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PART ONE: The accounts in the ledger of Hickory Furniture Company as of December 31, 2016, are listed in alphabetical order as follows. All accounts have normal balances. The balance of the cash account has been intentionally omitted. I AM MISSING CASH (DEBIT) and Debit TOTAL---only

Accounts Payable $ 42,880

Notes Payable $ 41,000

Accounts Receivable 115,430

Prepaid Insurance 20,400

Cash ?

Rent Expense 45,000

Common Stock 15,000

Retained Earnings 51,000

Dividends 22,500

Supplies 4,940

Fees Earned 746,050

Supplies Expense 6,070

Insurance Expense 3,100

Unearned Rent 13,200

Land 41,000

Utilities Expense 26,840

Miscellaneous Expense 9,900

Wages Expense 572,100

Prepare an unadjusted trial balance and insert the missing figure for cash.

Hickory Furniture Company

UNADJUSTED TRIAL BALANCE

Score: 68/75

December 31, 2016

	ACCOUNT TITLE	DEBIT	CREDIT
1	Cash
2	Accounts Receivable
3	Supplies
4	Prepaid insurance
5	Land
6	Accounts Payable
7	Unearned Rent
8	Notes Payable
9	Common Stock
10	Retained Earnings
11	Dividends
12	Fees Earned
13	Wages Expense
14	Rent Expense
15	Utilities Expense
16	Supplies Expense
17	Insurance Expense
18	Miscellaneous Expense
19	Totals

PART TWO:

On July 24, it was discovered that the following errors took place in journalizing and posting transactions:

a.	Cash of $8,100 received on account was recorded as a debit to Fees Earned and a credit to Cash.
b.	A $1,560 purchase of supplies for cash was recorded as a debit to Supplies Expense and a credit to Accounts Payable.

Journalize the entries on July 24 to correct the errors. Use two transactions to correct the error described in b. (That is, record an entry to reverse the incorrect entry and a second entry to record the correct entry.) Refer to the Chart of Accounts for exact wording of account titles.

JOURNAL

	DATE	DESCRIPTION	POST. REF.	DEBIT	CREDIT
1				XXXX
2
3
4
5		XXXX		XXX
6		XXXX
7		XXXX

CHART OF ACCOUNTS
General Ledger
ASSETS 11 Cash 12 Accounts Receivable 13 Supplies 14 Prepaid Rent 15 Land 16 Office Equipment 17 Automobiles LIABILITIES 21 Accounts Payable 22 Salaries Payable 23 Notes Payable EQUITY 31 Common Stock 32 Retained Earnings 33 Dividends	REVENUE 41 Fees Earned EXPENSES 51 Advertising Expense 52 Automobile Expense 53 Insurance Expense 54 Rent Expense 55 Salaries Expense 56 Supplies Expense 57 Utilities Expense 58 Miscellaneous Expense

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