Question: Identify the errors in the following trial balance
Identify the errors in the following trial balance. All accounts have normal balances.
Answer to relevant QuestionsThe following errors took place in journalizing and posting transactions:a. Rent of $12,500 paid for the current month was recorded as a debit to Rent Expense and a credit to Prepaid Rent.b. Dividends of $7,500 were recorded ...State for each account whether it is likely to have (a) Debit entries only, (b) Credit entries only, or(c) Both debit and credit entries also, indicate its normal balance.1. Accounts Payable 2. Cash3. Dividends4. ...On June 1, the cash account balance was $17,200. During June, cash payments totaled $178,300, and the June 30 balance was $23,900. Determine the cash receipts during June.Imperial Carpet has the following unadjusted trial balance as of March 31, 2012.The debit and credit totals are not equal as a result of the following errors:a. The balance of cash was understated by $12,000.b. A cash ...Smyrna Inc. has a petty cash fund of $900. (a) Since the petty cash fund is only $900, should Smyrna Inc., implement controls over petty cash?(b) What controls, if any, could be used for the petty cash fund?
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