E3-2 (L02) (Corrected Trial Balance) The following trial balance of Wanda Landowska Company does not balan review of the ledger reveals the following. (a) Each account had a normal balance. (b) The debit footings in Prepaid In Accounts Payable, and Property Tax Expense were each understated $100. (c) A transposition error was made in A Receivable and Service Revenue; the correct balances for Accounts Receivable and Service Revenue are $2,750 and respectively. (d) A debit posting to Advertising Expense of $300 was omitted. (e) A $1,500 cash drawing by the owner ited to Owner's Capital and credited to Cash. Instructions Prepare a correct trial balance. WANDA LANDOWSKA COMPANY TRIAL BALANCE APRIL 30, 2017 Cash Accounts Receivable Prepaid Insurance Equipment Accounts Payable Property Taxes Payable Owner's Capital Service Revenue Salaries and Wages Expense Advertising Expense Property Tax Expense Debit $ 4,800 2,570 700 560 6,960 4,200 1,100 $20,890 Credit $ 8,000 4,500 11,200 800 $24,500
E3-2 (L02) (Corrected Trial Balance) The following trial balance of Wanda Landowska Company does not balan review of the ledger reveals the following. (a) Each account had a normal balance. (b) The debit footings in Prepaid In Accounts Payable, and Property Tax Expense were each understated $100. (c) A transposition error was made in A Receivable and Service Revenue; the correct balances for Accounts Receivable and Service Revenue are $2,750 and respectively. (d) A debit posting to Advertising Expense of $300 was omitted. (e) A $1,500 cash drawing by the owner ited to Owner's Capital and credited to Cash. Instructions Prepare a correct trial balance. WANDA LANDOWSKA COMPANY TRIAL BALANCE APRIL 30, 2017 Cash Accounts Receivable Prepaid Insurance Equipment Accounts Payable Property Taxes Payable Owner's Capital Service Revenue Salaries and Wages Expense Advertising Expense Property Tax Expense Debit $ 4,800 2,570 700 560 6,960 4,200 1,100 $20,890 Credit $ 8,000 4,500 11,200 800 $24,500
Financial Accounting
15th Edition
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter5: Accounting Systems
Section: Chapter Questions
Problem 19E: After Bunker Hill Assay Services Inc. had completed all postings for March in the current year...
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