identify the errors in the accountant rsquo s adjusting entries assuming that none o 551274
EX 3-27 Adjusting entries from trial balances
The accountant for E-Z Laundry prepared the following unadjusted and adjusted trial balances. Assume that all balances in the unadjusted trial balance and the amounts of the adjustments are correct. Identify the errors in the accountant’s adjusting entries assuming that none of the accounts were affected by more than one adjusting entry.
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identify the errors in the accountant rsquo s adjusting entries assuming that none o 551274
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|
E-Z Laundry |
||||
|
Trial Balance |
||||
|
July 31, 2012 |
||||
|
Unadjusted |
Adjusted |
|||
|
Debit |
Credit |
Debit |
Credit |
|
|
Balances |
Balances |
Balances |
Balances |
|
|
Cash |
7,500 |
7,500 |
||
|
Accounts Receivable |
18,250 |
22,000 |
||
|
Laundry Supplies |
3,750 |
5,500 |
||
|
Prepaid Insurance* |
5,200 |
1,400 |
||
|
Laundry Equipment |
190,000 |
184,000 |
||
|
Accumulated Depreciation—Laundry Equipment |
48,000 |
48,000 |
||
|
Accounts Payable |
9,600 |
9,600 |
||
|
Wages Payable |
1,200 |
|||
|
Myrna Lundy, Capital |
110,300 |
110,300 |
||
|
Myrna Lundy, Drawing |
28,775 |
28,775 |
||
|
Laundry Revenue |
182,100 |
182,100 |
||
|
Wages Expense |
49,200 |
49,200 |
||
|
Rent Expense |
25,575 |
25,575 |
||
|
Utilities Expense |
18,500 |
18,500 |
||
|
Depreciation Expense |
6,000 |
|||
|
Laundry Supplies Expense |
1,750 |
|||
|
Insurance Expense |
800 |
|||
|
Miscellaneous Expense |
3,250 |
3,250 |
||
|
350,000 |
350,000 |
354,250 |
351,200 |
|
* 3,800 of insurance expired during the year.
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