Ask Question
25 March, 04:09

The following trial balance of Wanda Landowska Company does not balance. Your review of the ledger reveals the following. (a) Each account had a normal balance. (b) The debit footings in Prepaid Insurance, Accounts Payable, and Property Tax Expense were each understated $100. (c) A transposition error was made in Accounts Receivable and Service Revenue; the correct balances for Accounts Receivable and Service Revenue are $2,750 and $6,690, respectively. (d) A debit posting to Advertising Expense of $300 was omitted. (e) A $1,500 cash drawing by the owner was debited to Owner's Capital and credited to Cash.

+3
Answers (1)
  1. 25 March, 04:34
    0
    Debt Entries

    Cash = 4800

    Account Receivable = 2750

    Prepaid Insurance = 800

    Equipment = 8000

    Owner's drawings = 1500

    Salaries and wage expenses = 4200

    Advertising Expense = 1400

    Property tax Revenue = 900

    Total Debt = 24350

    Credit Entries

    Account Payable = 4400

    Property tax payable = 560

    Owner's Capital = 12700

    Service Revenue = 6690

    Total Credit = 24350
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “The following trial balance of Wanda Landowska Company does not balance. Your review of the ledger reveals the following. (a) Each account ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers