Completing the Accounting Cycle

The trial balance columns of the worksheet for Dixon Company at June 30, 2019, are as follows
DIXON COMPANY
Worksheet
For the Month Ended June 30, 2019
Other data
  1. A physical count reveals only $500 of supplies on hand
  2. $100 of the unearned revenue is still unearned at month-end
  3. Accrued salaries are $210.

Instructions

Enter the trial balance on a worksheet and complete the worksheet.

The adjusted trial balance columns of the worksheet for Savaglia Company are as follows

Global Cable
Trial Balance
April 30, 2019
Casey Hartwig reviewed the records and found the following errors.
  1. Cash received from a customer on account was recorded as $950 instead of $590.
  2. A payment of $75 for advertising expense was entered as a debit to Miscellaneous Expense $75 and credit to Cash $75.
  3. The first salary payment this month was for $1,900, which included $700 of salaries payable on March 31. The payment was recorded as a debit to Salaries and Wages Expense $1,900 and a credit to Cash $1,900. (No reversing entries were made on April 1.)
  4. The purchase on account of a printer costing $310 was recorded as a debit to Supplies and a credit to Accounts Payable for $310.
  5. A cash payment of repair expense on equipment for $96 was recorded as a debit to Equipement $69 and a credit to Cash $69.

Instructions

  1. Prepaire an analysis of each error showing (1) the incorrect entry, (2) the correct entry, and (3) the correcting entry Items 4 and 5 occurred on April 30, 2019.
  2. Prepare a correct trial balance.

Worksheet data for Savaglia Company are present as follows

Global Cable
Trial Balance
April 30, 2019
Casey Hartwig reviewed the records and found the following errors.
  1. Cash received from a customer on account was recorded as $950 instead of $590.
  2. A payment of $75 for advertising expense was entered as a debit to Miscellaneous Expense $75 and credit to Cash $75.
  3. The first salary payment this month was for $1,900, which included $700 of salaries payable on March 31. The payment was recorded as a debit to Salaries and Wages Expense $1,900 and a credit to Cash $1,900. (No reversing entries were made on April 1.)
  4. The purchase on account of a printer costing $310 was recorded as a debit to Supplies and a credit to Accounts Payable for $310.
  5. A cash payment of repair expense on equipment for $96 was recorded as a debit to Equipement $69 and a credit to Cash $69.

Instructions

  1. Prepaire an analysis of each error showing (1) the incorrect entry, (2) the correct entry, and (3) the correcting entry Items 4 and 5 occurred on April 30, 2019.
  2. Prepare a correct trial balance.

The adjustments columns of the worksheet for Becker Company are shown below.

Global Cable
Trial Balance
April 30, 2019
Casey Hartwig reviewed the records and found the following errors.
  1. Cash received from a customer on account was recorded as $950 instead of $590.
  2. A payment of $75 for advertising expense was entered as a debit to Miscellaneous Expense $75 and credit to Cash $75.
  3. The first salary payment this month was for $1,900, which included $700 of salaries payable on March 31. The payment was recorded as a debit to Salaries and Wages Expense $1,900 and a credit to Cash $1,900. (No reversing entries were made on April 1.)
  4. The purchase on account of a printer costing $310 was recorded as a debit to Supplies and a credit to Accounts Payable for $310.
  5. A cash payment of repair expense on equipment for $96 was recorded as a debit to Equipement $69 and a credit to Cash $69.

Instructions

  1. Prepaire an analysis of each error showing (1) the incorrect entry, (2) the correct entry, and (3) the correcting entry Items 4 and 5 occurred on April 30, 2019.
  2. Prepare a correct trial balance.

Victoria Lee Company had the following adjusted trial balance

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Global Cable
Trial Balance
April 30, 2019
Casey Hartwig reviewed the records and found the following errors.
  1. Cash received from a customer on account was recorded as $950 instead of $590.
  2. A payment of $75 for advertising expense was entered as a debit to Miscellaneous Expense $75 and credit to Cash $75.
  3. The first salary payment this month was for $1,900, which included $700 of salaries payable on March 31. The payment was recorded as a debit to Salaries and Wages Expense $1,900 and a credit to Cash $1,900. (No reversing entries were made on April 1.)
  4. The purchase on account of a printer costing $310 was recorded as a debit to Supplies and a credit to Accounts Payable for $310.
  5. A cash payment of repair expense on equipment for $96 was recorded as a debit to Equipement $69 and a credit to Cash $69.

Instructions

  1. Prepaire an analysis of each error showing (1) the incorrect entry, (2) the correct entry, and (3) the correcting entry Items 4 and 5 occurred on April 30, 2019.
  2. Prepare a correct trial balance.

Okabe Company ended its fiscal year on July 31, 2019. The company's adjusted trial balance as of the end of its fiscal year is shown below

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Global Cable
Trial Balance
April 30, 2019
Casey Hartwig reviewed the records and found the following errors.
  1. Cash received from a customer on account was recorded as $950 instead of $590.
  2. A payment of $75 for advertising expense was entered as a debit to Miscellaneous Expense $75 and credit to Cash $75.
  3. The first salary payment this month was for $1,900, which included $700 of salaries payable on March 31. The payment was recorded as a debit to Salaries and Wages Expense $1,900 and a credit to Cash $1,900. (No reversing entries were made on April 1.)
  4. The purchase on account of a printer costing $310 was recorded as a debit to Supplies and a credit to Accounts Payable for $310.
  5. A cash payment of repair expense on equipment for $96 was recorded as a debit to Equipement $69 and a credit to Cash $69.

Instructions

  1. Prepaire an analysis of each error showing (1) the incorrect entry, (2) the correct entry, and (3) the correcting entry Items 4 and 5 occurred on April 30, 2019.
  2. Prepare a correct trial balance.

Problems: Completing the Accounting Cycle

Problem-1: Completing the Accounting Cycle

The trial balance columns of the worksheet for Wareen Roofing at March 31, 2019, are as follows. Wareen Roofing Worksheet For the Month Ended March 31, 2019 Other data A...

Problem-2: Completing the Accounting Cycle

The adjusted trial balance columns of the worksheet for Thao Company, owned by D. Thao, are as follows. Thao Company Worksheet For the Year Ended December 31, 2019 Instructions Complete...

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Problem-4: Completing the Accounting Cycle

Vang Management Services began business on January 1, 2019, with a capital investment of $120,000. the company manages condominiums for owners (Service Revenue) and rents space in its own office...

Problem-5: Completing the Accounting Cycle

Anya Clark opened Anya's Cleaning Service on July 1, 2019. During July, the following transactions were completed. July 1Anya invested $20,000 cash in the business. 1Purchased used truck for $12,000,...

Problem-6: Completing the Accounting Cycle

Casey Hartwig, CPA, was retained by Global Cable to prepare financial statements for April 2019. Hartwig accumulated all the ledger balances per Global's records and found the following. Global Cable...

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