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On the retained earnings statement, the beginning and ending retained earnings would be correct. These understatements offset one another; ending retained earnings equity is correct. The balance sheet is not affected by the error.
On the retained earnings statement, the beginning retained earnings would be correct.
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Textbook Solutions. In a new business, the order of magnitude of balances in such accounts is not determinable in advance. The magnitude may also vary from period to period. Liability—credit f. Revenue—credit b. Asset—debit g.
Asset—debit c. Expense—debit d. Asset—debit i. Asset—debit e. Expense—debit Ex. Supplies Account No. Accounts Payable Account No. Yes, the rules of debit and credit apply to all companies. A credit balance in Accounts Receivable could occur if a customer overpaid his or her account. Regardless, the credit balance should be investigated to verify that an error has not occurred.
Net income is the net change in all assets and liabilities from operating revenue and expense transactions. Accounts Payable Mar. Cash Sept.
This negative balance means that the liabilities of the business exceed the assets. Errors b , d , and e would require correcting entries. Although it is not a correcting entry, the entry that was not made in a should also be entered in the journal. The Debit column total is added incorrectly.
The Accounts Receivable balance should be in the Debit column. The Accounts Payable balance should be in the Credit column. The Dividends balance should be in the Debit column. The Advertising Expense balance should be in the Debit column.
A corrected trial balance would be as follows: The second entry is the entry that should have been made initially. Operating expenses: Operating income: During the recent year, revenue increased by 3. As a result, operating income increased by As a result, operating income increased by 6.
Because of the size differences between Target and Walmart Walmart has over 6 times the revenue , it is best to compare the two companies on the basis of percent changes.
Target and Walmart increased their revenue from the prior year by approximately the same percent 3. However, Target's operating expenses increased by only 2. As a result, Target's operating income increased by Based upon this analysis, it appears that Target was better able to control its operating expenses as its revenue increased than was Walmart. Cash Equipment a g 25, b 11, c 2, d 4, 9, e 1, Notes Payable f 2, j c 26, h Bal.
Debit Credit Balance Debit Credit June 1 1 21, 21, 1 1 4, 17, 8 1 3, 14, 10 1 1, 12, 12 1 9, 21, 15 1 2, 18, 29 2 2, 16, 29 2 15, 30 2 7, 23, 30 2 5, 18, 30 2 4, 14, 30 2 3, 11, Account: Accounts Receivable Account No.
Supplies Account: Prepaid Insurance Account: Equipment Account No. Truck Account No. Notes Payable Account: Account No. Dividends 33Account: Date Item Post. Fees Earned Account No. Wages Expense Account No. Rent Expense Account No. Utilities Expense Account No. Truck Expense Account: Miscellaneous Expense Account No.
As will be discussed in Chapter 3, various adjustments are normally required at the end of the accounting period.
For example, adjustments for supplies used, insurance expired, and depreciation would probably be required. Note to Instructors: At this point, students have not been exposed to depreciation, but some insightful students might recognize the need for recording supplies used and insurance expired. You might use this as an opportunity to discuss what is coming in Chapter 3. Debit Credit Apr. Office Supplies Account: Land Account No.
Unearned Rent Account: Notes Payable Account No. Debit Credit Balance Debit Credit Retained Earnings Account No. Dividends Account: Salary and Commission Expense Account No. Advertising Expense Account No. Automobile Expense Account: The trial balance indicates only that the debits and credits are equal. Any errors that have the same effect on debits and credits will not affect the balancing of the trial balance. Debit Credit Oct.
Debit Credit Aug. Cash Account No. Debit Credit Balance Debit Credit July 1 Balance 9 3, 1 1 5, 8, 1 1 1, 7, 1 1 2, 4, 2 1 1, 5, 3 1 7, 12, 3 1 12, 4 1 11, 8 1 11, 11 1 1, 12, 13 1 11, 14 1 1, 10, 16 2 2, 12, 21 2 11, 22 2 11, 23 2 11, 27 2 10, 28 2 1, 9, 29 2 9, 30 2 9, 31 2 3, 12, 31 2 1, 11, 31 2 1, 9, Account: