Consider the following trial balance ($ in thousands): Powell Paint Store Trial Balance, Year Ended December 31,
Question:
Consider the following trial balance ($ in thousands):
Powell Paint Store
Trial Balance, Year Ended December 31, 20X0
List and describe all the errors in the preceding trial balance. Be specific. On the basis of the available data, prepare a corrected trial balance.
Transcribed Image Text:
$22 Cash Equipment Accumulated depreciation, equipment Accounts payable Accounts receivable Prepaid insurance Prepaid rent Inventory Paid-in capital Retained earnings Cost of goods sold Wages expense Miscellaneous expenses Advertising expense Sales Note payable 15 42 14 129 17 500 100 80 30 788 40 $976 $848
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Related Book For
Introduction to Financial Accounting
ISBN: 978-0133251036
11th edition
Authors: Charles Horngren, Gary Sundem, John Elliott, Donna Philbrick
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