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Furkat [3]
3 years ago
12

Debit CreditCash $2,870 Accounts Receivable $3,231 Supplies 800 Equipment 3,800 Accounts Payable 2,666 Unearned Service Revenue

1,200 Common Stock 6,000 Retained Earnings 3,000 Service Revenue 2,380 Salaries and Wages Expense 3,400 Office Expense 940 Totals $13,371 $16,91Each of the listed accounts should have a normal balance per the general ledger. An examination of the ledger and journal reveals the following errors.1. Cash received from a customer on account was debited for $570, and Accounts Receivable was credited for the same amount. The actual collection was for $750.2. The purchase of a computer printer on account for $500 was recorded as a debit to Supplies for $500 and a credit to Accounts Payable for $500.3. Services were performed on account for a client for $890. Accounts Receivable was debited for $890 and Service Revenue was credited for $89.4. A payment of $65 for telephone charges was recorded as a debit to Office Expense for $65 and a debit to Cash for $65.5. When the Unearned Service Revenue account was reviewed, it was found that service revenue amounting to $325 was performed prior to June 30 (related to Unearned Service Revenue).6. A debit posting to Salaries and Wages Expense of $670 was omitted.7. A payment on account for $206 was credited to Cash for $206 and credited to Accounts Payable for $260.8. A dividend of $575 was debited to Salaries and Wages Expense for $575 and credited to Cash for $575.
Business
1 answer:
nirvana33 [79]3 years ago
4 0

Answer:

TRIAL BALANCE

Assets:

Cash $2,920

Accounts Receivable $3,051

Supplies $300

Equipment $4,300

Total assets 10,571

Liabilities + Stockholders' Equity

Accounts Payable $2,200

Unearned Service Revenue $875

Common Stock $6,000

Retained Earnings $1,496

Total liabilities + stockholders' equity 10,571

Explanation:

1.Cash received from a customer on account was debited for $570, and Accounts Receivable was credited for the same amount. The actual collection was for $750.

Dr Cash 180

    Cr Accounts receivable 180

2. The purchase of a computer printer on account for $500 was recorded as a debit to Supplies for $500 and a credit to Accounts Payable for $500.

Dr Equipment 500

    Cr Supplies 500

3. Services were performed on account for a client for $890. Accounts Receivable was debited for $890 and Service Revenue was credited for $89.

Dr Accounts receivable 0

    Cr Service revenue 801

4. A payment of $65 for telephone charges was recorded as a debit to Office Expense for $65 and a debit to Cash for $65.

Dr Office expense 0

    Cr Cash 130

5. When the Unearned Service Revenue account was reviewed, it was found that service revenue amounting to $325 was performed prior to June 30 (related to Unearned Service Revenue).

Dr Unearned service revenue 325

    Cr Service revenue 325

6. A debit posting to Salaries and Wages Expense of $670 was omitted.

Dr Wages expense 670

    Cr Cash 0

7. A payment on account for $206 was credited to Cash for $206 and credited to Accounts Payable for $260.

Dr Accounts payable 466

    Cr Cash 0

8. A dividend of $575 was debited to Salaries and Wages Expense for $575 and credited to Cash for $575.

Dr Retained earnings 575

    Cr Wages expense 575

Service Revenue 2,380 + 801 + 325 = 3,506

Salaries and Wages Expense 3,400 + 670 - 575 = 3,495

Office Expense 940

net loss -929

Cash $2,870 + 180 - 130 = 2,920

Accounts Receivable $3,231 - 180 = 3,051

Supplies 800 - 500 = 300

Equipment 3,800 + 500 = 4,300

Accounts Payable 2,666 - 466  = 2,200

Unearned Service Revenue 1,200 - 325 = 875

Common Stock 6,000

Retained Earnings 3,000 - 575 - 929 = 1,496

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From the information given below construct a cash budget for five months period starting form May 20X1 till September. MONTH AND
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Cash Surplus  May   $83,300   June    $  61,600   July    $33,000  

Aug  $25,500        Sept $  3650

Explanation:

MONTH AND YEAR          PROJECTED SALES        FIRST MONTH      

                                                                                   COLLECTIONS (80%)

April 20X1                               $ 140,000                   112,000

May 20X1                                 130,000                      104,000

June 20X1                                90,000                        72,000

July 20X1                                  65,000                         52,000

August 20X1                            84,000                         67,200

September 20X1                      95,000                          76,000

October 20X1                          160,000                         128,000  

November 20X1                      200,000                        160,000

December 20X1                       240,000                       192,000

January 20X2                            190,000                      152,000  

<u><em>First we find the monthly cash collections 80 % in the month of sales , 10% in the second month , 5% in the third and 5 % in the fourth . We have summed them up in the following table.</em></u>

Sales Collections

                          MAY        JUNE      JULY        AUGUST         SEPT

Particulars

1st Month         104,000     72,000     52,000   67,000      76,000

Collections

2nd Month      14,000       13,000       9000      6500         8400

3rd Month                         7000         6500       4500         3250

<u>4th Month                                            7000      6500         4500</u>

Total

Collections       118,000      92,000    74,500    84,500      92,150

<u><em>Now we prepare the cash budget deducting payments from collections and maintaining beginning and ending balance.</em></u>

<u>Cash Budget</u>

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<em>Particulars</em>

Opening          10,000     10,000     10,000      10,000        10,000

Add Total

Collections       118,000      92,000    74,500    84,500      92,150

Less Closing    10,000        10,000       10,000      10,000      10,000

<u>Less Payments34,700        30,400     41,500      59,000       88,500 </u>

<u> Cash Surplus    83,300        61,600     33,000   25,500       3650</u>

<u />

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