The debit and credit totals are not equal as a result of the following errors: a. The cash entered on the trial balance was understated by $6,000. b. A cash receipt of $5,600 was posted as a debit to Cash of $6,500. C. A debit of $11,000 to Accounts receivable was not posted. d. A return of $150 of defective supplies was erroneously posted as a $1,500 credit to Supplies. e. An insurance policy acquired at a cost of $1,200 was posted as a credit to Prepaid Insurance. f. The balance of Notes Payable was understated by $20,000. g. A credit of $4,800 in Accounts Payable was overlooked when determining the balance of the account. h. A debit of $7,000 for a withdrawal by the owner was posted as a credit to Terry Colby, Capital. i. The balance of $58,100 in Rent Expense was entered as $51,800 in the trial balance. j. Gas, Electricity, and Water Expense, with a balance of $24,150, was omitted from the trial balance. Required: 1. Prepare a corrected unadjusted trial balance as of August 31, 20Y8. If an amount box does not require an entry, leave it bla
The debit and credit totals are not equal as a result of the following errors: a. The cash entered on the trial balance was understated by $6,000. b. A cash receipt of $5,600 was posted as a debit to Cash of $6,500. C. A debit of $11,000 to Accounts receivable was not posted. d. A return of $150 of defective supplies was erroneously posted as a $1,500 credit to Supplies. e. An insurance policy acquired at a cost of $1,200 was posted as a credit to Prepaid Insurance. f. The balance of Notes Payable was understated by $20,000. g. A credit of $4,800 in Accounts Payable was overlooked when determining the balance of the account. h. A debit of $7,000 for a withdrawal by the owner was posted as a credit to Terry Colby, Capital. i. The balance of $58,100 in Rent Expense was entered as $51,800 in the trial balance. j. Gas, Electricity, and Water Expense, with a balance of $24,150, was omitted from the trial balance. Required: 1. Prepare a corrected unadjusted trial balance as of August 31, 20Y8. If an amount box does not require an entry, leave it bla
Accounting Information Systems
11th Edition
ISBN:9781337552127
Author:Ulric J. Gelinas, Richard B. Dull, Patrick Wheeler, Mary Callahan Hill
Publisher:Ulric J. Gelinas, Richard B. Dull, Patrick Wheeler, Mary Callahan Hill
Chapter10: The Order Entry/sales (oe/s) Process
Section: Chapter Questions
Problem 7DQ: An enterprise system supports a business process by: a. Facilitating the functioning of the business...
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PR.02.05A business 241 principles of accounting Sam Cengage Answer to module 9
Expert Solution
WORKING
WORKING NOTES ($)
1. CASH = (17,300 + 6,000 - 900)
= 22,400
2. ACCOUNTS RECEIVABLE = (37,000 + 11,000)
= 48,000
3. SUPPLIES = (7400 + 350)
= 8,750
4. PREPAID INSURANCE = (1,900 + 1,200)
= 3,100
5. NOTES PAYABLE = (97,600 + 20,000)
= 117,600
6. ACCOUNTS PAYABLE = (26,000 + 4,800)
= 30,800
7. TERRY COLBY, CAPITAL = (129,150 - 7,000)
= 1,22,150
8. TERRY COLBY , DRAWING = (56,000 + 7000)
= 63,000
9. RENT EXPENSES = (51,800 + 6,300)
= 58,100
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