3420 property tax payable 500 capital 17900 advertising expense 1132
the errors that should be corrected are the following
#1 property tax expense was understated by $500 and property tax payable was overstated by $500
#3 a debit posting to salaries expense of $350 was not done
#4 a $750 cash withdrawal by the owner was debited to capital for $750 and credited to cash $750
#5 a $650 purchase of supplies on account was debited to equipment for $650 and credited to cash for $650
#6 a cash payment of $120 for advertising was debited to advertising expense for $210 and credited for cash $210
#7 a $385 collection from a customer was debited to cash for $385 and debited to accounts receivable for $385
#8 a cash payment on account for $165 was recorded as a $165 credit to cash and $165 credit to accounts payable
#9 a $2000 note payable was issued to purchase equipment. the transaction was neither posted or journalized
instructions
after the trial balance has been corrected, can there still be errors explain why or why not
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