Question

In: Accounting

The accountant for Eva’s Laundry prepared the following unadjusted and adjusted trial balances. Assume that all...

The accountant for Eva’s Laundry prepared the following unadjusted and adjusted trial balances. Assume that all balances in the unadjusted trial balance and the amounts of the adjustments are correct.

Eva’s Laundry

Trial Balances

May 31, 2018

1

Unadjusted

Unadjusted

Adjusted

Adjusted

2

Debit Balances

Credit Balances

Debit Balances

Credit Balances

3

Cash

$7,420.00

$7,420.00

4

Accounts receivable

17,965.00

22,760.00

5

Laundry Supplies

3,805.00

7,170.00

6

Prepaid Insurance*

4,850.00

1,555.00

7

Laundry Equipment

193,700.00

180,415.00

8

Accumulated Depreciation—Laundry Equipment

$47,535.00

$47,535.00

9

Accounts Payable

10,040.00

10,040.00

10

Wages Payable

1,330.00

11

Common Stock

33,500.00

33,500.00

12

Retained Earnings

76,430.00

76,430.00

13

Dividends

28,775.00

28,775.00

14

Laundry Revenue

185,500.00

185,500.00

15

Wages Expense

48,990.00

48,990.00

16

Rent Expense

25,630.00

25,630.00

17

Utilities Expense

18,650.00

18,650.00

18

Depreciation Expense

13,285.00

19

Laundry Supplies Expense

3,365.00

20

Insurance Expense

(70.00)

21

Miscellaneous Expense

3,220.00

3,220.00

22

$353,005.00

$353,005.00

$361,165.00

$361,165.00

* $3,295 of insurance expired during the year.

Identify the errors in the accountant's adjusting entries by preparing a corrected adjusted trial balance. Assume that none of the accounts were affected by more than one adjusting entry. If an amount box does not require an entry, leave it blank

Identify the errors in the accountant's adjusting entries by preparing a corrected adjusted trial balance. Assume that none of the accounts were affected by more than one adjusting entry. If an amount box does not require an entry, leave it blank.

Eva's Laundry

ADJUSTED TRIAL BALANCE

May 31, 2018

ACCOUNT TITLE DEBIT CREDIT

1

Cash

2

Accounts Receivable

3

Laundry Supplies

4

Prepaid Insurance*

5

Laundry Equipment

6

Accumulated Depreciation-Laundry Equipment

7

Accounts Payable

8

Wages Payable

9

Common Stock

10

Retained Earnings

11

Dividends

12

Laundry Revenue

13

Wages Expense

14

Rent Expense

15

Utilities Expense

16

Depreciation Expense

17

Laundry Supplies Expense

18

Insurance Expense

19

Miscellaneous Expense

20

Totals

* $3,295 of insurance expired during the year.

Solutions

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