Qon And Marked out of 200 Resolving Errors and Correcting a Trial Balance Assume we examine the accounts of Century Inc. and identify the following four errors 1. Equipment purchased for $30.000 at year-end was debited to Expenses. 2. Sales on credit of $3.316 were debited to Accounts Receivable for $3,568 and credited to Revenues for $3,316 3. A $24,000 cash collection on accounts receivable was debited to Cash and credited to Revenues 4. The inventory amount is understated by $8,000 because the entry to record the purchase of inventory was incorrectly recorded in cost of goods sold (cost of goods sald is included in Expenses The unadjusted trial balance of Century Inc. is provided below. Prepare a corrected unadjusted trial balance. Hint: Correct all improper postings of debits and credits in your solution Note: Do not use negative sign in your answers. Unadjusted Trial Balance Corrected Unadjusted Trial Balance Accounts Canh Debit Credit De Credit $142.352 $ 0 124,000 Allowance for doubtful accounts 000 2,000 0 0 726,000 0 0 Accumulated depreciation 4,000 0 Accounts payable 72000 0 Notes payable 100,000 0 Common stock 720,000 0 Retained earning 56,000 0 Revenues 300,000 D 9 Exproses 24,000 0 Nat earnings 1296252 $1,296,000 0$ 0 Previous Save Answers ReBlock Pr Next Or Qu9 Answer saved Resolving Errors and Correcting a Trial Balance question Assume we examine the accounts of Century Inc. and identify the following four errors 1. Equipment purchased for $30,000 at year-end was debited to Expenses. 2. Sales on credit of $3.316 were debited to Accounts Receivable for $3.568 and credited to Revenues for $3.316. 3. A $24,000 cash collection on accounts receivable was debited to Cash and credited to Revenues 4. The inventory amount is understated by $8,000 because the entry to record the purchase of inventory was incorrectly recorded in cost of goods sold (cost of goods sold is included in Expense The unadjusted trial balance of Century Inc. is provided below. Prepare a corrected unadjusted trial balance. Hint: Correct all improper postings of debits and credits in your solution. Note: Do not use negative sign in your answers Unadjusted Trial Balance Corrected Unadjusted Trial Balance Debit Credit Debit Credit Cash $142252 1 05 Accounts receivable Allowance for doublaccounts 124,000 0 ,000) 0 72,000 D 726000 Accumulated deprecation 48.000 12,000 0 100,000 0 Common stock 120,000 Retained earnings 1000 0 Revenues 300,000 0 Expenses 240,000 arnings $1.296252 $1.296.000 08 Previous Save Answers