Required: 1. In the Transactions panel descriptions of the transactions for the month of March are provided. Each of the transactions in tho Transactions panel has been posted to the accounts. Referring to the accounts, select the date on which cach transaction occurred, enter the amount of the transaction, and select the account to debit and credit. 2. The trial balance prepared by the Intern can be found in the Trial Balance: Unequal Totals panel. The intern is puzzled by the unequal totals. Prepare a corrected trial balance on the Trial Balance: Correct panel. 3. Compare the trial balance prepared by the intern (Trial Balance: Unequal Totals) to the trial balance that you prepared (Trial Balance: Correct) Use the table provided in the Errors in Trial Balance panel to select the accounts for each type of error, 4. The Intern is puzzied and asks "Are you sure the accounting equation is still in balance?" Using the corrected trial balance you proparod, prove that the accounting equation is in balance. Stil puzzled, the intern asks "Why do none of the amounts in the accounting equation equal the totals on the trial balance 7" Explain Cash 3/1 19,600.00 3/3 2,300.00 3/25 7,425.00 3/27 1,175.00 3/30 8,200.00 3/29 3,475.00 3/31 1.900.00 Accounts Receivable 3/18 9.950.00 3/30 8,200.00 T accounts Supplies 3/7 1,500.00 Equipment 3/2 19,000.00 Accounts Payable 3/27 1,175.00 3/7 1,500.00 Notes Payable 3/2 19,000.00 Katie Long, Capital 3/1 19.600.00 Katie Long, Drawing 3/31 1,900.00 Katie Long, Drawing 3/31 1,900.00 Fees Earned 3/18 9,950.00 3/25 7,425.00 Rent Expense 3/3 2,300.00 accounts fit into the accounting equation? T accounts JIZO 00 Rent Expense 3/3 2,300.00 Wages Expense 3/29 3,475.00 Date Amount Debit Credit 3/3 32 3/3 Transaction Katie Long, owner of KL Co., contributed cash to the business. Purchased equipment, giving a note payable for the purchase price. Paid rent for April Purchased supplies on account Recorded foes camned on account. Received cash for lees eamed Paid creditors on account Pald wages Received cash from customers on account. Recorded owner's withdrawal 37 3/16 3/25 327 3/29 > > 30 318 Points: 6/40 Trial Balance: Correct company UNADJUSTED TRIAL BALANCE March 31, 2018 ACCOUNT TITLE DEBIT CREDIT 1 Cash 2 Accounts Receivable 3 Supplies Equipment 5 Accounts Payable 6 Notes Payable 2 Katie Long, Capital 8 Katie Long, Drawing 9 Fees Earned 10 Rent Expense I 11 Wages Expense 12 Totals Error Type Accounts Receivable Supplies Cash Katie Long, Capital Accounts Payable Katie Long Drawing Notes Payable Equipment Fees Earned Hent Expense Wages Expense Transposition Incorrectly reported as a debit Incorrectly reported as a credit E 0 0 E Balance computed incorrectly Accounting Equation Shaded colts have feedback. The intern is puzzled and risks "Are you sure the accounting equation is star in balance ?" Using the corrected trial balance you prepared, prove that the accounting equation is in balance Assets Liabilities Owner's Equity S Points: 0/3 Feedback Check My Work Add the balances of all asset accounts, then the balances of all abilities, and then the balances of all equity accounts. Where do revenue and expenso accounts fit into the nccounting equation? Still puzzled, the Intern asks "Why do none of the amounts in the nocounting equation equal the totals on the trial balance?" Check at that apply Shadedools have feedback puzzled, the Intom anks "Why do none of the amounts in the accounting equation equal the totals on the trial balance Chock all that apply The nooounts with credit balances are not all classified in the same element of the nocourting equation. For examplo, not all accounts with credit balance are abilities The accounts that make up the total for owner's equity have a mix of debit and credit balances. You point out the total of the assets, abilities and owner's equlty is equal to the sum of the debit and credit totals in the trial balance The accounts with debit balances are not all classified in the same element of the accounting equation. For example, not all accounts with dobit balances are assets This is because the revenue and expanse accounts are part of the owner's equity eternent. The accounts with cebit balance should be part of the total assets Points: 071 Cash 3/1 19,600.00 3/3 2,300.00 3/25 7,425.00 3/27 1.175.00 3/30 8,200.00 3/29 3,475.00 3/31 1,900.00 Accounts Receivable 3/18 9,950.00 3/30 8,200.00 Supplies 3/7 1,500.00 Equipment 3/2 19,000.00 Accounts Payable 3/27 1,175.00 3/7 1,500.00 Notes Payable 3/2 19,000.00 Katle Long, Capital 3/1 19,600.00 Katie Long, Drawing 3/31 1,900.00 Fees Earned 3/18 9,950.00 3/25 7,425.00 Rent Expense 3/3 2,300.00 Wages Expense 3/29 3.475.00 the accounts, select the date on which each transaction occurred, enter the amount of the transaction, and select the account lo debit and credit Transaction Date Amount Debit Credit 3/3 3/2 3/7 Katie Long, owner of KL Co. contributed cash to the business. Purchased equipment, giving a note payable for the purchase prion Paid rent for April Purchased supples on account Recorded fees eamed on account. Received cash for fons earned Paid creditors on account Pald wages Received cash from customers on account 3/18 3/25 3/27 I 1/29 KCC 3/30 Recorded owner's withdrawal. 3/18 Tidl odiac. VIGU ACCOUNT TITLE DEBIT CREDIT 1 Cash 2 Accounts Receivable 3 Supplies 4 Equipment 5 Accounts Payable 6 Notes Payable 7 Katie Long, Capital Katie Long, Drawing 00 9 Fees Earned 10 Rent Expense 11 Wages Expense 12 Totals Accounts Receivable Kate Long, Capital Error Type Kotid Long, Drawing Cash Accounts Payable O Notes Payable Supplies Fees Earned Equipment Rent Expense Wages Expense Transposition Incorrectly reported as a B o E 2 a debit incorrectly reported as a O 13 O credit Balance c B computed D Incorrectly The intern is puzzled and asks "Are you sure the accounting equation is still in balance ?" Using the corrected trial balance you prepared prove that the accounting equation is in balance Annets Liabilities + Owner's Luty + IS Sul puzzled the intern asks "Why do none of the amounts in the accounting equation equ the totals on the trial balance Check all that al The accounts with credit balances are not all classified in the same element of the accounting equation. For example, not all accounts with credit balances are liabetes The accounts that make up the total for owner's equity have a mix of debt and credit balances You point out the total of the assets, liabilities and owner's equity is equal to the sum of the debt and credit totals in the tral balance Inting Equation zzled, the Intern asks "Why do none of the amounts in the accounting equation equal the totals on the trial balance? Check all that apply. The accounts with credit balances are not all classified in the same element of the accounting equation. For example, not all accounts with credit balances are liabilities The accounts that make up the total for owner's eqully have a mix of debit and credit balances. You point out the total of the assets, liabilities and owner's equity is equal to the sum of the debit and credit totals in the trial balance The accounts with debit balances are not all classified in the same element of the accounting equation. For example, not all accounts with debit balances are assets This is because the revenue and expense accounts are part of the owner's equity element. The accounts with debit balances should be part of the total assets Required: 1. In the Transactions panel descriptions of the transactions for the month of March are provided. Each of the transactions in tho Transactions panel has been posted to the accounts. Referring to the accounts, select the date on which cach transaction occurred, enter the amount of the transaction, and select the account to debit and credit. 2. The trial balance prepared by the Intern can be found in the Trial Balance: Unequal Totals panel. The intern is puzzled by the unequal totals. Prepare a corrected trial balance on the Trial Balance: Correct panel. 3. Compare the trial balance prepared by the intern (Trial Balance: Unequal Totals) to the trial balance that you prepared (Trial Balance: Correct) Use the table provided in the Errors in Trial Balance panel to select the accounts for each type of error, 4. The Intern is puzzied and asks "Are you sure the accounting equation is still in balance?" Using the corrected trial balance you proparod, prove that the accounting equation is in balance. Stil puzzled, the intern asks "Why do none of the amounts in the accounting equation equal the totals on the trial balance 7" Explain Cash 3/1 19,600.00 3/3 2,300.00 3/25 7,425.00 3/27 1,175.00 3/30 8,200.00 3/29 3,475.00 3/31 1.900.00 Accounts Receivable 3/18 9.950.00 3/30 8,200.00 T accounts Supplies 3/7 1,500.00 Equipment 3/2 19,000.00 Accounts Payable 3/27 1,175.00 3/7 1,500.00 Notes Payable 3/2 19,000.00 Katie Long, Capital 3/1 19.600.00 Katie Long, Drawing 3/31 1,900.00 Katie Long, Drawing 3/31 1,900.00 Fees Earned 3/18 9,950.00 3/25 7,425.00 Rent Expense 3/3 2,300.00 accounts fit into the accounting equation? T accounts JIZO 00 Rent Expense 3/3 2,300.00 Wages Expense 3/29 3,475.00 Date Amount Debit Credit 3/3 32 3/3 Transaction Katie Long, owner of KL Co., contributed cash to the business. Purchased equipment, giving a note payable for the purchase price. Paid rent for April Purchased supplies on account Recorded foes camned on account. Received cash for lees eamed Paid creditors on account Pald wages Received cash from customers on account. Recorded owner's withdrawal 37 3/16 3/25 327 3/29 > > 30 318 Points: 6/40 Trial Balance: Correct company UNADJUSTED TRIAL BALANCE March 31, 2018 ACCOUNT TITLE DEBIT CREDIT 1 Cash 2 Accounts Receivable 3 Supplies Equipment 5 Accounts Payable 6 Notes Payable 2 Katie Long, Capital 8 Katie Long, Drawing 9 Fees Earned 10 Rent Expense I 11 Wages Expense 12 Totals Error Type Accounts Receivable Supplies Cash