a) Rima has prepared the following trial balance and doesn't know why it does not balance....
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a) Rima has prepared the following trial balance and doesn't know why it does not balance. She also knows it is out of order but cannot remember her account classifications. Prepare a corrected trial balance for her using the information provided below: (19 marks) . . Trial Balance of Rima's Rugs as at 31 January 2023 DR Accounts Payable Accounts Receivable Cash at Bank. Computers Cost of Goods Sold GST Clearing Interest Expense Inventories Loan Other information you have gathered includes: • The Accounts Receivable balance should be $11,375 .. Marketing Costs Mobile Phone Expenses Motor Vehicle Office Equipment Rent Expense Salaries & Wages Sales 12,625 19,500 45,563 106,675 2,500 2,125 43,750 ● The Cash at Bank account is in overdraft The GST Clearing amount is owed to the tax office The Capital balance needs to be calculated Travel expenses of $7,000 are missing and so are Drawings of $2,500 12,312 $245,050 . . The Interest Expense amount is actually Interest Revenue The Motor Vehicle is a private vehicle that does not belong to the business CR 10,700 3,875 1,500 28,750 15,250 58,750 98,750 268,750 $486,325 a) Rima has prepared the following trial balance and doesn't know why it does not balance. She also knows it is out of order but cannot remember her account classifications. Prepare a corrected trial balance for her using the information provided below: (19 marks) . . Trial Balance of Rima's Rugs as at 31 January 2023 DR Accounts Payable Accounts Receivable Cash at Bank. Computers Cost of Goods Sold GST Clearing Interest Expense Inventories Loan Other information you have gathered includes: • The Accounts Receivable balance should be $11,375 .. Marketing Costs Mobile Phone Expenses Motor Vehicle Office Equipment Rent Expense Salaries & Wages Sales 12,625 19,500 45,563 106,675 2,500 2,125 43,750 ● The Cash at Bank account is in overdraft The GST Clearing amount is owed to the tax office The Capital balance needs to be calculated Travel expenses of $7,000 are missing and so are Drawings of $2,500 12,312 $245,050 . . The Interest Expense amount is actually Interest Revenue The Motor Vehicle is a private vehicle that does not belong to the business CR 10,700 3,875 1,500 28,750 15,250 58,750 98,750 268,750 $486,325
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Related Book For
College Accounting
ISBN: 978-1111528126
11th edition
Authors: Tracie Nobles, Cathy Scott, Douglas McQuaig, Patricia Bille
Posted Date:
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