Problem 7-3A

Problem 7-3A The cash receipts journal shown below contains five entries. All five entries are for legiti- mate cash receipt transactions, but the journal contains some errors in recording the transactions. In fact, only one entry is correct, and each of the other four entries contains one error. Chapter 7 Account Utilities expense Supplies expense Total 148 232924 232 924 Problem 4-7A sheet in re $4,300 cr 62,500 Total asse The accounts of Bolton Travel at December 31, 2017, are listed below in alphabetical order: Prepare a c ts Payable....$15,300 Interest Payable. 1,600 19,800 Interest Receivable Accounts Receivable Accumulated 13 s Poe Long-term 91,400 Accumulated Amortization- Furniture.34,800 Notes Receivable, Advertising Expense 12,500 9,300 14,100 6,600 Long-term... Expene.. 3,900 Other Assets Building.313,200 Other Current Liabilities. Ca h. 000 Prepaid Insurance. Commission Revenue E. Bolton, Capital E. Bolton, 3,300 12,700 280,500 Prepaid Rent 209,400 Salary Expense73,800 rawals 43800 Salary Payable 6,700 ure68,100 Supplis. 8,500 .. 17,100 Insurance Expense 2,400 Supplies Expense Unearned Commission 14,200 Required 1. Prepare the company's classified balance sheet in report format at December 31, 2017. All adjustments have been journalized and posted, but the closing entries have not yet been made. 2. Compute Bolton Travel's current ratio and debt ratio at December 31, 2017. At December 31, 2016, the current ratio was 1.52 and the debt ratio was 0.37. Did Bolton Travel's ability to pay both current and total debts improve or deteriorate during 2017? Problem 4-8A Preparin izing the the accountant for Lancaster Consulting, prepared the worksheet shown on the next page on a computer spreadsheet but has lost much of the data. The only particular item Thomas can recall is that there was an adjustment made to correct an error where $600 the ac impact 0 of supplies, purchased on credit, had been incorrectly recorded as $600 of equipment. 3. Total Chapter 4 Completing the Ac