The folowing trial balance of Watervray Co. doss nat balanca. WATERWAY cO. TRIAL BALANCE JUNE 30,...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
The folowing trial balance of Watervray Co. doss nat balanca. WATERWAY cO. TRIAL BALANCE JUNE 30, 2020 Debit Credit Cash $3.259 Accounts Receivable $2,852 Supplies 1,189 Equipmant 4,189 Accounts Payable 3,055 Unearned Service Revenue 1,589 Common Stock 6.389 Ratained iarnings 3,389 Service Revenua 2,769 Salaries and Wages Expense 3,789 Office Expense 1,329 Totals $14,937 $18,961 Each of the listed accounts should have a normal balance per the general ledger. An examination of the ledger and journal reveals the following arrors. 1. Cash received from a customer on account was debited for $570, and Accounts Receivable was credited for the same amount. The actual collection was for $750. 2. The purchase of a computer printer on account for $889 was recorded as a debitto Supplies for $889 and a credit to Accounts Payable for $669. Services were performed on account for a client for $890. Accounts Raceivable vwas debited for $890 and Sarvice Ravenue 3. was credited for $89. 4. A payment of $70 for telephone charges was recordedas a debit to Offica Expense for $70 and a debit to Cash for $70. 5. When the Uncarned Service Revenue account was reviewed, it was found that service revenue amounting to $714 was performed prior to June 30 (related to Unearned Service Revenua). 6. A debit posting to Salaries and Wages Expense of $1,059 was omitted. 06 was credited to Cash for $206 and credited to Accounts Payable for $260. A dividend of $964 was debited to Salaries and Wages Expense for $964 and credited to Cash for $964. 7. A payment on account for 8. Prepare a corect trial balanca. WATERWAY Co. Trial Balance June 30, 2020 Debit Credit Cash 3359 Accounts Recelvable 2670 Supples 476 Egulpment 4902 Accounts Payable 2589 Unesmad Service Revenue 1051 Common Stock 6389 DMdenda 964 Retalned Earninga Service Revenue Salaries and Wagsa Expanaa Office Expenae Totals The folowing trial balance of Watervray Co. doss nat balanca. WATERWAY cO. TRIAL BALANCE JUNE 30, 2020 Debit Credit Cash $3.259 Accounts Receivable $2,852 Supplies 1,189 Equipmant 4,189 Accounts Payable 3,055 Unearned Service Revenue 1,589 Common Stock 6.389 Ratained iarnings 3,389 Service Revenua 2,769 Salaries and Wages Expense 3,789 Office Expense 1,329 Totals $14,937 $18,961 Each of the listed accounts should have a normal balance per the general ledger. An examination of the ledger and journal reveals the following arrors. 1. Cash received from a customer on account was debited for $570, and Accounts Receivable was credited for the same amount. The actual collection was for $750. 2. The purchase of a computer printer on account for $889 was recorded as a debitto Supplies for $889 and a credit to Accounts Payable for $669. Services were performed on account for a client for $890. Accounts Raceivable vwas debited for $890 and Sarvice Ravenue 3. was credited for $89. 4. A payment of $70 for telephone charges was recordedas a debit to Offica Expense for $70 and a debit to Cash for $70. 5. When the Uncarned Service Revenue account was reviewed, it was found that service revenue amounting to $714 was performed prior to June 30 (related to Unearned Service Revenua). 6. A debit posting to Salaries and Wages Expense of $1,059 was omitted. 06 was credited to Cash for $206 and credited to Accounts Payable for $260. A dividend of $964 was debited to Salaries and Wages Expense for $964 and credited to Cash for $964. 7. A payment on account for 8. Prepare a corect trial balanca. WATERWAY Co. Trial Balance June 30, 2020 Debit Credit Cash 3359 Accounts Recelvable 2670 Supples 476 Egulpment 4902 Accounts Payable 2589 Unesmad Service Revenue 1051 Common Stock 6389 DMdenda 964 Retalned Earninga Service Revenue Salaries and Wagsa Expanaa Office Expenae Totals
Expert Answer:
Related Book For
Financial Accounting
ISBN: 978-0134725987
12th edition
Authors: C. William Thomas, Wendy M. Tietz, Walter T. Harrison Jr.
