Thursday
July 31, 2014

Homework Help: accounting

Posted by Bonnie on Saturday, May 23, 2009 at 4:46pm.

Analyze the following separate errors and describe how each would affect the 10-column work
sheet Below. Explain whether the error is likely to be discovered in completing the work sheet and, if
not, the effect of the error on the financial statements.
a. Assume that the adjustment for supplies used consisted of a credit to Supplies for $3,200 and
a debit for $3,200 to Supplies Expense.
b. When the adjusted trial balance in the work sheet is completed, the $17,500 Cash balance is
incorrectly entered in the Credit column.


Balance sheet as of June 30, 2005


NON CURRENT ASSET
Property, plant equiptment $97, 250

CURRENT ASSETS
Prepaid insurance $2,300
Supplies $3,200
Cash $17,500
$23,000

$23,000
+$97,250
Total Assets $120,250

LIABILITIES AND EQUITY
LONG TERM LIABILITY
Long term notes payable $19,000
CURRENT LIABILITIES
Accounts payable $6,350
Interest payable $240
Rent payable $200
Wages payable $1,600
Property taxes payable $900
Long term notes payable (current portion) $5,000
Total Liabilities $33,290

OWNERS EQUITY
S.Adams capital $77,600
S. Adams withdrawls ($30,000)
$47,600
Net Income $39,300
Total Liabilities and Owners Equity $120,250

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