Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. (a) each account had a normal balance. (b) the de

(a) Each account had a normal balance. (b) The debit footings in Prepaid Insurance,...

80.2K

Verified Solution

Question

Accounting

(a) Each account had a normal balance.

(b) The debit footings in Prepaid Insurance, Accounts Payable, and Property Tax Expense were each understated by P1,000.

(c) A transposition error was made in Accounts Receivable and Service Revenue; the correct balances for Accounts Receivable and Service Revenue are P27,500 and P66,900, respectively.

(d) A debit posting to Advertising Expense of P3,000 was omitted.

(e) A P15,000 cash drawing by the owner was debited to Way Land, Capital and credited to Cash.

Trial Balance

April 30, 2020

Debit Credit

Cash 48,000

Accounts Receivable 25,700

Prepaid Insurance 7,000

Equipment 80,000

Accounts Payable 45,000

Property Tax Payable 5,600

Way Land, Capital 112,000

Service Revenue 69,600

Salaries Expense 42,000

Advertising Expense 11,000

Property Tax Expense 8,000

208,900 245,000

Prepare the correct trial balance.at April 30,2020.

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

The Kf for the formation of Co(NH3)62+ is 7.70 × 104. The Kf for the formation of Co(en)32+ is...

Chemistry
Q

What is an example of each of the bright side of knapp's model for the movie...

Psychology
Q

what the propagation delay can be on a synchronous and an asynchronous counter that needs to...

Electrical Engineering
Q

Question 7 The molar mass of Potassium dichromate K Cr O7 is O 294 g...

Biology
Q

Without a steady supply of dietary glucose or glucose from glycogen stores in the liver...

Biology
Q

Find the distance between the following points 2 4 3 2 1 Make a list...

Geometry
Q

Solve the formula for the specified variable V 1 X vd for v

Basic Math
Q

5 x 863 = ?

Basic Math
Q

If f x sin x 2x 2 then f x 5x 4 cos x 5...

Calculus
Q

Alpha Co. prepared an agin of its accounts receivables at December 31, 2017 and determined...

Accounting
Q

A company purchased new equipment for $74,000. The company paid cash for the equipment Other...

Accounting
Q

Tax liability for Month 3 The taxable wages and withheld taxes for Stafford Company (EIN...

Accounting