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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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Fightin' Blue Hens Corporation

Income Statement

for the year ended December 31, 2018.

Details                                                                    $

Service Revenue                                           300,000

Salaries Expense                                         (200,000)

Rent Expense                                                  (10,000)

Depreciation Expense                                   (20,000)

Interest Expense                                           <u>   (3,000) </u>

Earnings for the year                                   <u>   67,000 </u>

Therefore, we have:

Fightin' Blue Hens Corporation

Statement of Stockholder Equity

for the year ends December 31, 2018

Details                                                                    $

Common stock                                               100,000

Retained Earnings                                           40,000

Earnings for the year                                    <u>   67,000</u>

Stockholder Equity                                      <u> 207,000 </u>

2. Prepare a classified balance sheet as of December 31, 2018.

A balance sheet is a balance sheet that have different classifications suchas fixed assets, current assets and liabilities, long-term liabilities, and stockholder equity. This can be prepared as follows:

Fightin' Blue Hens Corporation

Classified Balance Sheet

for the year ends December 31, 2018

Details                                                          $                   $

<u>Fixed Assets</u>

Equipment                                           200,000

Accumulated Depreciation              <u>   (115,000) </u>    

Net Fixed Assets                                                          85,000  

<u>Current Assets</u>

Cash                                                        10,000

Accounts Receivable                           130,000

Prepaid Rent                                            4,000

Supplies                                               <u>  20,000 </u>

Total current assets                             164,000

<u>Current Liabilities</u>

Accounts Payable                                (10,000)

Salaries Payable                                    (9,000)

Interest Payable                                   <u>  (3,000) </u>

Working capital                                                            142,000

<u>Long-term Liabilities</u>

Notes Payable (due in two years)                              <u> (20,000) </u>

Net Total Assets                                                         <u> 207,000</u>

Financed by:

Common stock                                                              100,000

Retained Earnings                                                          40,000

Earnings for the year                                                   <u>   67,000</u>

Stockholder Equity                                                      <u> 207,000 </u>

Note: When a balance sheet is accurately prepared, the net total assets and the stockholder equity must be equal as above with both equaling $207,000.

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