Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Wilm Schmidt, the owner of Wilm's Window Washing Services, had difficulty getting the debits to equal credits on the January 31, 2023, trial balance. Wilm's

Wilm Schmidt, the owner of Wilm's Window Washing Services, had difficulty getting the debits to equal credits on the January 31, 2023, trial balance. Wilm's Window Washing Services Trial Balance January 31, 2023 Cash Accounts receivable Prepaid insurance Equipment Accounts payable Wilm Schmidt, capital Wilm Schmidt, withdrawals Service revenues Salaries expense Insurance expense Maintenance expense Utilities expense Total Debit $ 12,000 9,640 2,800 28,000 9,360 32,400 5,600 Credit $ 7,800 49,000 60,800 13,400 5,600 $118,800 $117,600 The following errors were discovered: a. Schmidt did not post a $4,400 purchase of equipment on credit. b. In posting a $1,600 collection from a credit customer, Schmidt debited Accounts Receivable and credited Cash. c. In posting a cash receipt, Schmidt correctly debited Cash for $2,360 but incorrectly credited Accounts Receivable for $6.360. d. In posting a $5,200 payment on account, Schmidt debited Accounts Payable but forgot to post the credit to Cash. e. In posting the entry for services of $4,000 performed for a customer on credit, Schmidt debited Accounts Receivable but credited Maintenance Expense.
image text in transcribed
image text in transcribed
Wilm Schmidt, the owner of Wiim's Window Washing Services, had difficulty getting the debits to equal credits on the January 3 . 2023, trial balance: The following errors were discovered: a. Schmidt did not post a $4,400 purchase of equipment on credit. b. In posting a $1,600 collection from a credit customer, Schmidt debited Accounts Receivable and credited Cash. c. In posting a cash receipt, Schmidt correctly debited Cash for $2,360 but incorrectly credited Accounts Recenable for $6,360. d. In posting a $5,200 payment on account, Schmidt debited Accounts Payable but forgot to post the credit to Cast. e. In posting the entry for services of 54,000 performed for a customer on credit, Schmidt debited Accounts Recetvabie but ereated. Maintenance Expense. Wilm Schmidt, the owner of Witm's Window Washing Services, had ditficulty getting the debits to equal credits on the fanuary 3 . 2023, trial balance. The following errors were discovered: a. Schmidt did not post a $4,400 purchase of equipment on credit. b. In posting a $1,600 collection from a credit customer, Schmidt debited Accounts Recelvable and credited Cash. c. In posting a cash receipt, Schmidt correctly debited Cash for $2,360 but incorrectly credited Accourts Aeceivabie for $6360. d. In posting a \$5,200 payment on account, Schmidt debited Accounts Payable but forgot to post the credit to Carih e. In posting the entry for services of $4,000 performed for a customer on credit. Schridt debited Accounts Recemable but oredited Maintenance Expense

Step by Step Solution

There are 3 Steps involved in it

Step: 1

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

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

Marketing Audit Checklists A Guide To Effective Marketing Resource Realization

Authors: Aubrey Wilson

1st Edition

0077077601, 978-0077077600

More Books

Students also viewed these Accounting questions

Question

Summarize a DBA's responsibilities for documentation. AppendixLO1

Answered: 1 week ago

Question

How does selection differ from recruitment ?

Answered: 1 week ago