The trial balance for Finders Company does not balance and

The trial balance for Finders Company does not balance and the information as follows has been presented:

Finders Company

Trial Balance

February 29, 2020

Account

Debit

Credit

Cash

       6,300

Accounts receivable

       6,000

Supplies

           400

Equipment

     22,300

Computers

     49,000

Accounts payable

         2,800

Notes payable

       18,500

Wright, Capital

       50,000

Wright, Drawing

       4,000

Service revenue

         4,100

Salary Expense

       1,400

Rent expense

           800

Advertising expense

           900

Utilities expense

           800

Total

     91,900

       75,400

The following errors were detected:                                                        

  1. The cash balance is overstated by $5,000.                                                        
  2. Rent expense of $340 was erroneously posted as a credit rather than a debit.      
  3. A $6,800 credit to Service revenue was not posted.                                                     
  4. A $400 debit to Accounts receivable was posted as $40.                                            
  5. The balance of Utilities expense is understated by $70.                                             
  6. A $900 purchase of supplies on account was neither journalized nor posted.      
  7. Equipment should be $16,490.    

                                               

Requirement                                                           

1. Prepare the corrected trial balance on February 29, 2020. Journal entries are not required.  

2. Prepare the company’s financial statements for the month of February 2020.

How Our Website Works

1. FILL IN OUR SIMPLE ORDER FORM

It has never been easier to place your order. Fill in the initial requirements in the small order form located on the home page and press “continue” button to proceed to the main order form or press “order” button in the header menu. Starting from there let our system intuitively guide you through all steps of ordering process.

2. PROCEED WITH THE PAYMENT

All your payments are processed securely through PayPal. This enables us to guarantee a 100% security of your funds and process payments swiftly.

3. WRITER ASSIGNMENT

Next, we match up your order details with the most qualified freelance writer in your field.

4. WRITING PROCESS

Once we have found the most suitable writer for your assignment, they start working on a masterpiece just for you!

5. DELIVERY

Once finished, your final paper will be available for download through your personal dashboard. You will also receive an email notification with a copy of your paper attached to it. Sometimes, the writer may leave a note for you about the order in case there is any additional information that they need to give you.

Leave a Reply

Your email address will not be published.