Identify the errors in the following trial balance. All accounts have normal balances. Bluefin Co. Unadjusted Trial
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Bluefin Co. Unadjusted Trial Balance For the Month Ending August 31, 2012 Debit Credit Balances Balances 45,000 Cash ...... Accounts Receivable. 98,400 Prepaid Insurance. 21,600 300,000 Equipment... Accounts Payable Salaries Payable.. Capital Stock 11,100 7,500 75,000 Retained Earnings 184,200 Dividends.... 36,000 Service Revenue 472,200 Salary Expense.. Advertising Expense.. Miscellaneous Expense . 196,860 43,200 8,940 916,500 916,500
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1 The Debit column total is added incorrectly The sum is 583500 rather than 916500 2 The trial balan...View the full answer
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Related Book For
Financial and Managerial Accounting Using Excel for Success
ISBN: 978-1111993979
1st edition
Authors: James Reeve, Carl S. Warren, Jonathan Duchac
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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
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