1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
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

You might be interested in
In what ways do goals and objectives help managers control the organization?
Elis [28]
Setting goals and objectives provides the guidance and direction, Motivates and inspires the employees, Facilitates planning and also helps organizations evaluate and controls the performance.
6 0
3 years ago
The declaration date is the date on which the corporation ______. makes a payment to the stockholders of record records its obli
Dovator [93]

Answer: Records its obligation to pay a dividend

Explanation:

The declaration date is the particular date where the board of directors of a company takes the decision to pay a dividend to all the stakeholders of the company.

A dividend is the benefit a shareholder of a company, gets as a result of the profit the company makes during a period.

5 0
3 years ago
A company requires that all technology purchases be approved by IT and must conform to company standards. This is an example of​
KengaRu [80]

Answer:

The correct word for the blank space is:  procurement policy.

Explanation:

A procurement policy within the work frame is the set of regulations that establishes boundaries on the purchase of assets for the company's employees. Its main role is to ensure those purchases adjust to the needs of the organization so that the company can add value to its operations.

3 0
3 years ago
Bob bought some land costing $16,390. today, that same land is valued at $46,817. How long has bob owned this land if the price
faltersainse [42]

Bob has to own his land for 18 years if the price is increasing at the rate of 6% per year.

Given that land was bought by Bob for $16390, the price is increasing at the rate of 6%, price of land today is $46817.

We are required to find the time for which Bob need to own the land so that the price of the land is $46817 today.

Compounding means calculating amount on the principal and the amount added interest.

Rate of increasing the price of land be 6%.

Price when Bob bought the land=$16390.

Price of land today=$46817.

It is like compounding of interest and the sum is calculated as under:

S=P*(1+r)^{n}

In the above equation P is theamount at beginning,r is rate of increasing and n is the number of years.

46817=16390(1+0.06)^{n}

46817/16390=(1.06)^{n}

(1.06)^{n}=2.8564

(1.06)^{n}=(1.06)^{18}  (Approximately)

From both the sides we will get n=18.

Hence Bob has to own his land for 18 years if the price is increasing at the rate of 6% per year.

Learn more about compounding at brainly.com/question/2449900

#SPJ4

4 0
2 years ago
If a borrower's monthly interest payment on an interest-only loan at an annual interest rate of 7.3% is $877, how much was the l
mihalych1998 [28]

Answer:

$144,200

Explanation:

7 0
2 years ago
Other questions:
  • Andrews Corp. ended the year carrying $153,576,000 worth of inventory. Had they sold their entire inventory at their current pri
    6·1 answer
  • Brand differences are worth promoting if they satisfy certain criteria. What are these criteria? Briefly describe each of them.
    14·1 answer
  • Dana is watching television when a commercial for a brand of bathroom cleaner comes on. She is not very interested in the produc
    12·1 answer
  • On a 100-acre farm, a farmer is able to produce 3,000 bushels of wheat when he hires 2 workers. He is able to produce 4,400 bush
    6·1 answer
  • Umay oh ito para sa mga taong di makuha si CRUSH
    14·2 answers
  • Difference between real flows and monetary flows​
    9·1 answer
  • Is the concentration ratio an accurate measure of the extent of​ competition?
    13·1 answer
  • 7200 shares of treasury stock of Coronado, Inc., previously acquired at $13 per share, are sold at $19 per share. The entry to r
    12·1 answer
  • Governors and state officials would tend to favor ______ from federal funding since it provides flexibility in terms of how the
    13·1 answer
  • Which of the following is the process of identifying and documenting the functional and physical characteristics of a work produ
    6·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!