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bearhunter [10]
3 years ago
8

Your review of the ledger reveals that each account has a normal balance. You also discover the following errors. 1. The totals

of the debit sides of Prepaid Insurance, Accounts Payable, and Utilities Expense were each understated $100. 2. Transposition errors were made in Accounts Receivable and Service Revenue. Based on postings made, the correct balances were $2,570 and $8,960, respectively. 3. A debit posting to Salaries and Wages Expense of $200 was omitted. 4. A $1,600 cash dividend was debited to Common Stock for $1,600 and credited to Cash for $1,600. 5. A $450 purchase of supplies on account was debited to Equipment for $450 and credited to Cash for $450. 6. A cash payment of $530 for advertising was debited to Advertising Expense for $53 and credited to Cash for $53. 7. A collection from a customer for $540 was debited to Cash for $540 and credited to Accounts Payable for $540. Prepare a correct trial balance. (Hint: It helps to prepare the correct journal entry for the transaction described and compare it to the mistake made.)
Business
1 answer:
Oksi-84 [34.3K]3 years ago
6 0

Answer:

Debit side $29,660

Credit side $29,660

Explanation:

Preparation of a correct trial balance

DOMINIC COMPANY

Corrected Trial Balance May 31, 2015

DEBIT SIDE

Cash $5,023

($5,050 +$450 - $477)

($530-$53=$477)

Accounts Receivable $2,030

($2,570 - $540)

Prepaid Insurance $930

($830 + $100)

Supplies $450

Equipment $12,750

($13,200 - $450)

Salaries and Wages Expense $4,530

($4,330 + $200)

Advertising Expense $1,447

($970 + $477)

($530-$53=$477)

Utilities Expense $900

($800 + $100)

Dividends $1,600

TOTAL $29,660

CREDIT SIDE

Accounts Payable $5,510

($5,700 - $100 + $450 - $540)

Unearned Service Revenue $690

Common Stock $14,500

($12,900 + $1,600)

Service Revenue $8,960

TOTAL $29,660

Therefore the CORRECTED TRIAL BALANCE will be:

Debit side $29,660

Credit side $29,660

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The Hull Petroleum Company and Inverted V are retail gasoline franchises that compete in a local market to sell gasoline to cons
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I believe that the demand equation is incomplete, since there is no price (P).

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if we add the price into the equation:

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3 years ago
A document in an auditor's working papers includes the following statement: "Our audit is subject to the inherent risk that mate
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4 years ago
Rubbermaid allows employees to spend a percentage of their working time on special projects. Imagine that, as a manager for Rubb
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Answer:

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Explanation:

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3 0
3 years ago
"A property has been assessed at $40,000. The city tax rate is 10 mills, the county tax rate is 9 mills, and the school board le
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Answer:

Amount saved by the owner is $225.

Explanation:

given,

the property has been assessed = $40,000

the city tax rate = 10 mills = 0.001

country tax rate = 9 mills = 0.009

school board levy = 9 mills = 0.008

owner gets homestead tax exemption of = ?

Homestead tax exemption is used to same money from paying tax on their property every year.

homestead tax exemption given is  $25,000

Money saved by owner = $25,000 homestead exemption × county tax rate

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Amount saved by the owner is $225.

3 0
3 years ago
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