The trial balance of Circle 360, Inc., at October 31, 2010, does not balance. Requirements 1. How

Question:

The trial balance of Circle 360, Inc., at October 31, 2010, does not balance.

The trial balance of Circle 360, Inc., at October 31,

Requirements
1. How much out of balance is the trial balance? Determine the out-of-balance amount.
The error lies in the Accounts Receivable account. Add the out-of-balance amount to, or subtract it from, Accounts Receivable to determine the correct balance of
Accounts Receivable.
2. After correcting Accounts receivable, advise the top management of Circle 360, Inc., on the company€™s
a. Total assets.
b. Total liabilities.
c. Net income or net loss forOctober.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  book-img-for-question

Financial accounting

ISBN: 978-0136108863

8th Edition

Authors: Walter T. Harrison, Charles T. Horngren, William Bill Thomas

Question Posted: