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Julie, a new employee, is not sure of the effect the following unrelated situations would

Julie, a new employee, is not sure of the effect the following unrelated situations would

Julie, a new employee, is not sure of the effect the following unrelated situations would have on the accuracy of the financial statements. Identify the account(s) that are affected and if the trial balance would balance.

(a) Equipment was purchased for $1,000 cash. The debit was recorded properly, but the credit was omitted.

(b) A debit to Cash for $250 was posted as $2,500; the credit was posted correctly.

(c) A purchase of supplies on account for $75 was posted as a debit to Supplies and a credit to Cash.

40) You have been hired to correct the following trial balance that was improperly recorded. All the accounts have normal balances. Prepare a corrected trial balance in good form.

Kassie Korn Company

Trial Balance

April 30, 2013

 

DebitCredit

Cash1,200

Accounts Receivable  600

Equipment2,000

Accounts Payable   700

B. Kassie, Capital3,000

B. Kassie, Withdrawals   100

Service Fees1,000

Rent Expense   200

Salaries Expense   600  

Totals5,7003,700

41) The following trial balance has been improperly recorded. All the accounts have normal balances. Prepare a corrected trial balance in good form.

Home Town Cleaning Company

Trial Balance

March 31, 2014

 

DebitCredit

Cash   500

Salaries Expense   600

Rent Expense   200

Accounts Receivable   600

Equipment2,000

K. Carlson, Capital2,300

K. Carlson, Withdrawals   100

Service Fees1,000

Accounts Payable           700

Totals5,9002,100

42) Jim is having some problems posting to the general ledger. He is not sure if the running balance

Tripti 06-Dec-2019

Answer (UnSolved)

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