Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

You are hired as the accountant of the business and you are tasked to analyze the given information and prepare a modified trial balance.

You are hired as the accountant of the business and you are tasked to analyze the given information and prepare a modified tr

Lopez Repair Service Trial Balance Jan. 31, 2020 Credit Debit P110,400 284,600 66,400 40,000 526,800 Cash Accounts Receivable  

  

You are hired as the accountant of the business and you are tasked to analyze the given information and prepare a modified trial balance. The following information is obtained from a review of the record keeping process: a. An account receivable for P19,600 was incorrectly added as P16,900 when computing the balance of the Accounts Receivable account. b. A debit posting from the journal for P5,200 is missing from the Advertising Expense account. C. A credit posting of P15,000 to Notes Payable should have been made to Accounts Payable. d. A debit posting of P34,000 to Supplies was incorrectly posted as P3,400. e. Credits to the ledger Accounts Payable account were under- footed by P60,000. f. Revenues are overstated in the ledger account by P40,000. g. A credit posting of Repair Revenues from the journal in the amount of P63,600 is missing. h. Supplies acquired in the amount of P17,400 have been incorrectly posted to the Office Equipment account. Lopez Repair Service Trial Balance Jan. 31, 2020 Debit Credit Cash P110,400 284,600 66,400 40,000 526,800 Accounts Receivable Supplies Prepaid Insurance Office Equipment Notes Payable Accounts Payable Lopez, Capital Lopez, Withdrawals Repair Revenues Salaries Expense Advertising Expense Totals P130,000 195,400 297,200 100,000 821,400 348,700 12,200 P1.389,100 P1544.000

Step by Step Solution

3.57 Rating (157 Votes )

There are 3 Steps involved in it

Step: 1

Acounts Roceiuable should lee delutod ly O 19600 16900 iie 2700 Aduorlising Lxpense should le ... blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Managerial Accounting

Authors: Ray H. Garrison, Eric W. Noreen, Peter C. Brewer

13th Edition

978-0073379616, 73379611, 978-0697789938

More Books

Students also viewed these Accounting questions

Question

Tell me about yourself.

Answered: 1 week ago