CHALLENGE PROBLEM Problem 18-9 Locating Errors on the Work Sheet The Trial Balance and adjust- ment sections for Buzz Newsstand have been prepared in your working papers. It is apparent from the totals on the work sheet that errors have been made in preparing these portions of the work sheet. The accounting records show: 1. The merchandise on hand at the end of the month is valued at $12,950. 2. The supplies on hand on August 31 are valued at $529. 3. The insurance premium was paid on August 1. The premium was $980 and covers the period from August 1 to November 30. 4. The total federal income tax owed for the period is $249. P Instructions In your working papers: (1) Find and correct the error(s) in the Trial Balance section. (2) On the line provided on the work sheet, write in the the Trial Balance section. (3) Find and correct the error(s) in the Adjust (4) Write in the corrected totals for the Adji Analyze: Explain your calculations for adjustment. CAP 247 cted totals for entory

CHALLENGE- Problem 18-9 Locating Errors on the PROBIEM Work Sheet The Trial Balance and adjustment sections for Buzz Newsstand have been prepared in your working papers. It is apparent from the totals on the work sheet that errors have been made in preparing these portions of the work sheet. The accounting records show: 1. The merchandise on hand at the end of the month is valued at $12,950. 2. The supplies on hand on August 31 are valued at $529. 3. The insurance premium was paid on August 1. The premium was $980 and covers the period from August 1 to November 30 . 4. The total federal income tax owed for the period is $249. Instructions In your working papers: (1) Find and correct the error(s) in the Trial Balance section. (2) On the line provided on the work sheet, write in the ted totals for the Trial Balance section. (3) Find and correct the error(s) in the Adjust (4) Write in the corrected totals for the Adj Analyze: Explain your calculations for adjustment