Need Help please. (chapter 2 mastery)

prepare a corrected trial balance

KI. Company * Kate Long owns and operates KL Company Transactions for the month of March have been posted to the accounts An intern has prepared a trance from the accounts, but there seem to be some errors Required: 1. In the Transactions panel descriptions of the transactions for the month of March are provided Each of the ansactions in the Transactions panel has been posted to the accounts Refeming to the accounts, select the date on which each and occurred, enter the amount of the transaction and select the account to debt and crede The trial balance prepared by the intern can be found in the Thailalance Unequat Total panel The intem a puzzled by the unequal totale Prepare a corrected balance on the Trailalance Correct panel 3. Compare the riw balance prepared by the nom (w Balance Unequw Totals) to the balance that you prepared (Trial Base Conect Use the table provided in the born at Balance panel to select the counts for each type of me 4 The inhems puzzled and asks "Are you sure the accounting equation is still balance Using the corrected w/ balance you prepared prown that the accounting equations in balance she purred letom asks Why do none of he amounts the accounting equation equal Totals on the trial balance Explain T accounts Cash 3/1 17,600.00 3/3 2,500.00 3/25 7,650.00 3/27 1,275.00 3/30 8,050.00 3/29 3,425.00 3/31 1,950.00 Accounts Receivable 3/18 9,950.00 3/30 8,050.00 Supplies 3/7 1,500.00 T accounts Equipment 3/2 17,000.00 Accounts Payable 3/27 1,275.00 3/7 1,500.00 Notes Payable 3/2 17,000.00 Katie Long, Capital 3/1 17,600.00 T accounts Katie Long, Drawing 3/31 1,950.00 Fees Earned 3/18 9,950.00 3/25 7,650.00 Rent Expense 3/3 2,500.00 Wages Expense 3/29 3,425.00 Transactions Descriptions of the transactions for the month of March are pronded in the following faire Each of the transaction has been posted to be accounts Referring to the accounts, weet the date on which cach transaction occurred enter the amount of the transaction and select the account to debit and credi Date Amount Debut Credit Transaction Katie Long owner of KL co, contributed cash to the business Puchauend equipment, onga note payable for the purchase price Paident for April Purchased supplies on account Recorded feeamed on account Received cash for fees camed Paid creditors on account Paid wiges Received cash from customers on account Recorded owner's withdrawal Trial Balance: Unequal Totals March 31, 2018 ACCOUNT TITLE DEBIT CREDIT 1 Cash 11,050.00 2 Accounts Receivable 1,900.00 3 Supplies 5,100.00 4 Equipment 17,000.00 5 Accounts Payable 225.00 17,000.00 6 Notes Payable 7 Katie Long, Capital 8 Katie Long, Drawing 17,600.00 1.950.00 9. Fees Eamed 2,300.00 2,500.00 10 Rent Expense 11 Wages Expense 3,425.00 12 Totals 35,875.00 44,175.00 Trial Balance: Correct UNADJUSTED TRIAL BALANCE March 31, 2018 ACCOUNT TITLE DEBIT CREDIT 1 Cash 2 Accounts Receivable 3. Supplies 4 Equipment 5 Accounts Payable 6 Notes Payable 7 Katie Long, Capital 8 Katie Long, Drawing 9 Fees Eamed 10 Rent Expense 11 Wages Expense 12 Totals Errors in Thal Balance Compare the trial balance prepared by the intem (Tral Balance Unequal Totals) fo the trial balance that you prepared (Trial Balance Correct) in the following table select the accounts for each Type of error Not all accounts contain errors Accounts Receivable Accounts Payable Notes Payable Katie Long. Capital Katie Long Drawing Fees Earned Rent Expense Wages Expense Cash Supplies Equipment Error Type Transposition Incorrectly reported as a debit DO D 3 DOO DO O 0 5 Incorrectly reported as a credit B @ D Balance computed incorrectly Accounting Equation The ne s puzzled and asks "Are you sure the accounting equaton 36 in Balance Using the corrected the balance you prepared prove that the accounting equation is in balance Assets Liabilities . Owner's Equity Stelpuzzled, the internacks "Why do none of the amounts in the accounting equation equal the totals on the trial balance? Check all that apply The accounts that make up the total for owners equity have a mix of debit and credit balances The accounts with debit balances we not all clausted the same element of the accountry equation. For example, not an accounts war debe balances we mets The accounts with crvat balances are not all classhed in the same element of the accounting equation for example, not at accounts with credit balances are liabilities You point out the total of the assets, labies and owner's equity is equal to the sum of the debt and credit toals in the trial balance This is because the revenue and expense accounts are part of the owner's equity element. The accounts with debt balance should be part of the total assets