Chapter Two, P2-43B

Chapter Two, P2-43B - P2-43B(15-25 min Missing Link...

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Unformatted text preview: P2-43B (15-25 min.) Missing Link Exploration Company Trial Balance March 31, 2007 Req. 1 Account Cash Accounts receivable Supplies Exploration equipment Computers Accounts payable Note payable Jack Ballard, capital Jack Ballard, withdrawals Service Revenue Salary expense Rent expense Advertising expense Utilities expense Total * Explanations: Cash was overstated $1,000 so I subtracted $1,000. Since rent expense of $350 was posted as a credit instead of a debit I had to add the $350 for the mistake plus the $350 that should have been debited in the first place. I added the $6,900 service revenue that was not posted. I added the $540 that was not debited in the $600 transaction. I added the $60 to the Utilities expense that was understated. I added the missing $100 to supplies and the $100 to accounts payable. I also subtracted the $1000 from equipment that was incorrect. Debit Credit $5,200 2,540 600 21,300 46,000 2,800 18,300 50,800 5,000 11,800 1,300 1,200 300 260 $83,700 $83,700 ...
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This note was uploaded on 06/13/2011 for the course ACC 205 taught by Professor Robertcarr during the Spring '10 term at Ashford University.

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