DOMINIC COMPANY Trial Balance May 31, 2015 Debit Credit Cash $3.850 Accounts Receivable $2,750 Prepaid Insurance...
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DOMINIC COMPANY Trial Balance May 31, 2015 Debit Credit Cash $3.850 Accounts Receivable $2,750 Prepaid Insurance 700 Equipment 12,000 Accounts Payable 4,500 Unearned Service Revenue 560 Common Stock 11,700 Service Revenue 8,690 Salaries and Wages Expense 4,200 Advertising Expense 1,100 Utilities Expense 800 $30,800 $20,050 Your review of the ledger reveals that each account has a normal balance. You also discover the following errors. 1. The totals of the debit sides of Prepaid Insurance, Accounts Payable, and Utilities Expense were each understated $100. 2. Transposition errors were made in Accounts Receivable and Service Revenue. Based on postings made, he correct balances were $2,570 and $8,960, respectively. 3. A debit posting to Salaries and Wages Expense of $200 was omitted. 4. A $1,000 cash dividend was debited to Common Stock for $1,000 and credited to Cash for $1,000. 5. A $520 purchases of supplies on account was debited to Equipment for $520 and credited to Cash for $520. 6. A cash payment of $450 for advertising was debited to Advertising Expense for $45 and credited to Cash for $45. 7. A collection from a customer for $420 was debited to Cash for $420 and credited to Accounts Payable for $420. Instructions Prepare a correct trial balance. Note that the chart of accounts includes the following Dividends and Supplies. (Hint: It helps to prepare the correct journal entry for the transaction described and compare it to the mistake made.) DOMINIC COMPANY Trial Balance May 31, 2015 Debit Credit Cash Value Accounts Receivable Value Prepaid Insurance Value Supplies Value Equipment Value Accounts Payable Value Unearned Service Revenue Value Common Stock Value Dividends Value Service Revenue Value Salaries and Wages Expense Value Advertising Expense Value Utilities Expense Value ? ? After you have completed the requirements of P2-4A, consider this additional question. 1. Assume that a $750 purchases of supplies on account was debited for $750 and credited to Cash for $750. DOMINIC COMPANY Trial Balance May 31, 2015 Debit Credit Cash $3.850 Accounts Receivable $2,750 Prepaid Insurance 700 Equipment 12,000 Accounts Payable 4,500 Unearned Service Revenue 560 Common Stock 11,700 Service Revenue 8,690 Salaries and Wages Expense 4,200 Advertising Expense 1,100 Utilities Expense 800 $30,800 $20,050 Your review of the ledger reveals that each account has a normal balance. You also discover the following errors. 1. The totals of the debit sides of Prepaid Insurance, Accounts Payable, and Utilities Expense were each understated $100. 2. Transposition errors were made in Accounts Receivable and Service Revenue. Based on postings made, he correct balances were $2,570 and $8,960, respectively. 3. A debit posting to Salaries and Wages Expense of $200 was omitted. 4. A $1,000 cash dividend was debited to Common Stock for $1,000 and credited to Cash for $1,000. 5. A $520 purchases of supplies on account was debited to Equipment for $520 and credited to Cash for $520. 6. A cash payment of $450 for advertising was debited to Advertising Expense for $45 and credited to Cash for $45. 7. A collection from a customer for $420 was debited to Cash for $420 and credited to Accounts Payable for $420. Instructions Prepare a correct trial balance. Note that the chart of accounts includes the following Dividends and Supplies. (Hint: It helps to prepare the correct journal entry for the transaction described and compare it to the mistake made.) DOMINIC COMPANY Trial Balance May 31, 2015 Debit Credit Cash Value Accounts Receivable Value Prepaid Insurance Value Supplies Value Equipment Value Accounts Payable Value Unearned Service Revenue Value Common Stock Value Dividends Value Service Revenue Value Salaries and Wages Expense Value Advertising Expense Value Utilities Expense Value ? ? After you have completed the requirements of P2-4A, consider this additional question. 1. Assume that a $750 purchases of supplies on account was debited for $750 and credited to Cash for $750.
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Related Book For
Financial Accounting
ISBN: 9781118334324
9th Edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
Posted Date:
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