An inexperienced bookkeeper prepared the following trial balance. Prepare a correct trial balance, assuming all account balances
Question:
An inexperienced bookkeeper prepared the following trial balance. Prepare a correct trial balance, assuming all account balances are normal.
Transcribed Image Text:
Chang Ltd. Trial Balance December 31, 2020 Debit Credit Cash £10,600 £ 3,500 Prepaid Insurance Accounts Payable 3,000 Unearned Service Revenue 2,200 Owner's Capital Owner's Drawings 9,000 4,500 Service Revenue 25,400 Salaries and Wages Expense Rent Expense 18,600 2,400 £47,800 £31,400
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 71% (7 reviews)
CHANG LTD Trial Balance December 31 2020 Cash Prepaid ...View the full answer
Answered By
Sarfraz gull
have strong entrepreneurial and analytical skills which ensure quality tutoring and mentoring in your international business and management disciplines. Over last 3 years, I have expertise in the areas of Financial Planning, Business Management, Accounting, Finance, Corporate Finance, International Business, Human Resource Management, Entrepreneurship, Marketing, E-commerce, Social Media Marketing, and Supply Chain Management.
Over the years, I have been working as a business tutor and mentor for more than 3 years. Apart from tutoring online I have rich experience of working in multinational. I have worked on business management to project management.
5.00+
3+ Reviews
10+ Question Solved
Related Book For
Accounting Principles
ISBN: 978-1119419617
IFRS global edition
Authors: Paul D Kimmel, Donald E Kieso Jerry J Weygandt
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 Business questions
-
The following accounts are taken from the ledger of Chillin Company at December 31, 2020. Prepare a trial balance in good form. Cash R$ 6,000 7,000 4,000 200 Notes Payable 301 Owner's Capital 157...
-
The financial statements of TSMC are presented in Appendix A at the end of this textbook. The complete annual report, including the notes to the financial statements, is available at the companys...
-
Using the information provided in E4-5, post Dover Direct Insurance Agency's journal entries to the general ledger for all relevant accounts for the month ended June 30, 2018. You do not need to...
-
What characteristics do you think Jamie Oliver has that have helped make his various enterprises a success?
-
Consider again Exercise 4. Imagine that back on October 16, 2007, the firm decided to sell the equipment for $98.78 million receiving the cash in 6 months. The CFO looks at the 3-month LIBOR at the...
-
Represent each complex number graphically and give the rectangular form of each. 160(cos 150.0 + j sin 150.0)
-
The enzyme lipase catalyzes the hydrolysis of esters of fatty acids. The hydrolysis of p-nitrophenyloctanoate was followed by measuring the appearance of p-nitrophenol in the reaction mixture: The...
-
An initial solution has been given to the following workcenter layout problem. Given the flows described and a cost of $ 2.00 per unit per foot, compute the total cost for the layout. Each location...
-
A and has two danghters and one son. She has puast been diagnosed with a "ecucrence sf the lobalar breast cances treated with a humpectomy and adiation 4 years ago. Her father (Aaron) s still living...
-
Natal Co. was organized on April 1, 2017. The company prepares quarterly financial statements. The adjusted trial balance amounts at June 30 are shown below. (a) Determine the net income for the...
-
What are the normal balances for TSMCs Cash, Accounts Payable, and Interest Expense accounts?
-
The following information relates to Yansheng Real Estate. Oct. 1 Biao Yansheng begins business as a real estate agent with a cash investment of HK$17,000. 2 Hires a part-time administrative...
-
Consider the lifetime value of customers (CLV). Choose a business and show how you would go about developing a quantitative formulation that captures the concept. How would that business change if...
-
Blue Angel Ltd, a private firm in the holiday gift industry, is considering a new project. The company currently has a target debtequity ratio of 0.40, but the industry target debtequity ratio is...
-
Assignment Problem 21 from Chapter 11 discussed the relatedness of subordinate males to breeding females in the Seychelles warbler. Five subordinates that did not help feed the offspring of the older...
-
The executives of the cement company have decided to go ahead with the investment appraisal and have retained you for the more detailed analysis. In any capital budgeting investigation, you need an...
-
This question is designed to test your understanding of the mean standard deviation diagram. (a) Draw a mean-standard deviation diagram to illustrate combinations of a risky asset and the risk-free...
-
What is a free cash flow? How do we calculate it?
-
Irene's Dairy is deciding whether or not to enter the market for ice cream, currently monopolized by Mattie's Ice-cream. If it enters the market, Mattie's can either accommodate him and share his...
-
What is taxable income, and what is the formula for determining taxable income?
-
If you were given complete authority in the matter, how would you propose that accounting principles or standards should be developed and enforced?
-
One writer recently noted that 99.4 percent of all companies prepare statements that are in accordance with GAAP . Why then is there such concern about fraudulent financial reporting?
-
What is the expectations gap? What is the profession doing to try to close this gap?
-
Prepare the following for a report for the company Australia Bay Seafoods to market itsproducts internationally by comparing the opportunities and threats in countries Korea and Japan. Then decide...
-
1. Gather requirements, design and document a software solution P(16 Hrs) Tasks and Assignments a. Gathered requirements 10 marks - Prepare questions for the business owner to learn what are the...
-
In this question we consider a simplified two-dimensional cellular automaton model for the growth of a tumour in healthy tissue. The alphabet is (H, A,Q, N) where I denotes a healthy cell, A denotes...
Study smarter with the SolutionInn App