An inexperienced bookkeeper prepared the following trial balance that does not balance. Prepare a correct trial...

An inexperienced bookkeeper prepared the following trial balance that does not balance.

Prepare a correct trial balance, assuming all account balances are normal.

ORIOLE COMPANY Trial Balance December 31, 2017
	Debit	Credit
Cash	$22,410
Prepaid Insurance		$ 4,700
Accounts Payable		4,110
Unearned Service Revenue	4,790
Common Stock		10,000
Retained Earnings		6,600
Dividends		7,140
Service Revenue		26,800
Salaries and Wages Expense	12,460
Rent Expense		5,590
	$39,660	$64,940

Expert Solution

ekkarill92 answered 3 years ago

BE2-lO An inexperienced bookkeeper prepared the following trial balance. Prepare a correct trial balance, assuming all...

BE2-lO An inexperienced bookkeeper prepared the following trial balance. Prepare a correct trial balance, assuming all account balances are normal. WALTER COMPANY Trial Balance December 31, 2012 Debit $10,800 Credit Prepaid Insurance $ 3,500 Accounts Payable 3,000 Uhearned Service Revenue 2,200 Owner's Capital 9,000 Owner's Drawings 4,500 Service Revenue 25,600 Salaries and Wages Expense 18,600 Rent Expense 2,400 $31,600 $48,000 P2-2A Desiree Clark is a licensed CPA. During the month 01 operations of her business, the following events and transactions...

An inexperienced bookkeeper prepared the following trial balance for Philip Browning, M.D., as of December 31,...

An inexperienced bookkeeper prepared the following trial balance for Philip Browning, M.D., as of December 31, 20XX. You have discovered the following errors in your review of the accounting records and need to prepare a corrected trial balance. Philip Browning, M.D. Trial Balance December 31, 20XX Debit Credit Cash 17,500 Medical Supplies 600 Medical Equipment 6,000 Accounts Payable 4,000 Philip Browning, Capital 30,000 Philip Browning, Drawing 1,000 Medical Fees 7,000 Rent Expense 2,500 Salaries Expense 2,000 Utilities Expense 1,000 Miscellaneous...

The following balance sheet has been submitted to you by an inexperienced bookkeeper. List your suggestions...

The following balance sheet has been submitted to you by an inexperienced bookkeeper. List your suggestions for improvements in the format of the balance sheet. Consider both terminology deficiencies as well as classification inaccuracies. Jaspreet Industries, Inc. Balance Sheet For the Period Ended 12/31/17 Assets Fixed Assets—Tangible Equipment $110,000 Less: reserve for depreciation (40,000) $ 70,000 Factory supplies 22,000 Land and buildings 400,000 Less: reserve for depreciation (150,000) 250,000 Plant site held for future use 90,000 $ 432,000 Current Assets...

The following balance sheet was prepared by the bookkeeper for Jacuzi Company as of December 31,...

The following balance sheet was prepared by the bookkeeper for Jacuzi Company as of December 31, 2017. Jacuzi Company Balance Sheet as of December 31, 2017 Cash $ 80,000 Accounts payable $ 75,000 Accounts receivable (net) 52,200 Bonds payable 100,000 Inventory 57,000 Stockholders' equity 218,500 Investments 76,300 Equipment (net) 96,000 Patents 32,000 $393,500 $393,500 The following additional information is provided: 1. Cash includes the cash surrender value of a life insurance policy $9,400, a bank overdraft of $2,500 has been...

(TCO D) The following balance sheet was prepared by the bookkeeper for Stripes Company as of...

(TCO D) The following balance sheet was prepared by the bookkeeper for Stripes Company as of December 31, 201X Stripes Company Balance Sheet as of December 31, 201X is as follows. Cash $ 80,000 Accounts payable $ 75,000 Accounts receivable (net) 52,200 Long-term liabilities 100,000 Inventories 57,000 Stockholders' equity 218,500 Investments 76,300 Equipment (net) 96,000 Patents $393,500 $393,500 The following additional information is provided. (1) Cash includes the cash surrender value of a life insurance policy $12,000 and a bank...

A business had an inexperienced bookkeeper. During the first two weeks on the job, the bookkeeper...

A business had an inexperienced bookkeeper. During the first two weeks on the job, the bookkeeper made a mistake while recording a journal entry. The business paid $2,100 for next year’s insurance. The bookkeeper debited insurance expense for $1,200 and credited $1,200 to Cash. What is the correcting entry? Select one: a. Debit prepaid insurance, $2,100; Credit insurance expense, $1,200; and Credit Cash, $900 b. Debit insurance expense, $2,100; Credit prepaid insurance, $1,200; Credit Cash, $900 c. Debit insurance expense,...

My balance sheet does not balance please correct the missing information from trial balance and correct...

My balance sheet does not balance please correct the missing information from trial balance and correct the balance sheet below. 2016 Dr Cr Accounts Payable 1,079,837 Accounts Receivable 3,245,967 Accrued Liabilities - Other 721,358 Accrued Pension Liabilities 450,356 Accrued Restructuring Charges 90,476 Accrued Salaries, Wages and Commissions 350,191 Accumulated Other Comprehensive Income (Loss) 85,000 Accumulated Depreciation - Property, Plant & Equipment 1,999,999 Accumulated Post-Employment Benefit Obligation (long-term) 402,634 Additional Paid-in Capital,...

Prepare a correct trial balance ,assuming all account balances are normal

An inexperienced bookkeeper prepared the following trial balance.Prepare a correct trial balance,assuming all account balances are normal Cappshaw Company Trial Balance December 31,2017 Particulars Debit$ Credit$ Cash 10,800 Prepaid Insurance 3,500 Accounts Payable 3,000 Unearned Service Revenue 2,200 Owner's Capital 9,000 Owner's Drawings 4,500 Service Revenue 25,600 Salaries & Wages Expense 18,600 Rent Expense 2,400 Total 31,600 31,600

After the trial balance is prepared, the business owner can prepare the financial statements.

After the trial balance is prepared, the business owner can prepare the financial statements. List and discuss the purpose of each financial statement, the order in which the financial statements are prepared, and the information included in each financial statement information also in Chapter 1, illustration 1.9). In addition, consider the fact that many people feel that financial statements should be expanded beyond the traditional components (income statement, statement of owner's equity, statement of cash flows and balance sheet). Should financial...

The following transactions were recorded by an inexperienced bookkeeper during the months of June and July...

The following transactions were recorded by an inexperienced bookkeeper during the months of June and July for Pharoah Company. Pharoah Company uses a perpetual inventory system. June 10 A purchase of $4,000 of merchandise from DanDan Distributors was debited to Purchases and credited to Cash. The terms of the purchase were 2/10, n/30, FOB shipping point. 11 The invoice for freight in the amount of $185 for the delivery of merchandise purchased from DanDan was paid and was debited to...

Question