Explore BrainMass

Trial Balance

Determining the Amount of Out-of-Balance Trial Balances

The bookkeeper for Pear Corporation made a number of errors in journalizing and posting, as described below. 1. A credit posting of $500 to Accounts Receivable was omitted. 2. A debit posting of $750 for Prepaid Insurance was debited to Insurance Expense. 3. A collection from a customer of $100 in payment of its account owe

Correcting a Trial Balance

The trial balance of Pear Corporation shown below does not balance. PEAR CORPORATION Trial Balance June 30, 2012 ???????????????????????????????????? Debit Credit Cash $ 2,780 Accounts Receivable 7,420 Supplies 600 Equipment 8,300 Accounts Payable $ 9,777 Owner's Capital 1,952 Owner's Drawings 1,30

P2-2B - Journalizing, Posting, and Preparing a Trial Balance

P2-2B - Journalizing, Posting, and Preparing a Trial Balance Rosa Perez is a licensed architect. During the first month of the operation of her business, the following events and transactions occurred: April 1 - Stockholders invested $30,000 cash in exchange for common stock. April 1 - Hired a secretary-receptionist at a

Nancy Drew Boutique -Trial Balance Sheets

P3-9 Adjusting and Closing Presented below is the December 31 trial balance of Nancy Drew Boutique. Debit Credit Cash $18,500 Accounts Receivable $42,000 Allowance for Doubtful Accounts $700 Inventory, December 31 $80,000 Prepaid Insurance $5,100

Journal entries and trial balance for Hafner, a former tennis star

J. Hafner, a former professional tennis star, operates Hafner's Tennis Shop at the MillerLake Resort. At the beginning of the current season, the ledger of Hafner's Tennis Shop showed Cash $2,500, Merchandise Inventory $1,700, and Common Stock $4,200. The following transactions were completed during April. Apr. 4 Purchased r

Prepare Financial Statements from Adjusted Trial Balance Worksheet

Prepare Financial Statements from Adjusted Trial Balance Worksheet The adjusted balances taken from the general ledger of Coopertown Suppliers, Inc. are listed below in general ledger order. Transfer these accounts and balances to a spreadsheet worksheet and prepare an Income statement, Balance Sheet, and Statement of Retain

Financial Statements from Adjusted Trial Balance

See the attached file for the chart pertaining to Coopertown Suppliers, Inc. Task: Prepare financial statements from adjusted trial balances. The adjusted balances taken from the general ledger of Coopertown Suppliers, Inc. is listed in general ledger order (attached file). Transfer these accounts and balances to a spreadshee

Ledger Accounts, Trial Balance and Profit/Loss Accounts

Question 1 The following transactions relate to K. Darkwa's business for the month of June 2010: 1.06.10 Started the business with GH¢40,000 in cash and GH¢24,000 in bank. 2.06.10 Bought goods on credit from the following suppliers: Adjoa GH¢26,000 Yaa GH¢30,000 10.06.10 Sold goods on credit

Adjusted Trial Balance for Porter Company

P4-2A The adjusted trial balance columns of the worksheet for Porter Company are as follows. PORTER COMPANY Worksheet For the Year Ended December 31, 2008 Adjusted No. Account Trial Balance Account Titles

Adjusting Entries, Post T-accounts, Adjusted trial balance

Josh Stein started his own consulting firm, Astromech Consulting, on June 1, 2007. The trial balance at June 30 is as follows. ASTROMECH CONSULTING Trial Balance June 30, 2007 Debit Credit Cash $6,850 Accounts Receivable 7,000 Prepaid Insurance

Journalize transactions, post and prepare trial balance

P2-5A The Lake Theater opened on April 1. All facilities were completed on March 31. At this time, the ledger showed: Na.lDl Cash $6,000, No. 140 Land $10,000, No. 145 Buildings (concession stand, projection room, ticket booth, and screen) $8,000, No. 157 Equipment $6,000, No. 201 Accounts Payable $2,000, No. 275 Mortgage Pa

Journalize transactions, post to T-accounts, and trial balance

See attached file. EW_P2-26A Josh Groben opened a law office on December 2 of the current year. During the first month of operations, the business completed the following transactions: Dec 2-Groben deposited $30,000 cash in the business bank account, Josh Groben, Attorney. Dec 3-Purchased supplies, $500, and furniture,

Journalize transaction, adjusting entry, trial balance, income

John Smith starts a sole proprietorship, Johnny's Store, on December 1, 2009. He plans to reinvest all profits in the business for the first several years. I. Using Excel, record the following transactions in journal entry form. 1. Smith opens a bank account in the name of Johnny's Store with his personal check for $5,00

Accounting help, I need help and explanation about journalizing.

Please find in attachment the work I need help on. Please do not answer the TRUE or FALSE question. Kwan Lee began a cleaning service on October 1, 20xx and engaged in the following transactions during his first month of operations. Use the attached forms to do the following: 1. Journalize the entries in the General Journa

Sterling Company: Prepare a Corrected Trial Balance

Refer to the attached file for more details. The trial balance of the Sterling Company shown below does not balance. STERLING COMPANY Trial Balance May 31, 2010 Cash 5,650 Accounts Receivable $2,750 Prepaid Insurance 625 Equipment 7,779 Accounts Payable 4,457 Property Taxes Payable 579 M.Sterling, Cap

Accounting Journal/Trial Balance: AE Consulting

A. Emmit invested $82,000 cash along with office equipment valued at $22,000 in a new company named AE consulting. b. the company purchased land valued at $40,000 and a building valued at $165,000. The purchase is paid with $25,000 cash and a long-term note payable for $180,000 c. the company purchased $1,700 of office sup

St James: Prepare a Trial Balance, adjustments and worksheet

I am requesting assistance on the trial balance added to and completed to a worksheet for a month ending. All operating expenses under two accounts, Selling Expense and General Expense. If I could have guidance on the adjusted trial balance, adjustments, and the closing accounts. Supplies consumed during the month, 1500. Hal

Adjusting Entries, trial balance, financial statements, closing entries

REQUIREMENT #1: During its first month of operation, the Rawls Repair Corporation, which specializes in bicycle repairs, completed the following transactions: Oct. 1 Began business by making a deposit in a company bank account of $12,000, in exchange for 1,200 shares of $10 par value common stock.

Net income, adjusting entry, resources and distributions

Fundamental Accounting Principles Determine the net income of a company for which the following information is available for the month of May. Employee salaries expense $180,000 Interest expense $10,000 Rent Expense $20,000 Consulting revenue $400,000 Answer Question 5 answers $190,000 $210,000 $230,000

Journalize transactions and adjustments: Welch Company, Taylor Bicycle

1. Journalize the following business transactions in general form. Identify each transaction by number. You may omit explanations of the transaction. a. The Company issued stock in exchange for $20,000 cash. b. Hired an employee to be paid $400 per week, starting tomorrow. c. Paid two years rent in advance, $7,200 d. Paid

Preparing a Trial Balance in U.S. Dollars

Management of Boston Corp (U.S. Company) is trying to expand operations into Asia.A proposal has been made to acquire a Japaneses manufacturing company (Sonyo Enterprises) to meet this objective. The management of Boston has requested info on the dollar values that would appear on the consolidated financial statements if Boston