The accountant for Minaret Laundry prepared the following unadjusted and adjusted trial balances. Assume that all balances
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The accountant for Minaret Laundry prepared the following unadjusted and adjusted trial balances. Assume that all balances in the unadjusted trial balance and the amounts of the adjustments are correct. Identify the errors in the accountant’s adjusting entries.
*$1,700 of insurance expired during theyear.
Transcribed Image Text:
Minaret Laundry Trial Balance May 31, 2006 Unadjusted Adjusted 2,500 7,500 2,500 9,500 2,850 1,125 80,000 Accounts Receivable ....__. .. Laundry Supplies.. Laundry Equipment 2,825 ..85,600 55,700 55,700 2 4,950 32,450 66,900 Wages Payable . 850 32,450 10,000 Laundry Revenue . 66,900 24,500 15,575 8,500 5,600 1,100 700 1,250 163,200 Insurance Expense. Miscellaneous Expense .1,250 160,000 160,000 160,850
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1 The accountant debited Accounts Receivable for 2000 but did not credit Laundry Revenue This adjust...View the full answer
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Related Book For
Accounting
ISBN: 978-0324188004
21st Edition
Authors: Carl s. warren, James m. reeve, Philip e. fess
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