Refer to McAllen, Inc.s trial balance in Short Exercise 2-10. The purpose of this exercise is to
Question:
Refer to McAllen, Inc.s trial balance in Short Exercise 2-10. The purpose of this exercise is to help you learn how to correct three common accounting errors. In Short Exercise 2-10. McAllen, Inc.s trial balance follows:
Error 1. Slide. Suppose the trial balance lists Land as $4,060 instead of $40,600. Re-compute column totals, take the difference, and divide by 9. The result is an integer (no decimals), which suggests that the error is either a transposition or a slide. Error 2. Transposition. Assume the trial balance lists Accounts Receivable as $13,800 instead of $18,300. Recompute column totals, take the difference, and divide by 9. The result is an integer (no decimals), which suggests that the error is either a transposition or a slide. Error 3. Mislabeling an item. Assume that McAllen, Inc., accidentally listed Accounts Receivable as a credit balance instead of a debit. Recompute the trial balance totals for debits and credits. Ten take the difference between total debits and total credits, and divide the difference by 2. You get back to the original amount of AccountsReceivable.
Accounts Receivable Accounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that...
Transcribed Image Text:
A1 McAllen, Inc. Trial Balance December 31, 2014 Balance 2 3 Account Title 4 Cash Debit Credit 5,400 18,3 Supplies Land Equipment Accounts payable 40,600 21,700 10 Note payable 11 Common stock 12 Retained earnings 13 Service revenue 5,200 ayxpense 33,000 8,000 15 Rent expense 16 Utilities expense 17 Total 8
Fantastic news! We've Found the answer you've been seeking!
I am a lecturer, research writer and also a qualified financial analyst and accountant. I am qualified and articulate in many disciplines including English, Accounting, Finance, Quantitative spreadsheet analysis, Economics, and Statistics. I am an expert with sixteen years of experience in online industry-related work. I have a master's in business administration and a bachelor’s degree in education, accounting, and economics options.
I am a writer and proofreading expert with sixteen years of experience in online writing, proofreading, and text editing. I have vast knowledge and experience in writing techniques and styles such as APA, ASA, MLA, Chicago, Turabian, IEEE, and many others.
I am also an online blogger and research writer with sixteen years of writing and proofreading articles and reports. I have written many scripts and articles for blogs, and I also specialize in search engine
I have sixteen years of experience in Excel data entry, Excel data analysis, R-studio quantitative analysis, SPSS quantitative analysis, research writing, and proofreading articles and reports. I will deliver the highest quality online and offline Excel, R, SPSS, and other spreadsheet solutions within your operational deadlines. I have also compiled many original Excel quantitative and text spreadsheets which solve client’s problems in my research writing career.
I have extensive enterprise resource planning accounting, financial modeling, financial reporting, and company analysis: customer relationship management, enterprise resource planning, financial accounting projects, and corporate finance.
I am articulate in psychology, engineering, nursing, counseling, project management, accounting, finance, quantitative spreadsheet analysis, statistical and economic analysis, among many other industry fields and academic disciplines. I work to solve problems and provide accurate and credible solutions and research reports in all industries in the global economy.
I have taught and conducted masters and Ph.D. thesis research for specialists in Quantitative finance, Financial Accounting, Actuarial science, Macroeconomics, Microeconomics, Risk Management, Managerial Economics, Engineering Economics, Financial economics, Taxation and many other disciplines including water engineering, psychology, e-commerce, mechanical engineering, leadership and many others.
I have developed many courses on online websites like Teachable and Thinkific. I also developed an accounting reporting automation software project for Utafiti sacco located at ILRI Uthiru Kenya when I was working there in year 2001.
I am a mature, self-motivated worker who delivers high-quality, on-time reports which solve client’s problems accurately.
I have written many academic and professional industry research papers and tutored many clients from college to university undergraduate, master's and Ph.D. students, and corporate professionals. I anticipate your hiring me.
I know I will deliver the highest quality work you will find anywhere to award me your project work. Please note that I am looking for a long-term work relationship with you. I look forward to you delivering the best service to you.