Identify the errors in the following trial balance. All accounts have normal balances. Mascot Co. Unadjusted Trial
Question:
Transcribed Image Text:
Mascot Co. Unadjusted Trial Balance For the Month Ending July 31, 2016 Deblt Balances Balances Credit Cash Accounts Receivable Prepaid Insurance Equipment. Accounts Payable Salaries Payable Common Stock Retained Earnings Dividends Service Revenue Salary Expense Advertising Expense Miscellaneous Expense 36,000 112,600 18,000 375,000 53,300 7,500 100,000 197,200 17,000 682,000 396,800 73,000 1,600 1.189,300 1189 300
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 53% (15 reviews)
1 The Debit column total is added in correctly The sum is 890700 rather than 118930...View the full answer
Answered By
Ashish Bhalla
I have 12 years work experience as Professor for Accounting, Finance and Business related subjects also working as Online Tutor from last 8 years with highly decentralized organizations. I had obtained a B.Com, M.Com, MBA (Finance & Marketing). My research interest areas are Banking Problem & Investment Management. I am highly articulate and effective communicator with excellent team-building and interpersonal skills; work well with individuals at all levels.
4.80+
17+ Reviews
46+ Question Solved
Related Book For
Corporate Financial Accounting
ISBN: 978-1285868783
13th edition
Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac
Question Posted:
Students also viewed these Cost 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:...
-
In Pissarides's view of labor markets (job matching model), the focus is on finding a good ________. a. level of TFP (A) b. supply of money (M). c. match d. Wage
-
For Flynn Company, variable costs are 70% of sales, and fixed costs are $195,000. Managements net income goal is $75,000. Compute the required sales in dollars needed to achieve managements target...
-
Canton Products Inc. (CP) has been in business for quite a while. Its shares trade on a public exchange and it is thinking of expanding onto the New York and London stock exchanges. Recently,...
-
Five projects form the mutually exclusive, collectively exhaustive set under consideration. The cash flow profiles for the five projects are given in the table below. Information on each project was...
-
Vincent Yarwood practices medicine under the business title Vincent Yarwood, M.D. During July, the medical practice completed the following transactions: Jul. 1 Yarwood contributed $68,000 cash to...
-
Describe the economic impact on healthcare. Elaborate on how consumers and businesses were impacted and evaluate the outcomes for the entire industry. Explain with at least three hundred words
-
In an investigation of alcohol use among college students, each male student in a sample was categorized both according to age group and according to the number of heavy drinking episodes during the...
-
Prepare a journal entry on December 23 for dividends of $20,000.
-
The following data (in millions) are taken from the financial statements of Target Corporation: ___________________________Recent Year __________Prior Year Revenue ....................................
-
Why would Gillette use a company sales force, while a small independent manufacturer of organic shaving cream uses manufacturer's representatives?
-
Question 1 5 of 2 0 : Select the best answer for the question. 1 5 . Suppose you were creating a new table in an Access database, and you wanted to populate it with Excel data. You would most quickly...
-
A variable used as a counter should be initialized when it is declared:Select one:TrueFalse
-
How many rule combinations does QRadar have to test against event data, flow data, or offenses?
-
Sorting is a fundamental problem associated with arrays that seeks to locate in the array where target element is . Select one: True False
-
Suppose that a = 2 , b = 3 and c = 6 , then: ( ( b = 2 ) = a ) / / evaluates to false Select one: True False
-
What types of production environments might use both the FAS and the MPS? Why?
-
Define the term utility software and give two examples.
-
Assume that when a purchase of supplies of $2,650 for cash was recorded, both the debit and the credit were journalized and posted as $2,560. (a) Would this error cause the trial balance to be out of...
-
For each of the following errors, considered individually, indicate whether the error would cause the trial balance totals to be unequal. If the error would cause the trial balance totals to be...
-
For each of the following errors, considered individually, indicate whether the error would cause the trial balance totals to be unequal. If the error would cause the trial balance totals to be...
-
Sales Asha Inc. and Samir Inc. have the following operating data: Samir Inc. $1,131,000 Asha Inc. $369,100 Variable costs (148,100) (678,600) Contribution margin $221,000 $452,400 Fixed costs...
-
A 1.50 m segment of wire supplying current to the motor of a submerged submarine carries 1500 A and feels a 3.50 N repulsive force from a parallel wire 3.50 cm away. What is the direction and...
-
Two stars are orbiting each other in a binary system. If one star has a mass of 4.0 10 30 kg, the other star has a mass of 2.0 10 30 kg, and if they are 1.7 10 14 m apart, what is the force of...
Study smarter with the SolutionInn App