Find and prepare the correct trial balance at september?

Assignment Help Financial Accounting
Reference no: EM132770218

The trial balance of Carver?, ?Inc., at September? 30, 2014 does not? balance:

Cash $14,900

Accounts receivable 12,800

Inventory 17,000

Supplies 700

Land 57,000

Accounts payable $11,800

Common stock 47,500

Sales revenue 49,200

Salary expense 1,800

Rent expense 1,200

Utilities expense 300

Total $105,700 $108,500
The accounting records hold the following? errors:

a. Recorded a $500 cash revenue transaction by debiting Accounts Receivable. The credit entry was correct.
b. Posted a $1,000 credit to Accounts Payable as $100.
c. Did not record utilities expense or the related account payable in the amount of $570.
d. Understated Common Stock by $200.
e. Omitted Insurance Expense of $3,900 from the trial balance.

Requirement

Problem 1. Prepare the correct trial balance at September? 30, 2014?, complete with a heading. Journal entries are not required.

Reference no: EM132770218

Questions Cloud

Briefly describe your healthcare organization : Briefly describe your healthcare organization, including its culture and readiness for change. (You may opt to keep various elements of this anonymous.
What total value assigned to new piece for somerset company : Somerset Company acquired a piece of equipment with a list price of $200,000 for $166,000. What is the total value assigned to the new piece of equipment?
Describe the results of the work environment assessment : Describe the results of the Work Environment Assessment you completed on your workplace. Identify two things that surprised you about the results and one idea.
What is the best estimate for the share price of cowbell : The firm's weighted average cost of capital (WACC) is 10%. Given this information, what is the best estimate for the share price of Cowbell?
Find and prepare the correct trial balance at september? : The trial balance of Carver?, ?Inc., Prepare the correct trial balance at September? 30, 2014?, complete with a heading. Journal entries are not required.
Calculate the implied cross-rate between appleland : Calculate the implied cross-rate between Appleland's and Bananaland's currencies, expressed as the amount of BBB per one unit of AAA.
What is the internal rate of return on the investment : What is the internal rate of return on this investment? The machine is expected to save the company $1,200 per year before taxes and depreciation.
By what amount of change in the fair value of bearer plants : If the bearer plants are considered to have dual purpose, by what amount of the change in fair value of bearer plants that pertains to physical transformation
What is the? firm debt? ratio for dearborn supplies : Supplies has total sales of $208 ?million, assets of $100 ?million, a return on equity of 28 ?percent, and a net profit margin of 7.1 percent. What is the? firm

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd