I-02.06 Worksheet

I-02.06 Worksheet - credited to Revenues. Error # 3...

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Name: Date: Section: I-02.06 WILLIAMS CORPORATION Trial Balance December 31, 20X1 Debits Credits Cash - $ $ - Accounts Receivable - - Land 688,004 - Accounts Payable - - Loan Payable - Capital Stock - - Retained Earnings - Revenues - - Wages Expense 575,988 - Supplies Expense - - Rent Expense - - Interest Expense - - Dividends - - 1,263,992 $ - $ Error # 1 All accounts have normal balances, but two amounts are in wrong columns! Land and Wages Expense have both moved to the correct debit column. Error # 2 Services provided on account for $1,500 was debited to Accounts Payable and
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Unformatted text preview: credited to Revenues. Error # 3 Supplies Expense of $104,300 was completely omitted from the trial balance. Error # 4 The amount recorded for Revenues was transposed. It should have been $789,998. Error # 5 A $5,000 shareholder investment was debited to Cash and credited to Dividends. Error # 6 An interest payment of $1,000 was debited to Loan Payable for $100 and credited to Cash for $1,000....
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This note was uploaded on 02/29/2012 for the course ACCOUNTING 101 taught by Professor Hudack during the Spring '11 term at FIU.

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