The trial balance of 4AC, Inc., at October 31, 2017, does not balance. Requirements 1. Prepare a

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The trial balance of 4AC, Inc., at October 31, 2017, does not balance.

The trial balance of 4AC, Inc., at October 31, 2017,

Requirements
1. Prepare a trial balance for the ledger accounts of 4AC, Inc., as of October 31, 2017.
2. Determine the out-of-balance amount. The error lies in the Accounts Receivable account. Add the out-of-balance amount to, or subtract it from, Accounts Receivable to determine the correct balance of Accounts Receivable. After correcting Accounts Receivable, advise the top management of 4AC, Inc., on the company's
a. Total assets.
b. Total liabilities.
c. Net income or net loss for October.

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...
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Financial Accounting

ISBN: 978-0134564142

6th Canadian edition

Authors: Walter Jr. Harrison, Charles T. Horngren, C. William Thomas, Greg Berberich, Catherine Seguin

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