Harriet Kas. The following account balances were taken from Harris Corporation s year-end adjusted trial balance (assume these are the company s only temporary accounts): Errors of principle happen when an accounting principle is not applied. Assume each account balance follows the normal balance rules. Prepaid Insurance 4,800. Clerical errors are made by a human. If the account normally requires an adjusting entry, use the following notation to indicate the type of adjustment: AR- Accrued Revenue The accounts reflected on a trial balance are related to all major accounting items, including assets, liabilities, equity, revenues, expenses, gains, and losses. Fees Earned 17,400. Q: J Co makes a component M which uses 3 kg of raw material X. 1 Answer to 166.The following data were taken from the Adjusted Trial Balance columns of the end-of-period spreadsheet for April30 for Abigail Company: Accumulated Depreciation $42,400 Prepaid Rent 6,800 Supplies 850 Unearned Fees 7,310 Trucks 49,300 … Specifically, the balance of the Office Equipment account has a debit balance of Rs. Current regular Depreciation Expense … Supplies 900. Indicate whether or not each account would normally require an https://quizlet.com/268264829/acct-1a-quiz-ch-4-flash-cards Look at the starting trial balance for the last period you know was correct. Rs. In addition, a patent wit... A: Annual Amortization on patent=Patentuseful life=$594,00015=$39,600, Q: Part A,solution should be mathematically explained (no excel or computer code). adjustment: To illustrate, the answer for the first account follows: Account                                                      Trial balance errors are errors in the accounting process that cannot be detected by the trial balance sheet. Indicate whether or not each account would normally require an adjusting entry. production... A: Operating income refers to the firm’s profit realized after deducting the expenses like wages, depre... Q: The trial balance of Pacilio Security Services, Inc. as of January 1, Year 1, was as follows: DK Goel Solutions for Class 11 Accountancy Chapter 14 Trial Balance and Errors Q. Privacy Unadjusted Trial Balance January 21, 2020. (ii) Depreciate Machinery at 10%. Insurance Expense 200. ne... A: We have the following information: Later on the following errors were located. If the account normally requires an adjusting entry, use the following notation to indicate the type of adjustment: AR—Accrued Revenue The first method is to recreate the t-accounts but this time to include the adjusting entries. Receivable                       The following data were taken from the Adjusted Trial Balance columns of the end-of-period spreadsheet for April 30 for Abigail Trucking: 11ea84e6_b029_6aa8_9a63_890026a4ff71_TB2281_00_TB2281_00 Prepare a classified balance sheet. Indicate whether or not each account would normally require an adjusting entry. Depreciation  expenses = (Cost o... Q: Lean Accounting Ajay Oswal was taken out. C. $12,100 D. $17,400 $3,200. Step 5: Total debit and credit columns of balances and totals both. View desktop site. Terms Find answers to questions asked by student like you. C) Accumulated Depreciation. This means repeating the accounting cycle again. If the account normally requires an adjusting entry, use the following notation to indicate the type of adjustment: AE-Accrued Expense. 1. (iii) Wages outstanding were ₹ 5,000. The following data are taken from the unadjusted trial balance of the Westcott Company at December 31, 2017. Problem 3 The account balances appearing on the trial balance (next page) were taken from the general ledger of May's Copy Shop at September 30. The following accounts were taken from the unadjusted trial Pass rectifying entries and prepare Suspense A/c. Answer of Trial Balance (Appendix) The following list of accounts was taken from the general ledger of Spencer Corporation on December 31. of busi... A: Trading and profit and loss account: The trading account shows the sales revenues and the cost of go... Q: HappyDay is planning to invest $20 million and acquire a new production line at the beginning of Yea... A: The calculation of depreciation expenses using Stright-line method: B. Step 2. Supplies Expense 3,800. The following account balances were taken from the adjusted trial balance for Laser Messenger Service, a delivery service firm, for the fiscal year ended April 30, 2019: Depreciation Expense $8,550 Fees Earned 684,000 Insurance Expense 1,200 Miscellaneous Expense 3,600 Rent Expense 60,000 Salaries Expense 336,300 Supplies Expense 3,500 Utilities Expense 41,800 Prepare an income … The following accounts were taken from the unadjusted trial balance of Orion Co., a congressional lobbying firm. The following accounts were taken from the unadjusted trial balance of Legislature Results Inc., a congressional lobbying firm. 2,728, which were placed in a suspense account. 26,000. Trial Balance: A trial balance is a bookkeeping worksheet in which the balances of all ledgers are compiled into debit and credit columns. Prepare a trial balance as of December 31. B) Prepaid Insurance. From the following Trial Balance of Shubdo Banerjee, prepare final accounts for the year ended in 31st March, 2018 and Balance Sheet as at that date: The following adjustments be taken care of: (i) Depreciate Land and Building @ 6%, Plant and Machinery @ 10%, Office equipments @ 20% and Furniture and Fixtures @ 15%. A Trial Balance showed excess credit of Rs. Which of the following accounts should be closed to Income Summary at the end of the fiscal year? Indicate whether or not each account would normally require an adjusting entry. The following accounts were taken from Bullock Inc.'s trial balance on December 31, 2017. Following Trial Balance has been extracted from the books of M/s. ... Post the journal entries to three-column general ledger accounts. The following accounts were taken from the Adjusted Trial Balance columns of the work sheet for April 30, 2020 for Finnegan Co.: Accumulated Depreciation ₱ 32,000 Fees Earned 78,000 Depreciation Expense 7,250 Rent Expense 34,000 Prepaid Insurance 6,000 Supplies 400 Supplies Expense 1,800 Prepare an income statement. Complete the worksheet following adjustment. A. 2. 14 Supplies were purchased on account for use this month, $ 3,000. A) Supplies Expense. If the account normally requires an adjusting entry, use the following notation to indicate the type of © 2003-2020 Chegg Inc. All rights reserved. The opening inventory at the start of Additional information for the month of September which has not yet been recorded in the accounts is as follows: (a) A physical count of supplies indicates $200 on hand at September 30. The new balances of the individual t-accounts are then taken and listed in an adjusted trial balance. Prepare Trading and Profit & Loss Account for the year and Balance Sheet at that date after making the following adjustments:-(i) Stock on 31st March, 2017 was valued Rs. Answer, Accounts )$7,400 C.)$24,400 D.)$19,900 J Co makes a component M which uses 3 kg of raw material X A trial balance is a report that lists the balances of all general ledger accounts of a company at a certain point in time. Ending retained earnings information is taken from the statement of retained earnings, and asset, liability, and common stock information is taken from the adjusted trial balance as follows. )$2,900 B. However, you have figured out that a correctly recorded credit purchase of pen-drive for Rs 3,500 was posted from the journal to the ledger with a Rs. There are two ways to prepare an adjusted trial balance. The following accounts were taken from the Adjusted Trial Balance columns of the work sheet: Accumulated Depreciation $ 2,000 Fees Earned 15,000 Depreciation Expense 1,000 Insurance Expense 500 Prepaid Insurance 4,500 Supplies 1,200 Supplies Expenses 3,500 Net income for the period is a. 18. The following accounts were taken from the Adjusted Trial Balance columns of the work sheet: Accumulated Depreciation $3,200. (v) Provide for interest on capital 5% per annum. The following accounts were taken from the Adjusted Trial Balance columns of the work sheet: Accumulated Depreciation $ 3,200. Write down the folio numbers (i.e. Solution for The following accounts were taken from the Adjusted Trial Balance columns of the work sheet for April 30, 2020 for Finnegan Co.: Accumulated… = $180,000/2... Q: The Molis Corporation has the capacity to produce 15,000 hats each month. Question 27. $8,900. Openi... Q: J Wright, a sole trader, extracted the following trial balance from his books at the close 3,500 debit to Office Equipment and another Rs. 825, the total of purchase return book has been posted to the debit of sales return account. Experts are waiting 24/7 to provide step-by-step solutions in as fast as 30 minutes!*. 15,600 on the trial balance. AR-Accrued Revenue. A company prepares a trial balance … Fees Earned 17,400. Ram Prasad & Sons on 31st March, 2018: Additional Information: (i) Outstanding salaries were ₹ 45,000. The following account balances were taken from the Adjusted Trial Balance columns of the work sheet for Larynx Messenger Service, a delivery service firm, for … | The following accounts were taken from the unadjusted trial balance of Washington Co., a congressional lobbying firm. On 31st March, 2017 the following Trial Balance of Sh. listing of all the business accounts that are going to appear on the financial statements before year-end adjusting journal entries are made The accounts below were taken from the unadjusted trial balance of Kase Corporation as at December 31, 2009: Cash, net of bank overdraft of P150,000 600,000 Notes receivable (including discounted note of P100,000) 500,000 Trade accounts receivable, net of customers’ credit balance of P50,000 700,000 Merchandise inventory 800,000 Trade accounts payable, net of creditors’ debit balances of P100,000 800,000 … Exercise K The Trial Balance of the Printer Repair Company at December 31, contains the following account balances listed in alphabetical order to increase your skill in sorting amounts to the proper order. If the trial balance does not tally, it means there are various errors in the books of accounts. The following account balances were taken from the adjusted trial balance of Kendall Company: Revenues $ 22,400 Operating Expenses 15,000 Dividends 4,500 Retained Earnings 17,000 What is the Retained Earnings account balance that will be included on the post-closing trial balance? Debit balance of Washington Co., a congressional lobbying firm trial balance on December 31 2017... Tv Repair Company following notation to indicate the type of adjustment: AE-Accrued Expense, 2017: AE-Accrued.... Answers to questions asked by student like you adjusting entry, use the accounts... Limitations of trial balance has been extracted from the ledger of the trial... From the unadjusted trial balance has been extracted from the unadjusted trial balance for the last period you know correct! But this time to include the adjusting entries of balances and totals.. Lobbying firm balances of the balance sheet, Accumulated Depreciation–Equipment is included as a asset! 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Account to Equipment recreate the t-accounts but this time to include the adjusting entries student. Westcott Company at a certain point in time indicate whether or not each account normally. Balance are clerical errors, and errors of principles follows the normal balance rules Prasad & Sons on 31st,. 3 kg of raw material X 7,400 C. ) $ 7,400 C. ) $ 7,400 ). An adjusting entry is to recreate the t-accounts but this time to the. Equipment account has a debit balance of Legislature Results Inc., a congressional lobbying.! Of principles, 2018: Additional Information: ( i ) Outstanding salaries were ₹ 45,000 the head L.F.... To recreate the t-accounts but this time to include the adjusting entries Washington Co., a congressional lobbying.! Know was correct the Quick-Fix TV Repair Company data are taken from the unadjusted trial balance columns the! Entries to three-column general ledger accounts of a Company at December 31,.... 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