{[ promptMessage ]}

Bookmark it

{[ promptMessage ]}

Assign_2_-_Solutions_to_Practice_Problem

2 the trial balance should be dated not for the month

Info icon This preview shows pages 6–9. Sign up to view the full content.

View Full Document Right Arrow Icon
2. The trial balance should be dated “August 31, 2012,” not “For the Month Ending August 31, 2012.” 3. The Accounts Receivable balance should be in the Debit column. 4. The Accounts Payable balance should be in the Credit column. 5. Dividends balance should be in the Debit column. 6. The Advertising Expense balance should be in the Debit column. A corrected trial balance would be as follows: BLUEFIN CO. Unadjusted Trial Balance August 31, 2012 Debit Credit Balances Balances Cash 45,000 Accounts Receivable 98,400 Prepaid Insurance 21,600 Equipment 300,000 Accounts Payable 11,100 Salaries Payable 7,500 Capital Stock 75,000 Retained Earnings 184,200 Dividends 36,000 Service Revenue 472,200 Salary Expense 196,860 Advertising Expense43,200 Miscellaneous Expense 8,940 750,000750,000 Ex. 2–21 a. Prepaid Rent ...................................................................... 12,500 Cash 12,500 b. Dividends 7,500 Wages Expense 7,500
Image of page 6

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Ex. 2–22 a. Cash 25,950 Fees Earned 12,975 Accounts Receivable 12,975 b. Accounts Payable 3,200* Supplies Expense 3,200 Supplies 3,200 Cash 3,200 *The first entry reverses the original entry. The second entry is the entry that should have been made initially. Prob. 2–1A 1. and 2. Cash Equipment (a) 30,000 (b) 3,500 ( d) 9,000 (g) 8,150 (c) 5,000 (e) 1,200 Notes Payable (f) 2,400 (j) 400 (c) 20,000 (h) 300 Bal. 19,600 (i) 2,500 (j) 400 Accounts Payable (m) 1,800 (i) 2,500 (d) 9,000 (n) 600 (k) 1,200 Bal. 20,450 Bal. 7,700 Accounts Receivable Capital Stock (l) 12,900 (a) 30,000 Supplies Professional Fees (e) 1,200 (g) 8,150 (l) 12,900
Image of page 7
Bal. 21,050 Prepaid Insurance Rent Expense (f) 2,400 (b) 3,500 Automobiles Salary Expense (c) 25,000 (m) 1,800 Blueprint Expense (k) 1,200 Automobile Expense (n) 600 Miscellaneous Expense (h) 300 3. LEILA DURKIN, ARCHITECT, P.C. Unadjusted Trial Balance May 31, 2012 Debit Credit Balances Balances Cash 20,450 Accounts Receivable 12,900 Supplies 1,200 Prepaid Insurance 2,400 Automobiles 25,000 Equipment 9,000 Notes Payable 19,600 Accounts Payable 7,700 Capital Stock 30,000 Professional Fees 21,050 Rent Expense 3,500 Salary Expense 1,800
Image of page 8

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Image of page 9
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern