29 Jun Question Joe Edmonds, CPA, was retain
Question
Joe Edmonds, CPA, was retained by Clark Cable Inc. to prepare financial statements for April 2011. Edmonds accumulated all the ledger balances per Clark’s records and found the following.
Clark Cable Inc.
Trial Balance
April 30, 2011
Dr.
Cr.
Cash
$4,800
Accounts Receivable
3,900
Supplies
1,500
Equipment
11,300
Accumulated Depreciation
$2,050
Accounts Payable
2,800
Salaries Payable
770
Unearned Revenue
1,590
Common Stock
10,000
Retained Earnings
3,600
Service Revenue
6,150
Salaries Expense
4,000
Advertising Expense
670
Miscellaneous Expense
290
Depreciation Expense
500
$26,960
$26,960
Joe Edmonds reviewed the records and found the following errors.
1. Cash received from a customer on account was recorded as $840 instead of $480.
2. A payment of $135 for advertising expense was entered as a debit to Miscellaneous Expense $135 and a credit to Cash $135.
3. The first salary payment this month was for $1,970, which included $770 of salaries payable on March 31. The payment was recorded as a debit to Salaries Expense $1,970 and a credit to Cash $1,970. (No reversing entries were made on April 1.)
4. The purchase on account of a printer costing $360 was recorded as a debit to Supplies and a credit to Accounts Payable for $360.
5. A cash payment of repair expense on equipment for $75 was recorded as a debit to Equipment $57 and a credit to Cash $57.
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