Posted Date:
Students also viewed these accounting questions
-
Accounts payable typically arise because a-cash is received from a customer that will be paid back in the future. b-cash is received from customers prior to the rendering of services or delivery of...
-
Receiving cash from a customer on account will a. Increase total assets. b. Have no effect on total assets. c. Increase stockholders equity. d. Decrease liabilities.
-
Able Company received $4,800 from a customer on April 1 for services to be provided in the coming year in an equal amount for each of the 12 months beginning April. In the Able information system,...
-
If the rate of a plane in still air is x mph and the rate of a steady wind is 20 mph, what is the rate of the plane in each case? (a) The plane is flying into the wind (that is, into a headwind,...
-
Norton Company has the following data for one of its production departments: Theoretical velocity: 300 units per hour Productive minutes available per year: 10,000,000 Annual conversion costs:...
-
The time delay between transmission and the arrival of the reflected wave of a signal using ultrasound traveling through a piece of fat tissue was 0.13 ms. At what depth did this reflection occur?
-
The chief accountant of Uncertain Ltd is not sure of the appropriate accounting treatment for a number of events occurring during the year 2005/6. (i) A significant number of employees have been made...
-
A company processes a chemical, DX-1, through a pressure treatment operation. The complete process has two outputs, L and T. The January costs to process DX-1 are $50,000 for materials and $100,000...
-
Thank you. A stock had returns of 18 percent, 10 percent, 14 percent, 5 percent, 12 percent, and 14 percent over the last six years. What is the arithmetic return for the stock? What is the geometric...
-
Returning to problem 5, now assume that the products to be removed are strategicin the sense that they drive sales from some key customersand also that their wholesale price is \($70\) (instead of...
-
What are the advanced methodologies and best practices for database indexing, considering factors such as data distribution, query patterns, and storage engine characteristics, to maximize query...
-
What is the most valuable commodity from a trending program that must be communicated to management of a given facility?
-
Give a list of descriptive labels for the bearings of a motor-driven fan.
-
A sleeve bearing machine on a closed loop oil pumped lubrication system has bearing clearances that are close to specification, yet there is a vibration at exactly 1/2 operating speed. What can be...
-
How many times a minute will a technician feel this beat rise and subside?
-
Which industrial transducer does not require a power supply (selfgenerated signal)?
-
CompetenciesIn this project, you will demonstrate your mastery of thefollowing competencies:Describe how managerial accounting supports managementinformation systemsUtilize managerial accounting 2...
-
True & False The basis of an asset must be reduced by the depreciation allowable, 2. Adjusted gross income (AGI) is the basis for a number of phase-outs of deductions. 3. A change to adjusted gross...
-
1. Compute the amount of interest during 2018, 2019, and 2020 for the following note receivable: On May 31, 2018, Wyoming State Bank loaned $240,000 to Lindsey Weston on a two-year, 8% note. 2. Which...
-
Thompson Turf Trimmers, Inc., reported the following financial statements for 2018: Calculate the following investing cash flows; enter all amounts in thousands. a. Acquisitions of plant assets (all...
-
Refer to Purpleberry, Inc.s, trial balance in Short Exercise 2-14. The purpose of this exercise is to help you learn how to correct three common accounting errors. Error 1. Slide. Suppose the trial...
-
IDEC Pharmaceuticals is considering a drug project that costs \($100,000\) today and is expected to generate end-of-year annual cash flow of \($50,000\) forever. At what discount rate would IDEC be...
-
Should you buy an asset that will generate income of \($1,200\) per year for eight years? The price of the asset is \($6,200\) and the annual interest rate is 10 percent.
-
In its most recent corporate report, Williams, Inc., apologized to its stockholders for not paying a dividend. The report states that management will pay a \($1\) dividend next year. That dividend...
Study smarter with the SolutionInn App