Identify the errors in the following trial balance. All accounts have normalbalances. Mascot Co. Unadjusted Trial Balance
Question:
Identify the errors in the following trial balance. All accounts have normalbalances.
Transcribed Image Text:
Mascot Co. Unadjusted Trial Balance For the Month Ending July 31, 2014 Debit Balances Credit Balance5 112,600 7,500 100,000 197,200 17,000 682,000 Dividends 73,000 11,600 1,189,300 1,189,300
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 92% (13 reviews)
1 The Debit column total is added incorrectly The sum is 890700 rather than 1189300 2 T...View the full answer
Answered By
Benard Ndini Mwendwa
I am a graduate from Kenya. I managed to score one of the highest levels in my BS. I have experience in academic writing since I have been working as a freelancer in most of my time. I am willing to help other students attain better grades in their academic portfolio. Thank you.
4.90+
107+ Reviews
240+ Question Solved
Related Book For
Corporate Financial Accounting
ISBN: 978-1133952411
12th edition
Authors: Carl S. Warren, James M. Reeve, Jonathan E. Duchac
Question Posted:
Related Video
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
Students also viewed these Accounting questions
-
Identify the errors in the following trial balance and prepare a corrected trial balance. All accounts have normal balances. Burgoo Co. Unadjusted Trial Balance For the Month Ended March 31, 2015...
-
Identify the errors in the following income statement: Keepsakes Company Income Statement For the Year Ended February 29, 2012 Revenue from sales: Sales...... $7,200,000 Add: Sales returns and...
-
Identify the errors in the following schedule of cost of merchandise sold for the current year ended July 31,2010: Cost of merchandise sold: Merchandise inventory, July 31, 2010 Purchases Plus:...
-
Problems 113 122. The purpose of these problems is to keep the material fresh in your mind so that you are better prepared for later sections, a final exam, or subsequent courses such as calculus. X...
-
The partial pressure of O2 in air at sea level is 0.21 atm. Using the data in Table 13.1, together with Henry's law, calculate the molar concentration of O2 in the surface water of a mountain lake...
-
Barbour Corporation, located in Buffalo, New York, is a retailer of high-tech products known for its excellent quality and innovation. Recently the firm conducted a relevant cost analysis of one of...
-
You are a polluter who is faced with the question of whether to comply with the regulations on emissions or to violate them. If you comply with the regulations, your costs are \(k\). If you do not...
-
Milea Inc. experienced the following events in Year 1, its first year of operations: 1. Received $20,000 cash from the issue of common stock. 2. Performed services on account for $56,000. 3. Paid the...
-
State the vertex and the equation of the axis of symmetry for the given quadratic function. 2 2. State the vertex and the equation of the axis of symmetry for the given quadratic function. 6 1 2 3 4...
-
You are evaluating various investment opportunities currently available and you have calculated expected returns and standard deviations for five different well-diversified portfolios of risky...
-
The following errors occurred in posting from a two-column journal: 1. A credit of $6,000 to Accounts Payable was not posted. 2. An entry debiting Accounts Receivable and crediting Fees Earned for...
-
The following data (in millions) are taken from the financial statements of Target Corporation. a. For Target Corporation, determine the amount of change in millions and the percent of change (round...
-
When would a client be more likely to (i) overstate or (ii) understate expenses?
-
5. Work through this hypothesis test using each step of hypothesis testing. You may want to borrow the promptsfrom the previousproblem A sampleof 77 homes for salein ABC City showeda meanaskingprice...
-
evaluates the effectiveness of current levels of organisational corporate communications for a named organisation.
-
A company's non-callable bonds currently sell for $1,165. They have a 15-year maturity, a coupon rate of 8% with semiannual payments, and a par value of $1,000. What is their yield to maturity ? How...
-
According to Stewart (2003), what is "wrong" with accounting, and how did this contribute to the corporate scandals of the early 2000s? What recommendations does he make for "fixing" the problem?
-
. What information sources would be most significant in understanding the jobs in a chicken processing plant? For each one, explain why. Are dirty, dangerous, and unpleasant jobs an inevitable part...
-
Critical Thinking Two spherical beads of the same mass fall at a constant speed due to a drag force. Bead A takes twice as long to fall the same distance as bead B. (a) Which of these beads has the...
-
After graduating from college and working a few years at a small technology firm. Preet scored a high-level job in the logistics department at Amex Corporation. Amex sells high-quality electronic...
-
Using the gasoline data of Baltagi and Griffin (1983), given as Gasoline.dat on the Springer website, reproduce Table 3.6. Table 3.6 Gasoline demand data. Two-way error component results 3 B 0.889...
-
The following transactions, adjusting entries, and closing entries were completed by Legacy Furniture Co. during a three-year period. All are related to the use of delivery equipment. The...
-
The following transactions, adjusting entries, and closing entries were completed by Legacy Furniture Co. during a three-year period. All are related to the use of delivery equipment. The...
-
Lily Flower's weekly gross earnings for the present week were $2,500. Flower has two exemptions. Using the wage bracket withholding table in Exhibit 3 with a $75 standard withholding allowance for...
-
After investing $2,000, the value of Regina's investment is $2,164.86 after one year. If the interest was compounded quarterly, what was the interest rate?
-
Determining Possible Side Lengths Mr. Anderson is building a triangular-shaped roof for his shed. The triangle must be isosceles with its base (noncongruent ) side measuring 14 feet.
-
In 1981, the Australian humpback whale population was 350 and has increases at a rate of about 14% each year since then. Write a function to model population growth. What was the population in 2001?
Study smarter with the SolutionInn App