The trial balance for Treasure Hunt Exploration Company does not balance. The following errors were detected: a.
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The trial balance for Treasure Hunt Exploration Company does not balance.
The following errors were detected:
a. The Cash balance is overstated by $ 5,000.
b. Rent Expense of $ 340 was erroneously posted as a credit rather than a debit.
c. A $ 6,800 credit to Service Revenue was not posted.
d. A $ 400 debit to Accounts Receivable was posted as $ 40.
e. The balance of Utilities Expense is understated by $ 70.
f. A $ 900 purchase of office supplies on account was neither journalized nor posted.
g. Computers should be $ 16,490.
Prepare the corrected trial balance at February 28, 2015. Journal entries are not required.
Accounts ReceivableAccounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that...
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Related Book For
Horngrens Financial and Managerial Accounting
ISBN: 978-0133255584
4th Edition
Authors: Tracie L. Nobles, Brenda L. Mattison, Ella Mae Matsumura
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