The accountant for Eva's Laundry prepared the following unadjusted and adjusted trial balances. Assume that all balances
Question:
The accountant for Eva's Laundry prepared the following unadjusted and adjusted trial balances. Assume that all balances in the unadjusted trial balance and the amounts of the adjustments are correct. Identify the errors in the accountant's adjusting entries, assuming that none of the accounts were affected by more than one adjusting entry.
Eva's Laundry Trlal Balances y 31, 2016 Credit Balances Balances Balances Balances 7,500 Accounts Receivable.... 18,250 3,750 Prepaid Insurance.... 1,600 177,000 190,000 .. 48,000 48,000 9,600 1,000 110,300 Accounts Payable 9,600 110,300 182,100 Eva Bruns, Drawing.... 28,775 49,200 18,500 28,775 182,100 49,200 25,575 18,500 13,000 3,000 Utilities Expense.... 350,000 350,000 358,000 351,000
Step by Step Answer:
1 The accountant debited Accounts Receivable for 5000 but did not credit Laundry Revenue This adjust...View the full answer
Financial Accounting
ISBN: 978-1305088436
14th edition
Authors: Carl S. Warren, Jim Reeve, Jonathan Duchac
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A trial balance is a list of all the general ledger accounts contained in the ledger of a business. This list will contain the name of each nominal ledger account and the value of that nominal ledger balance. Each nominal ledger account will hold either a debit balance or a credit balance
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