I just finished entering entries into the journal ledger byway of Quickbooks. However, my Journal is off by $1.80, the Trial Balance is off by $.90, and the Balance Sheet is off by $.90. The Profit & Loss Statement is correct. I don't know where to start looking for the error.
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I just finished entering entries into the journal ledger byway of Quickbooks. However, my Journal is off by $1.80, the
I don't know where to start looking for the error.
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- After a recent computer crash, the accountant salvaged the following Trial Balance which was saved before proofing for errors. While all the account titles and account balance amounts are correct, some of the balances are not listed in the proper order or Debit/Credit columns. After making the necessary corrections, what is the correct balancing totals for this Trial Balance? Los Rolano, DESIGNER Trial Balance November 30, 2017 Account Title Balance Debit CreditCash $ 7,410Accounts Receivable $1,300Office Supplies 500Prepaid Insurance 2,400Furniture 1,500Land…If a $335.00 debit item in the general journal is posted as a credit: By how much will the trial balance be out of balance? Explain how you might detect such an error.While in the process of posting from the journal to the ledger a company failed to post a $500 credit to Accounts Receivable. The effect of this error will be that Group of answer choices A. Accounts Receivable will be understated. B. the error will overstate the debits listed in the journal. C. the trial balance will not balance. D. the total credits in the trial balance will be larger than the total debits.
- Damon Davis was working on a spreadsheet for the Drano Plumbing Company. He calculated that the net profit would be $50,000. He totaled the columns on the Balance Sheet as follows: debit, $400,000; and credit, $300,000. What was the most likely cause of this disparity? If this was not the case, how should he go about determining the cause of the error?Hello, I have figured out problem (A). And most of problem (B) but I'm having trouble with figuring the "Allowance for Doubtful Account" because of this I can't get the answer for problem (C) I thought the answer would be $10,175 - But I am being told that this is wrong. Please see figure below: At the end of the current year, Accounts Receivable has a balance of $505,000; Allowance for Doubtful Accounts has a debit balance of $4,500; and sales for the year total $2,270,000. Bad debt expense is estimated at 1/4 of 1% of sales. a. Determine the amount of the adjusting entry for uncollectible accounts. - $5,675 b. Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense. Accounts Receivable $505,000 Allowance for Doubtful Accounts $fill in the blank 3 Bad Debt Expense $5675 c. Determine the net realizable value of accounts receivable. - $fill in the blank 5Select the best answer for the question. 10. A trial balance indicates that the debit total exceeds the credit total by $63. Which of the following errors is the most probable source of the discrepancy? A. An asset with a balance of $63 was mistakenly entered in the ledger as a credit for that amount instead of a debit B. An asset with a balance of $670 was mistakenly entered in the ledger as a $607 debit OC. A liability with a balance of $63 was mistakenly entered in the ledger as a debit for that amount, instead of a credit OD. A liability with a balance of $970 was mistakenly entered in the ledger as a $907 credit O Mark for review (Will be highlighted on the review page) Previous Question Next Question >>
- Compare Two Methods of Accounting for Uncollectible Receivables been obtained from the accounts: Required: Assemble the desired data. Enter a decrease in the amount of expense as a negative number and all other amounts as positive numbers. Call Systems Company Bad Debt ExpenseDamon Davis was concluding Drano Plumbing's paperwork. He predicted a $50,000 net profit. When he tallied up the columns on the Balance Sheet, he found that the debit column amounted to $400,000 and the credit column amounted to $300,000. What was the most likely source of the result discrepancy? If this was not the source of the problem, how might he continue to identify its origin?Hello, would you be willing to assist me with solving this problem? I am curious as to how you do the math to get 800 on the allowance for doubtful accounts as well. The Adjusting journal entry portion is also confusing on the t-accounts and balance sheet.
- Blackhorse Productions, Incorporated, used the aging of accounts receivable method to estimate that its Accounts should be $19,950. The account had an unadjusted credit balance of $11,000 at that time. Required: Prepare journal entries for each of the following. (If no entry is required for a transaction/event, select in the first account field.) a. The appropriate bad debt adjustment was recorded. b. Later, an account receivable for $1,100 was determined to be uncollectible and was written off. View transaction list Journal entry worksheet 1 2 Record the end-of-period adjustment for bad debts under the aging of accounts receivable method. Note: Enter debits before credits. Transaction General Journal Debit Credit View general journal Record entry Clear entryAnis supplies stationery to her customers on credit. Based on previous years’ trends, 2% of her accounts receivable will turn bad. To be prudent, she wants to record this potential loss in her books. Which of the following is the correct journal entry to record this estimate? Select one: a. Debit- Allowance for doubtful debtsCredit- Accounts receivable b. Debit- Allowance for doubtful debtsCredit- Statement of Profit or Loss and Other Comprehensive Income c. Debit- Statement of Profit or Loss and Other Comprehensive IncomeCredit- Allowance for doubtful debts d. Debit- Bad debt expenseCredit- Accounts receivableMy New Business uses aging of receivables to determine the value for allowance for doubtful accounts. Below are the balances and due dates for each account. Determine the number of days past due for each of these accounts. Complete the aging of receivables schedule. Determine the allowance for doubtful accounts and write the journal entry. Would this entry change if there was a debit balance of $1500? Credit balance of $1500? Customer Due Date Balance ABC 1/4/18 $10,000 Buy Rite 2/8/18 $7500 Calming Solutions 3/13/18 $2200 Dry Fast 4/23/18 $3456 Easy Peasie 5/3/19 $683 Fast Service 6/1/18 $5682 Going Out 7/9/18 $1200 Hurry Up 8/25/18 $3800 Igloos R Us 9/22/18 $570 Jumpin Jack Flash 10/10/18 $250 King Kong Kopies 11/14/18 $6893 Lite It Up 12/1/18 $476 Magnificent Marketing 1/15/19 $1500 Aging Categories Age Class Percent Uncollectible Not past due 1% 1-…