InstructionsJournalize the transactions in the general journal. (Omit explanations.)E3-2 (L02) (Corrected Trial Balance) The following trial balance of Wanda Landowska Company does not balance. Yourreview of the ledger reveals the following. (a) Each account had a normal balance. (b) The debit footings in Prepaid Insurance,Accounts Payable, and Property Tax Expense were each understated $100. (c) A transposition error was made in AccountsReceivable and Service Revenue; the correct balances for Accounts Receivable and Service Revenue are $2,750 and $6,690,respectively. (d) A debit posting to Advertising Expense of $300 was omitted. (e) A $1,500 cash drawing by the owner was deb-ited to Owner's Capital and credited to Cash.InstructionsPrepare a correct trial balance.WANDA LANDOWSKA COMPANYTRIAL BALANCEAPRIL 30, 2017CashAccounts ReceivablePrepaid InsuranceEquipmentAccounts PayableProperty Taxes PayableOwner's CapitalService RevenueSalariWages ExpenseAdvertising ExpenseProperty Tax ExpenseDebit$ 4,8002,5707005606,9602001,100$20,890Credit$ 8,0004,50011,200800$24,500

A trial balance is a record of all a company's general ledger accounts together with their…

E3-2 (L02) (Corrected Trial Balance) The following trial balance of Wanda Landowska Company does not balan review of the ledger reveals the following. (a) Each account had a normal balance. (b) The debit footings in Prepaid In Accounts Payable, and Property Tax Expense were each understated $100. (c) A transposition error was made in A Receivable and Service Revenue; the correct balances for Accounts Receivable and Service Revenue are $2,750 and respectively. (d) A debit posting to Advertising Expense of $300 was omitted. (e) A $1,500 cash drawing by the owner ited to Owner's Capital and credited to Cash. Instructions Prepare a correct trial balance. WANDA LANDOWSKA COMPANY TRIAL BALANCE APRIL 30, 2017 Cash Accounts Receivable Prepaid Insurance Equipment Accounts Payable Property Taxes Payable Owner's Capital Service Revenue Salaries and Wages Expense Advertising Expense Property Tax Expense Debit $ 4,800 2,570 700 560 6,960 4,200 1,100 $20,890 Credit $ 8,000 4,500 11,200 800 $24,500

E3-2 (L02) (Corrected Trial Balance) The following trial balance of Wanda Landowska Company does not balan review of the ledger reveals the following. (a) Each account had a normal balance. (b) The debit footings in Prepaid In Accounts Payable, and Property Tax Expense were each understated $100. (c) A transposition error was made in A Receivable and Service Revenue; the correct balances for Accounts Receivable and Service Revenue are $2,750 and respectively. (d) A debit posting to Advertising Expense of $300 was omitted. (e) A $1,500 cash drawing by the owner ited to Owner's Capital and credited to Cash. Instructions Prepare a correct trial balance. WANDA LANDOWSKA COMPANY TRIAL BALANCE APRIL 30, 2017 Cash Accounts Receivable Prepaid Insurance Equipment Accounts Payable Property Taxes Payable Owner's Capital Service Revenue Salaries and Wages Expense Advertising Expense Property Tax Expense Debit $ 4,800 2,570 700 560 6,960 4,200 1,100 $20,890 Credit $ 8,000 4,500 11,200 800 $24,500

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter5: Accounting Systems

Section: Chapter Questions

Problem 19E: After Bunker Hill Assay Services Inc. had completed all postings for March in the current year...

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(Corrected Trial Balance) The following trial balance of Wanda Landowska Company does not balance. Your review of the ledger reveals the following. (a) Each account had a normal balance. (b) The debit footings in Prepaid Insurance,Accounts Payable, and Property Tax Expense were each understated $100. c) A transposition error was made in AccountsReceivable and Service Revenue; the correct balances for Accounts Receivable and Service Revenue are $2,750 and $6,690,respectively. (d) A debit posting to Advertising Expense of $300 was omitted. (e) A $1,500 cash drawing by the owner was debited to Owner’s Capital and credited to Cash. InstructionsPrepare a correct trial balance.
(c) Your answer is partially correct. Of the above accounts, $4,900 is determined to be specifically uncollectible. Prepare the journal entry to write off the uncollectible account. (List debit entry before credit entry. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Allowance for Doubtful Accounts Accounts Receivable Debit 1 Credit
The trial balance of the Sterling investigative Services shown next age does not balance. Your review of the general ledger reveals that each account has a normal balance. You also discovered the following errors. a. The totals of the debit sides of Rent Deposit, Accounts Payable, and Representation Expense were each understood to be P1,000. b. Transposition errors were made in Accounts Receivable and Service Revenue. Based on postings made, the correct balances were P25,700 and P69,600, respectively. c. Check payment for P9.400 was properly recorded, and the cash credit properly posted, but the accountant failed to post to the debit side of the taxes payable account. d. The trial balance shows some accounts are not on their proper sides. e. A cash debit posting for P5,000 was posted on the credit side. Credit P27,500 Sterling Investigative Services Trial Balance May 31, 2017 Debit Cash P55,800 Accounts Receivable Rent Deposit 7,000 Equipment 80,000 Accounts payable Taxes Payable…
company’s accounting records provide the following information concerning certain account balances and changes in the account balances during the current year. Transaction information is missing from each of the below. Prepare the journal entry to record the information for each account. b. Allowance for Doubtful Accounts: Jan. 1 balance, $1,500; Dec. 31 balance, $2,200; adjusting entry increasing allowance on Dec. 31, $4,800. Record write-off uncollectible accounts receivable. c. Inventory of office supplies: Jan. 1 balance, $1,500; Dec. 31 balance, $1,350; office supplies expense for the year, $9,500. Record purchase of office supplies. d. Equipment: Jan. 1 balance, $20,500; Dec. 31 balance, $18,000; equipment costing $8,000 was sold during the year. Record purchase of equipment. e. Accounts Payable: Jan. 1 balance $9,000; Dec. 31 balance, $11,500; purchases on - account for the year, $48,000. Record cash payments. Please dont provide solution in image thnx
A company uses the allowance method to account for uncollectible accounts. During the year, the company has actual bad debts of $27,000. Record the write-off of the uncollectible accounts. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 Record the write-off of the uncollectible accounts. Note: Enter debits before credits. Event General Journal Debit Credit 1 4). F12 F7 Fo F3 # 2$ 5 6 7 8 9 { E R Y F G H. K S < M C V alt command option command + lI .. .-
Based on the data presented in Exercise 5-1, assume that the beginning balances for the customer accounts were zero, except for Tillman Inc., which had a 590 beginning balance. In addition, there were no collections during the period. a. Set up a T account for Accounts Receivable and T accounts for the four accounts needed in the customer ledger. b. Post to the T accounts. c. Determine the balance in the accounts. d. Prepare a listing of the accounts receivable customer balances as of May 31, 20Y3.
Based on the data presented in Exercise 5-1, assume that the beginning balances for the customer accounts were zero, except for Sunrise Enterprises, which had a 480 beginning balance. In addition, there were no collections during the period. a. Set up a T account for Accounts Receivable and T accounts for the four accounts b. needed in the customer ledger. c. Post to the T accounts. d. Determine the balance in the accounts. e. Prepare a listing of the accounts receivable customer balances as of March 31, 2016.
After Bunker Hill Assay Services Inc. had completed all postings for March in the current year (20Y4), the sum of the balances in the following accounts payable ledger did not agree with the 36,600 balance of the controlling account in the general ledger: Assuming that the controlling account balance of 36,600 has been verified as correct, (a) determine the error(s) in the preceding accounts and (b) prepare a listing of accounts payable creditor balances (from the corrected accounts payable subsidiary ledger).
Solstice Company determines on October 1 that it cannot collect $58,000 of its accounts receivable from its customer, P. Moore. Apply the direct write-off method to record this loss as of October 1. View transaction list Journal entry worksheet ** ▷
E3.2 (LO 2) (Corrected Trial Balance) The following trial balance of Wanda Landowska Company does not balance. Your review of the ledger reveals the following. (a) Each account had a normal balance. (b) The debit footings in Prepaid Insurance, Accounts Payable, and Property Tax Expense were each understated $100. (c) A transposition error was made in Accounts Receivable and Service Revenue; the correct balances for Accounts Receivable and Service Revenue are $2,750 and $6,690, respectively. (d) A debit posting to Advertising Expense of $300 was omitted. (e) A $1,500 cash drawing by the owner was debited to Owner’s Capital and credited to Cash. Wanda Landowska CompanyTrial BalanceApril 30, 2020 Debit Credit Cash $ 4,800 Accounts Receivable 2,570 Prepaid Insurance 700 Equipment $ 8,000 Accounts Payable 4,500 Property Taxes Payable 560 Owner’s Capital 11,200 Service Revenue 6,960 Salaries and Wages Expense 4,200 Advertising Expense…
The SWIPE Company's Account Receivable Control Accounts had balance of P2,865,000, which the accountant had a difficulty in identifying the classification of accounts either current or non-current. The details of the accounts receivable is presented below as of December 31, 2019: Accounts known to be worthless 37,500.00 Advance payments to creditors or purchase order 150,000.00 Advances to affiliated companies 375,000.00 Customer's accounts reporting credit balances arising from sales return (225,000.00) Interest Receivable on Bonds 150,000.00 Other Trade receivable - unassigned 750,000.00 Subscription receivable due in 30 days 825,000.00 Trade Account Receivable assigned (BC Company's equity in assigned accounts is P150,000) 375,000.00 Trade Installment Receivable due 1-18 months, including…
The debit balance of doubtful rec. account is $ 7,000 and the credit balance of allowance for doubtful rec. account is $ 4,000. The company collected $ 3,000 of its doubtful rec. and the rest is proved to be uncollectable. Make journal necessary entry(ies).