Reference no: EM131137928
Joe Edmonds, CPA, was retained by Fox Cable to prepare financial statements for
April 2010. Edmonds accumulated all the ledger balances per Fox's records and found the following
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Joe Edmonds reviewed the records and found the following errors.
1. Cash received from a customer on account was recorded as $960 instead of $690.
2. A payment of $65 for advertising expense was entered as a debit to Miscellaneous Expense $65 and a credit to Cash $65.
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 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 $290 was recorded as a debit to Supplies and a credit to Accounts Payable for $290.
5. A cash payment of repair expense on equipment for $95 was recorded as a debit to Equipment $59 and a credit to Cash $59.
Instructions
(a) Prepare 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, 2010.
(b) Prepare a correct trialbalance.
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