ABC Company hired an inexperienced bookkeeper to look after their accounting records. The manager noticed that...

Transcribed Image Text:

ABC Company hired an inexperienced bookkeeper to look after their accounting records. The manager noticed that some serious mistakes were made in the recording of transactions. You have been hired to review these transactions to determine any corrections that should be made. In all of the journal entries, the explanations are correct but the transactions were not recorded correctly in the journal. May Accounts 1 May 2 May 5 Receivable Service Revenue Collected an Accounts Receivable Rent Expense 22,222 Cash Paid monthly rent, 1,284 Cash 207 2,853 207 22,222 May 10 Accounts Receivable Collected cash for services provided May 16 Supplies Accounts Payable Purchased office equipment on account Dividends Cash Paid salaries 3,334 4,491 2,853 3,334 4,491 Cash Paid salaries May Accounts 25 Receivable Cash Paid for supplies purchased earlier on account OLI 3,823 4,491 3,823 What is the correct amount of total assets if the total assets on the books before correcting the preceding transactions was $54,663? No new data to save last checked at 10:07am. Next Submi ABC Company hired an inexperienced bookkeeper to look after their accounting records. The manager noticed that some serious mistakes were made in the recording of transactions. You have been hired to review these transactions to determine any corrections that should be made. In all of the journal entries, the explanations are correct but the transactions were not recorded correctly in the journal. May Accounts 1 May 2 May 5 Receivable Service Revenue Collected an Accounts Receivable Rent Expense 22,222 Cash Paid monthly rent, 1,284 Cash 207 2,853 207 22,222 May 10 Accounts Receivable Collected cash for services provided May 16 Supplies Accounts Payable Purchased office equipment on account Dividends Cash Paid salaries 3,334 4,491 2,853 3,334 4,491 Cash Paid salaries May Accounts 25 Receivable Cash Paid for supplies purchased earlier on account OLI 3,823 4,491 3,823 What is the correct amount of total assets if the total assets on the books before correcting the preceding transactions was $54,663? No new data to save last checked at 10:07am. Next Submi

Answer rating: 100% (QA)

Correct amount of total assets Asset... View the full answer