The trial balance of Sam's Deli Inc. at October 31, 2014, does not balance: The accounting records
Question:
The accounting records contain the following errors:
a. Recorded a $1,000 cash revenue transaction by debiting Accounts Receivable. The credit entry was correct.
b. Posted a $1,000 credit to Accounts Payable as $100.
c. Did not record utilities expense or the related account payable in the amount of $200.
d. Understated Share Capital by $1,100.
e. Omitted insurance expense of $1,000 from the trial balance.
Requirement
Prepare the correct trial balance at October 31, 2014, complete with a heading. Journal entries are not required.
Accounts payable (AP) are bills to be paid as part of the normal course of business.This is a standard accounting term, one of the most common liabilities, which normally appears in the balance sheet listing of liabilities. Businesses receive...
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Related Book For
Financial Accounting
ISBN: 978-0133472264
5th Canadian edition
Authors: Charles Horngren, William Thomas, Walter Harrison, Greg Berberich, Catherine Seguin
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