Finders Company Trial Balance February 29, 2020 Account Cash Accounts receivable Debit Credit 6,300 6,000 400 Supplies Equipment Computers Accounts payable Notes payable Wright, Capital Wright, Drawing Service revenue Salary Expense Rent expense Advertising expense Utilities expense 22,300 49,000 2,800 18,500 50,000 I 4,000 4,100 1,400 800 900 800 Total 91,900 75,400 The following errors were detected 1. The cash balance is overstated by $5,000. 2. Rent expense of $340 was erroneously posted as a credit rather than a debit. 3. A $6,800 credit to Service revenue was not posted. 4. A $400 debit to Accounts receivable was posted as $40. 5. The balance of Utilities expense is understated by $70. 6. A $900 purchase of supplies on account was neither journalized nor posted. 7. Equipment should be $16,490.

Finders Company Trial Balance February 29, 2020 Account Cash Accounts receivable Debit Credit 6,300 6,000 400 Supplies Equipment Computers Accounts payable Notes payable Wright, Capital Wright, Drawing Service revenue Salary Expense Rent expense Advertising expense Utilities expense 22,300 49,000 2,800 18,500 50,000 I 4,000 4,100 1,400 800 900 800 Total 91,900 75,400 The following errors were detected 1. The cash balance is overstated by $5,000. 2. Rent expense of $340 was erroneously posted as a credit rather than a debit. 3. A $6,800 credit to Service revenue was not posted. 4. A $400 debit to Accounts receivable was posted as $40. 5. The balance of Utilities expense is understated by $70. 6. A $900 purchase of supplies on account was neither journalized nor posted. 7. Equipment should be $16,490.

Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

Chapter4: Balance Sheet: Presenting And Analyzing Resources And Financing

Section: Chapter Questions

Problem 14E

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