[i5608470]

Hi, I have a Accounting question. Original unadjusted trial balance

Dr. Cr.

Cash 5850
A/R 2750
Prepaid ins. 700
Eqpt. 8000
A/P 4500
PPty.tax payable 560
M. Flynn, Capital 11700
Service Revenue 6690
Salaries Exp. 4200
Advertising Exp. 1100
Property Tax Exp. 800
------- --------
Total

Partial adjusted Trial Balance

Dr. Cr.

Cash 5850
A/R 2570
Prepaid Ins. 700
Eqpt. 8000
A/P 4500
Ppty. Tax payable 560
Mr. Flyn, Capital 11700
Service Revenue 6960
Salaries Exp. 4200
Adv. Exp. 1100
Property tax exp. 800
----------- ----------
I need to adjust this balance



Some errors occurred while doing this trial balance.

1- The total of the debit side of the Prepaid Ins. A/P, and Property Tax Exp. Were each understated $100.
2- Correct balances of A/R, and Service Revenue were $2570 and $6960 respectively.
3- A debit posting to Salaries Exp. Of $200 was omitted.
4- A $700 cash drawing by the owner was debited to Mr. Flynn, Capital of $700 and Credited to Cash for $700.
5- A $520 purchase of supplies on account was debited to Eqpt. For $520 and credited to cash for $520.
6- A cash payment of $250 for advertising was debited to Advertising Exp. For $25 and credited to cash for $25.
7- A collection from a customer for $210 was debited to cash for $210 and credited to A/P for $210.

Prepare the correct trial balance.

Now I did # 2 as just putting the correct balance ( posting error )
And #3 just adding $200 to salaries expense ( posting error )
And for # 4 I made incorrect and correct entries:

Incorrect entry: Dr.Mr. Flynn, Capital 700
Cr.Cash 700

Correct entry: Dr. Drawings 700
Cr.Cash 700

Changes need to be made: Dr. Drawings 700
Cr. Capital 700

Also, in #5 I did the following entries:

Incorrect entry: Dr. Eqpt. 520
Cr. Cash 520

Correct entry: Dr. Supplies 520
Cr. A/P 520

Changes need to be made: Dr. Eqpt. 520
Cr. Supplies 520

Moreover, in #6 I made the following entries:

Incorrect entry: Dr. Adv. Exp. 25
Cr. Cash 25

Correct entry: Dr. Adv. Exp. 250
Cr. Cash 250

Changes need to be made: Dr. Adv. Exp. 225
Cr. Cash 225

Lastly, in #7 I made the following entries:

Incorrect entry: Dr. Cash 210
Cr. A/P 210

Correct entry: Dr. Cash 210
Cr. A/R 210

Changes need to be made: Dr. Cash 210
Cr. A/R 210

I did my best in #1 and added $100 in prepaid ins. subtracted #100 in A/P, and added $100 in property tax exp.

I don't seem to balance the trial balance. Please tell me if I made the entries right or wrong?

[morgaine300]

There are two other threads on this problem, though I don't know if they'll help, or hurt since you're 3/4ths there:
https://www.askmehelpdesk.com/financ...ut-332497.html
https://www.askmehelpdesk.com/accoun...ce-397109.html

The strange thing is that everything is exactly the same except the capital/drawing error is 1000 instead of 700.

Also please note that columns don't actually show up when the thing gets posted. You have to write dr and cr on everything, or use little dots or something.

Partial adjusted Trial Balance

Dr. Cr.

Cash 5850
A/R 2570
Prepaid Ins. 700
Eqpt. 8000
A/P 4500
Ppty. Tax payable 560
Mr. Flyn, Capital 11700
Service Revenue 6960
Salaries Exp. 4200
Adv. Exp. 1100
Property tax exp. 800
----------- ----------
I need to adjust this balance

You haven't actually done anything to this except insert the two transpositions. And one of those isn't right cause they meant the UNADJUSTED trial balance had the transpositions, and not for you to just insert them into the adjusted trial balance.

Also, in #5 I did the following entries:

Incorrect entry: Dr. Eqpt. 520
Cr. Cash 520

Correct entry: Dr. Supplies 520
Cr. A/P 520

Changes need to be made: Dr. Eqpt. 520
Cr. Supplies 520

You did the exact opposite of what you needed to. By debiting equipment, you're just adding yet another 520 that already doesn't belong there. And you've taken it out of supplies when it was never there to begin with. You also did not correct the cash/payable part.

Lastly, in #7 I made the following entries:

Incorrect entry: Dr. Cash 210
Cr. A/P 210

Correct entry: Dr. Cash 210
Cr. A/R 210

Changes need to be made: Dr. Cash 210
Cr. A/R 210

Cash was already correct. Incorrect and correct are the same, meaning nothing needs done to it. You've added an extra 210 into cash. And you didn't correct the A/P. And even though you corrected the A/R, you didn't carry that correction into your adjusted trial balance. This is why I stressed that the transposition was in the UNADJUSTED trial balance and was not meant to be inserted straight into the adjusted one. You still have a correction to be made.

Rest is correct. Overall pretty good job.