There are two errors in the following trial balance: (1) One account has been placed in the

Question:

There are two errors in the following trial balance:
(1) One account has been placed in the wrong column, and
(2) There is a transposition error in the balance of the L. Bourque, Capital account. Explain the two errors.

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Accounting Principles Part 1

ISBN: 978-1118306789

6th Canadian edition

Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Kinnear, Joan E. Barlow

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Question Posted: Mar 15, 2017 10:55 AM

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There are two errors in the following trial balance: (1) One account has been placed in the

Question:

BOURQUE COMPANY Trial Balance December 31, 2014 Debit Credit Cash Accounts receivable Prepaid insurance Accounts payable Unearned revenue L. Bourque, capital L. Bourque, drawings Service revenue Rent Salaries $15,000 1,800 $ 3,500 2,000 2,200 15,400 4,900 27,500 2,400 18,600 $42,700 Totals $50,600

Step by Step Answer:

1 The Prepaid Insurance balance was in the wrong column Assets have a normal debit balan...View the full answer

Accounting Principles Part 1

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