{ "key_pair_value_system": true, "answer_rating_count": "", "question_feedback_html": { "html_star": "", "html_star_feedback": "" }, "answer_average_rating_value": "", "answer_date_js": "2024-06-28T03:44:54-04:00", "answer_date": "2024-06-28 03:44:54", "is_docs_available": null, "is_excel_available": null, "is_pdf_available": null, "count_file_available": 0, "main_page": "student_question_view", "question_id": "4233981", "url": "\/study-help\/questions\/problem-p24a-the-trial-balance-of-the-garland-company-shown-4233981", "question_creation_date_js": "2024-06-28T03:44:54-04:00", "question_creation_date": "Jun 28, 2024 03:44 AM", "meta_title": "[Solved] Problem P2-4A, The trial balance of the G | SolutionInn", "meta_description": "Answer of - Problem P2-4A, The trial balance of the Garland Company shown below does not balance. GARLAND COMPANY Trial Balance Ma | SolutionInn", "meta_keywords": "problem,p2-4a,trial,balance,garland,company,shown,below,31,2014,debit,credit", "question_title_h1": "Problem P2-4A, The trial balance of the Garland Company shown below does not balance. GARLAND COMPANY Trial Balance May 31, 2014 Debit Credit Cash $3,850", "question_title": "Problem P2-4A, The trial balance of the Garland Company shown below does", "question_title_for_js_snippet": "Problem P2 4A, The trial balance of the Garland Company shown below does not balance GARLAND COMPANY Trial Balance May 31, 2014 Debit Credit Cash $3,850 Accounts Receivable $2,750 Prepaid Insurance 700 Equipment 12,000 Accounts Payable 4,500 Property Taxes Payable 560 Common Stock 11,700 Service Revenue 8,690 Salaries and Wages Expense 4,200 Advertising Expense 1,100 Property Taxes Expense 300 $30,800 $20,050 Your review of the ledger reveals that each account has a normal balance You also discover the following errors The totals of the debit sides of Prepaid Insurance, Accounts Payable, and Property Tax Expense were each understated $100 2 Transposition errors were made in Accounts Receivable and Service Revenue Based on postings made, the correct balances were $2,570 and $8,960 , respectively 3 A debit posting to Salaries and Wages Expense of $200 was omitted 4 A $1,000 cash dividend was debited to Common Stock for $1,000 and credited to Cash for $1,000 5 A $520 purchase of supplies on account was debited to Equipment for $520 and credited to Cash for $520 6 A cash payment of $450 for advertising was debited to Advertising Expense for $45 and credited to Cash or $45 7 A collection from a customer for $420 Iwas debited to Cash for $420 and credited to Accounts Payable for $420 instructions Prepare a correct trial balance Note that the chart of accounts includes the following Dividends, and Supplies (Hint It helps to prepare the correct journal entry for the transaction described and compare it to the mistake made ) GARLAND COMPANY Trial Balance May 31, 2014 Debit Credit Title Title Title Title Title Title Title Title Title Title Title Title Title Formula Formula", "question_description": "\"image
\"image<\/div><\/div><\/div> Problem P2-4A, The trial balance of the Garland Company shown below does not balance. GARLAND COMPANY Trial Balance May 31, 2014 Debit Credit Cash $3,850 Accounts Receivable $2,750 Prepaid Insurance 700 Equipment 12,000 Accounts Payable 4,500 Property Taxes Payable 560 Common Stock 11,700 Service Revenue 8,690 Salaries and Wages Expense 4,200 Advertising Expense 1,100 Property Taxes Expense 300 $30,800 $20,050 Your review of the ledger reveals that each account has a normal balance. You also discover the following errors . The totals of the debit sides of Prepaid Insurance, Accounts Payable, and Property Tax Expense were each understated $100 2. Transposition errors were made in Accounts Receivable and Service Revenue. Based on postings made, the correct balances were $2,570 and $8,960 , respectively. 3. A debit posting to Salaries and Wages Expense of $200 was omitted. 4. A $1,000 cash dividend was debited to Common Stock for $1,000 and credited to Cash for $1,000 5. A $520 purchase of supplies on account was debited to Equipment for $520 and credited to Cash for $520 6. A cash payment of $450 for advertising was debited to Advertising Expense for $45 and credited to Cash or $45 7. A collection from a customer for $420 Iwas debited to Cash for $420 and credited to Accounts Payable for $420 instructions: Prepare a correct trial balance. Note that the chart of accounts includes the following: Dividends, and Supplies. (Hint: It helps to prepare the correct journal entry for the transaction described and compare it to the mistake made.) GARLAND COMPANY Trial Balance May 31, 2014 Debit Credit Title Title Title Title Title Title Title Title Title Title Title Title Title Formula Formula", "transcribed_text": "", "related_book": { "title": "Global Strategy", "isbn": "0357512367, 978-0357512364", "edition": "5th Edition", "authors": "Mike W. Peng", "cover_image": "https:\/\/dsd5zvtm8ll6.cloudfront.net\/si.question.images\/book_images\/649592eaa157d_32303.jpg", "uri": "\/textbooks\/global-strategy-5th-edition-9780357512364", "see_more_uri": "" }, "free_related_book": { "isbn": "B0CW5WVRQD", "uri": "\/textbooks\/the-unveiling-keys-of-stock-market-secrets-1st-edition-979-8880242078-257598", "name": "The Unveiling Keys Of Stock Market Secrets", "edition": "1st Edition" }, "question_posted": "2024-06-28 03:44:54", "see_more_questions_link": "\/study-help\/questions\/business-economics-2023-September-08", "step_by_step_answer": "The Answer is in the image, click to view ...", "students_also_viewed": [ { "url": "\/refer-to-exercise-a179-weight-is-a-major-factor-that", "description": "Refer to Exercise A17.9. Weight is a major factor that determines whether a person will need a hip or knee replacement and at what age. 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