Katie Long, Capital Accounts Payable Katie Long Drawing Notes Payable Equipment Fees Earned Hent Expense Wages Expense Transposition Incorrectly reported as a debit Incorrectly reported as a credit E 0 0 E Balance computed incorrectly Accounting Equation Shaded colts have feedback. The intern is puzzled and risks "Are you sure the accounting equation is star in balance ?" Using the corrected trial balance you prepared, prove that the accounting equation is in balance Assets Liabilities Owner's Equity S Points: 0/3 Feedback Check My Work Add the balances of all asset accounts, then the balances of all abilities, and then the balances of all equity accounts. Where do revenue and expenso accounts fit into the nccounting equation? Still puzzled, the Intern asks "Why do none of the amounts in the nocounting equation equal the totals on the trial balance?" Check at that apply Shadedools have feedback puzzled, the Intom anks "Why do none of the amounts in the accounting equation equal the totals on the trial balance Chock all that apply The nooounts with credit balances are not all classified in the same element of the nocourting equation. For examplo, not all accounts with credit balance are abilities The accounts that make up the total for owner's equity have a mix of debit and credit balances. You point out the total of the assets, abilities and owner's equlty is equal to the sum of the debit and credit totals in the trial balance The accounts with debit balances are not all classified in the same element of the accounting equation. For example, not all accounts with dobit balances are assets This is because the revenue and expanse accounts are part of the owner's equity eternent. The accounts with cebit balance should be part of the total assets Points: 071 Cash 3/1 19,600.00 3/3 2,300.00 3/25 7,425.00 3/27 1.175.00 3/30 8,200.00 3/29 3,475.00 3/31 1,900.00 Accounts Receivable 3/18 9,950.00 3/30 8,200.00 Supplies 3/7 1,500.00 Equipment 3/2 19,000.00 Accounts Payable 3/27 1,175.00 3/7 1,500.00 Notes Payable 3/2 19,000.00 Katle Long, Capital 3/1 19,600.00 Katie Long, Drawing 3/31 1,900.00 Fees Earned 3/18 9,950.00 3/25 7,425.00 Rent Expense 3/3 2,300.00 Wages Expense 3/29 3.475.00 the accounts, select the date on which each transaction occurred, enter the amount of the transaction, and select the account lo debit and credit Transaction Date Amount Debit Credit 3/3 3/2 3/7 Katie Long, owner of KL Co. contributed cash to the business. Purchased equipment, giving a note payable for the purchase prion Paid rent for April Purchased supples on account Recorded fees eamed on account. Received cash for fons earned Paid creditors on account Pald wages Received cash from customers on account 3/18 3/25 3/27 I 1/29 KCC 3/30 Recorded owner's withdrawal. 3/18 Tidl odiac. VIGU ACCOUNT TITLE DEBIT CREDIT 1 Cash 2 Accounts Receivable 3 Supplies 4 Equipment 5 Accounts Payable 6 Notes Payable 7 Katie Long, Capital Katie Long, Drawing 00 9 Fees Earned 10 Rent Expense 11 Wages Expense 12 Totals Accounts Receivable Kate Long, Capital Error Type Kotid Long, Drawing Cash Accounts Payable O Notes Payable Supplies Fees Earned Equipment Rent Expense Wages Expense Transposition Incorrectly reported as a B o E 2 a debit incorrectly reported as a O 13 O credit Balance c B computed D Incorrectly The intern is puzzled and asks "Are you sure the accounting equation is still in balance ?" Using the corrected trial balance you prepared prove that the accounting equation is in balance Annets Liabilities + Owner's Luty + IS Sul puzzled the intern asks "Why do none of the amounts in the accounting equation equ the totals on the trial balance Check all that al The accounts with credit balances are not all classified in the same element of the accounting equation. For example, not all accounts with credit balances are liabetes The accounts that make up the total for owner's equity have a mix of debt and credit balances You point out the total of the assets, liabilities and owner's equity is equal to the sum of the debt and credit totals in the tral balance Inting Equation zzled, the Intern asks "Why do none of the amounts in the accounting equation equal the totals on the trial balance? Check all that apply. The accounts with credit balances are not all classified in the same element of the accounting equation. For example, not all accounts with credit balances are liabilities The accounts that make up the total for owner's eqully have a mix of debit and credit balances. You point out the total of the assets, liabilities and owner's equity is equal to the sum of the debit and credit totals in the trial balance The accounts with debit balances are not all classified in the same element of the accounting equation. For example, not all accounts with debit balances are assets This is because the revenue and expense accounts are part of the owner's equity element. The accounts with debit balances should be part of the total assets