Answered step by step
Verified Expert Solution
Question
1 Approved Answer
What is the amount of the following that should be presented in the corrected Trial Balance? a. Accumulated Depreciation b. Salaries Expense c. Total Debits
What is the amount of the following that should be presented in the corrected Trial Balance?
a. Accumulated Depreciation
b. Salaries Expense
c. Total Debits and Total Credits
d. Unearned Fees Revenue
e. Accounts Receivable
f. Supplies
g. Equipment
h. Miscellaneous Expense
i. Advertising Expense
j. Repair Expense
k. Fees Revenue
l. Cash
m. Depreciation Expense
n. P. Morris, Capital
o. Accounts Payable
ERRORS AND CORRECTIONS (B) Ely San, CPA was retained by Campus TV Repair to prepare financial statements for April, 2020. San accumulated all the ledger balances per Morri's records and found the following: Campus TV Repair Trial Balance April 30, 2020 Debit Credit Cash P5.100 Accounts Receivable 3,200 Supplies 800 Equipment 10.600 Accumulated Depreciation P 1,350 Accounts Payable 2.100 Salaries Payable 500 Uneared Fees Revenue 890 P. Morris, Capital 13.900 Fees Revenue 5.450 Salaries Expense 3,300 Advertising Expense 400 Depreciation Expense Miscellaneous Expense 290 Total p24.190 P 24.190 500 Ely San reviewed the records and found the following errors: 1. Cash received from a customer on account was recorded as P650 instead of P560. 2. The purchase on account of a typewriter costing P340 was recorded as a debit to Supplies and a credit to Accounts Payable for P340. 3. A payment of P30 for advertising expense was entered as a debit to Miscellaneous Expense P30 and a credit to Cash P30. 4. The first salary payment this month was for P1,900 which included P500 of Salaries Payable on March 31. The payment was recorded as a debit to Salaries Expense P1.900 and a credit to Cash P1,900. (No reversing entries were made on April 1). 5. A cash payment of repair expense on equipment for P86 was recorded as a debit to Equipment P68 and a credit to Cash P68
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started