The trial balance of Building Blocks Child Care, Inc., does not balance. The following errors are detected:
Question:
The following errors are detected:
a. Cash is understated by $4,000.
b. A $2,000 debit to Accounts receivable was posted as a credit.
c. A $1,200 purchase of supplies on account was neither journalized nor posted.
d. Equipments cost is $87,700, not $88,000.
e. Salary expense is overstated by $100.
Requirement
1. Prepare the corrected trial balance at May 31, 2012. Journal entries are notrequired.
Transcribed Image Text:
BUILDING BLOCKS CHILD CARE, INC. Trial Balance May 31, 2012 Debit $ 6,300 3,000 Credit Account Cash Accounts receivable Supplies Equipment Accounts payable 700 88,000 $ 57,000 Common stock 50,400 Dividends 2,600 Service revenue Salary expense 4,700 3,200 Rent expense 700 $ 104,500 $ 112,100 Total
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 66% (15 reviews)
Req 1 Building Blocks Child Care Inc Trial Balance May 31 2012 ACCOUNT DEBIT CREDIT Cash 10300 Acco...View the full answer
Answered By
JAPHETH KOGEI
Hi there. I'm here to assist you to score the highest marks on your assignments and homework. My areas of specialisation are:
Auditing, Financial Accounting, Macroeconomics, Monetary-economics, Business-administration, Advanced-accounting, Corporate Finance, Professional-accounting-ethics, Corporate governance, Financial-risk-analysis, Financial-budgeting, Corporate-social-responsibility, Statistics, Business management, logic, Critical thinking,
So, I look forward to helping you solve your academic problem.
I enjoy teaching and tutoring university and high school students. During my free time, I also read books on motivation, leadership, comedy, emotional intelligence, critical thinking, nature, human nature, innovation, persuasion, performance, negotiations, goals, power, time management, wealth, debates, sales, and finance. Additionally, I am a panellist on an FM radio program on Sunday mornings where we discuss current affairs.
I travel three times a year either to the USA, Europe and around Africa.
As a university student in the USA, I enjoyed interacting with people from different cultures and ethnic groups. Together with friends, we travelled widely in the USA and in Europe (UK, France, Denmark, Germany, Turkey, etc).
So, I look forward to tutoring you. I believe that it will be exciting to meet them.
3.00+
2+ Reviews
10+ Question Solved
Related Book For
Financial and Managerial Accounting
ISBN: 978-0132497978
3rd Edition
Authors: Horngren, Harrison, Oliver
Question Posted:
Students also viewed these Accounting questions
-
The trial balance of Building Blocks Child Care does not balance. The following errors are detected: a. Cash is understated by $ 4,000. b. A $ 2,000 debit to Accounts c. A $ 1,200 purchase of office...
-
On 31 December 20X3, the trial balance of Joytoys showed the following chart of accounts and balances: Additional information 1 The inventory at 31 December 20X3 was valued at £19,500. 2 The...
-
The following information was taken from the trial balance of the books of Windhoek Secondary School Mini-Market on December 31, 2018 Cash 13,000 Sundry debtors Bill receivable Opening stock Building...
-
What minimum force f , applied horizontally to the wheel axis, is needed to bring the wheel up to the height step h ? Tomer as the wheel radius and w as its weight. Tip: apply the equilibrium...
-
Glenville Company has the following information for April: Cost of direct materials used in production...................................$280,000 Direct...
-
An instructor for a SAT preparation course claims that the course will improve the test scores of students. The table shows the critical reading scores for 10 students the first two times they took...
-
The plot in question 5 has a peak at 7,200 cpm. It appears to almost disappear when the motor power (60 Hz) is cut for the capture of the coast-down. Why?
-
Gentry Electronics has enjoyed tremendous sales growth during the last 10 years. However, even though sales have steadily increased, the company's CEO, Erica Harding, is concerned about certain...
-
Managing costs is a crucial aspect of ensuring the long-term financial stability of an organization. In this regard, it is essential to clearly understand the differences between fixed, mixed, and...
-
Table P-23 in Chapter 3 contains the quarterly income before extraordinary items for Southwest Airlines for the years 1988-1999. a. Using Minitab, smooth the Southwest Airlines income data using...
-
Van Stubbs started an environmental consulting company and during the first month of operations (October 2012), the business completed the following transactions: a. Stubbs began the business with an...
-
The trial balance for Treasure Hunt Exploration Company does not balance. The following errors were detected: a. The cash balance is overstated by $1,000. b. Rent expense of $300 was erroneously...
-
John has taxable income of $30,000. William has taxable income of $60,000. Determine their 2018 income taxes if they are both single individuals and claim the standard deduction. Compare their...
-
An elephant of mass 6000 kg is standing near the left edge of a platform with wheels which has a mass 1 . 0 times 10 4 kg he walks a distance 2 . 2 m towards the right edge of the platform if there...
-
What's an event in which a person may think bias was evident in a decision-making process surrounding that event. How was bias present? How could that bias have been overcome?
-
Omira Cycle Parts manufactures components for motorcycle and off-road vehicles. The company's administrative and manufacturing operations share the company's only building. Eighty percent of the...
-
19. What is the beta for a portfolio equally weighted in four assets: A with beta =.9; asset B, which has half the risk of the market; C, which has beta=1.5; and D, with beta-1.2?
-
Packet Tracer Lab - DHCP Server & Relay Topology ITPC DHCP Server Laptop IT Department Switch IT Rauter Sales Router Sales Department Sales Swi Sales PC Sales Laptop
-
What is the general relationship between a countrys price level and the quantity of its domestic output (real GDP) demanded? Who are the buyers of U.S. real GDP?
-
What are the principal differences among asset liquidity management, liability management, and balanced liquidity management?
-
Determine the solubility of each of the following solid compounds at 50 C as shown in Figure 13.5. (a) NaCl (b) KCl (c) LiCl (d) C 12 H 22 O 11 . Figure 13.5 Solubility (g/100 g HO) 150 100 50...
-
Morales Corporation produces microwave units. The following per unit cost information is available: direct materials $36; direct labor $24; variable manufacturing overhead $18; fixed manufacturing...
-
During the current year, Mast Corporation expects to produce 10,000 units and has budgeted the following: net income $300,000; variable costs $1,100,000; and fixed costs $100,000. It has invested...
-
Rooney Small Engine Repair charges $42 per hour of labor. It has a material loading percentage of 40%. On a recent job replacing the engine of a riding lawnmower, Rooney worked 10.5 hours and used...
-
Assume you have a portfolio consisting of a $400,000 investment in stock A and a $600,000 investment in stock B. Suppose that the daily volatilities of these two assets are 2% and 1.5%, respectively,...
-
What is the role of education in promoting social mobility and reducing inequality, and how can educational systems be reformed to better serve diverse populations while preparing individuals for the...
-
A European call option and put option on a non-dividend paying stock both have a strike price of $51 and an expiration date in 6 months. The put sells for $2.50 and the call sells for $2. The...
Study smarter with the SolutionInn App