Question: The adjusted trial balance for PI Detectives reported the following
The adjusted trial balance for PI Detectives reported the following account balances: Accounts Receivable $ 500; Supplies $ 9,000; Prepaid Insurance $ 7,200; Equipment $ 28,000; Accumulated Depreciation— Equipment $ 4,000; Accounts Payable $ 200; Unearned Revenue $ 5,000; Notes Payable $ 3,000; Common Stock $ 22,000; Retained Earnings $ 5,700; Dividends $ 3,000; Service Revenue $ 33,800; Salaries and Wages Expense $ 20,000; and Depreciation Expense $ 1,000. Prepare an adjusted trial balance as of December 31, and solve for its missing Cash balance.
Relevant QuestionsMidwest Manufacturing purchased a three- year insurance policy for $ 30,000 on January 2, 2015. Prepare any journal entries, adjusting journal entries, and closing journal entries required on January 2, 2015, December 31, ...Why should responsibilities for certain duties, like cash handling and cash recording, be separated? What types of responsibilities should be separated? Define restricted cash and indicate how it should be reported on the balance sheet. Use your answer to M5- 12 to prepare any journal entries needed as a result of the May 31 bank reconciliation. Each situation below describes an internal control weakness in the cash payments process. Identify which of the five internal control principles is violated, explain the weakness, and then suggest a change that would improve ...
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