Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The trial balance of Child Life Child Care does not balance. B Click the icon to view the trial balance.) The following errors are detected:

image text in transcribedimage text in transcribedimage text in transcribed

The trial balance of Child Life Child Care does not balance. B Click the icon to view the trial balance.) The following errors are detected: (Click the icon to view the errors.) .... Prepare the corrected trial balance at August 31, 2024. Journal entries are not required. Child Life Child Care Trial Balance August 31, 2024 Balance Debit Credit Account Title Cash Accounts Receivable Office Supplies Prepaid Insurance Equipment Accounts Payable Notes Payable Common Stock Dividends Service Revenue Salaries Expense Rent Expense Advertising Expense Total Data Table Child Life Child Care Trial Balance August 31, 2024 Balance Account Title Debit Credit Cash $ 8,310 Accounts Receivable 6,000 Office Supplies 600 Prepaid Insurance 1,100 Equipment 83,600 Accounts Payable 1,900 Notes Payable 51,000 Common Stock 51,500 Dividends 4,790 Service Revenue 5,600 Salaries Expense 4,000 Rent Expense 900 $ Total 109,300 $ 110,000 Print Done More Info a. Cash is understated by $1,600. b. A $4,400 debit to Accounts Receivable was posted as a credit. C. A$1,700 purchase of office supplies on account was neither journalized nor posted d. Equipment was incorrectly transferred from the ledger as 583,600. It should have been transferred as 576,000. Salaries Expense is overstated by $800. f. A$700 cash payment for advertising expense was neither journalized nor posted. g. A $210 cash dividend was incorrectly journalized as $2,100. h. Service Revenue was understated by $3,900. i. A 12-month insurance policy was posted as a $1,300 credit to Prepaid Insurance. Cash was posted correctly. e. Print Done

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

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

Step: 2

blur-text-image

Step: 3

blur-text-image

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

Cornerstones of Financial Accounting

Authors: Jay Rich, Jeff Jones

4th edition

978-1337690881, 9781337669450, 1337690880, 1337690899, 1337669458, 978-1337690898

Students also viewed these Accounting questions