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Problem 2 The following trial balance as of 12/31/01 of Fish Fingers & Custard, LLC does...

Problem 2

The following trial balance as of 12/31/01 of Fish Fingers & Custard, LLC does not balance

Cash - $5,912

A/R - $5,240

Supplies - $2,967

Equipment - $6,100

Accounts Payable - $7,044

Common Stock - $8,000

Retained Earnings - $2,000

Service Revenue - $5,200

Office Expense - $4,320

An examination of the ledger shows these errors:

  1. All balances were normal
  2. The purchase on account of a computer costing $3,200 was recorded as a debit to Office Expense and a credit to A/P.
  3. Services were performed on account for a client, $2,250, for which A/R was debited $2,250 and Service Revenue was credited $225
  4. A payment of $95 for telephone charges was entered as a debit to Office Expense and a debit to Cash.
  5. The Service Revenue account was totaled at $5,200 instead of $5,280

Prepare a corrected trial balance, Income Statement and Balance Sheet for 12/31/01.

Business   Accounting   
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Homework Answers

Answer #1
Fish Fingers & Custard,
Trial Balance
Debit Credit
Cash  (5912 -( 95 + 95 ) + (1830-1380) 6172
A/R  = 5240 - (1830-1380) 4790
Supplies 2967
Equipment = 6100 + 3200 9300
Accounts Payable - 7044
Common Stock - 8000
Retained Earnings 1120 2000
Service Revenue (5200 + (2250-225)+80 7305
Office Expense - 4320 - 3200 1120
Total 24349 24349
Fish Fingers & Custard,
Income Statement
Service Revenue 7305
Less: Office Exp. -1120
Net Profit 6185
Fish Fingers & Custard,
Balance sheet
Assets Liabilities And owners Equity
Cash 6172 Accounts Payable 7044
A/R 4790 Commonstock 8000
Supplies 2967 Retained Earnings (2000+ 6185) 8185
Equipment 9300
Total Assets 23229 Total Liabilities And owners Equity 23229
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