Question: Correcting the Trial Balance: Alpha failed to record two transactions that should have been recorded: ( a ) equipment purchased on credit for $ 1

Correcting the Trial Balance: Alpha failed to record two transactions that should have been recorded: (a) equipment purchased on credit for $1,500 and (b) a $2,000 payment to satisfy a liability for an earlier purchase of inventory. Ignore any AJEs. What corrections,if any, should be made to the trial balance?

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Q:

Correcting the Trial Balance: Alpha failed to record two transactions that should have been recorded: (a) supplies purchased for $2,000 cash and (b) a $3,000 receipt of cash from a customer to...

Q:

Question 6 4 pts Correcting the Trial Balance: Alpha failed to record two transactions that should have been recorded: (a) supplies purchased for $2,000 cash and (b) a $3,000 receipt of cash from a...

Q:

Correcting the Trial Balance: Alpha failed to record two transactions that should have been recorded: (a) a payment of cash of $1,000 to satisfy an account payable and (b) a $5,000 credit sale using...

Q:

Correcting the Trial Balance: Alpha failed to record two types of normal AJEs (as described in class): An accrued expense for $1,600 and a deferred revenue for $1,000. What corrections, if any,...

Q:

Correcting the Trial Balance: Alpha failed to record two types of normal AJEs (as described in class): An accrued revenue for $700 and an accrued expense for $300. What corrections, if any, should be...

Q:

Correcting the Trial Balance: Alpha failed to record two types of normal AJEs ( as described in class ) : An accrued revenue for $ 7 0 0 and an accrued expense for $ 3 0 0 . What corrections, if any,...

Q:

Correcting the Trial Balance: Alpha failed to record two types of normal AJEs ( as described in class ) : An accrued revenue for $ 7 0 0 and an accrued expense for $ 3 0 0 . What corrections, if any,...

Q:

Using an O (overstated), U (understated), or N (neither), identify the effect of errors or omissions, if any, for Alpha's assets, liabilities, and net income. Assume that the error or omission wasn't...

Q:

Can you write out the journal entries for each problem? failed &. At the end of the year, Alpha sold land at a loss for cash and a note receivable. But the bookkeeper 9. Alpha made the following...

Q:

Correcting the Trial Balance: Alpha failed to record the following two transactions: The issue of 100 shares of $2 par value common stock to new stockholders for $1,200, and $800 cash received to...

Q:

Suppose you are a researcher who is studying Pacific White-sided dolphins (Lagenorynchus obliquidens). While studying a captive group of dolphins at an aquarium, you notice a strange tendency for the...

Q:

Select the correct one from the following: 1. An independent CPA is engaged to audit the financial statements of the City of Highland Hills. The City has a variety of revenue sources including a...

Q:

On January 1 , 2 0 2 1 , Johnsonville recorded a right - of - use asset of \ ( \ $ 2 7 0 , 5 4 0 \ ) in an "operatinglease". The lease calls for ten annual payments of \ ( \ $ 3 6 , 0 0 0 \ ) at the...

Q:

As the chief financial officer of Adirondack Designs, you have the following information: Next year's expected net incone after tax but before new financing. sinking-fund payments due next year on...