Q Shown below in random order is a list of account balances from the General Ledger of Carters Courier Services at December 31, 2019. The business began operations one year before (on January 1, 2019) and at that time the owner, Jane Carter, contributed $110,000 cash: Land $ 78,000 Trucks $ 119,350 Building 146,000 Wages Expense 46,100 Advertising Expense 2,325 Utilities Expense 525 Supplies on Hand 695 Supplies Expense 1,460 Withdrawals, J. Carter 6,500 Cash 10,500 Service Fees Earned 155,400 Accounts Payable 32,500 Truck Repairs Expense 17,400 Capital, J. Carter 110,000 Mortgage Payable 139,500 Wages Payable 5,255 Insurance Expense 7,000 Accounts Receivable 6,800

REQUIRED:

1. Prepare an Income Statement for the company for the year.

2. Prepare a Statement of Owners Equity

c) Prepare a Balance Sheet

5, (6 Marks) The bookkeeper for Jamison Sales made a number of errors in journalizing and posting:

1. A credit posting of $400 to Accounts Receivable was omitted.

2. A debit of $465 to Advertising Expense was posted as $456.

3. The entire entry for a $600 payment of salaries was omitted.

4. A debit posting of $750 for Prepaid Insurance was debited in error to Insurance Expense.

5. A collection on account of $100 was journalized and posted as a debit to Cash $10 and a credit to Fees Earned $100.

6. A credit posting of $300 to Property Taxes Payable was made twice.

7. A cash purchase of supplies for $250 was journalized and posted as a debit to Supplies $25 and a credit to Cash $25.

Required: For each error, indicate (1) whether the trial balance will be in balance; if the trial balance will not be in balance, indicate (2) the amount of the difference, and (3) the trial balance column that will have the larger total. Consider each error separately. The first one (a) is done as an example.

Error	(1) In Balance	(2) Difference	(3) Larger Column
(a)	No	$400	debit
(b)
(c)
(d)
(e)
(f)
(g)