identify the errors in the accountant rsquo s adjusting entries assuming that none o 551274 | Homework Solutions

EX 3-27 Adjusting entries from trial balances

The accountant for E-Z Laundry prepared the following unadjusted and adjusted trial balances. Assume that all balances in the unadjusted trial balance and the amounts of the adjustments are correct. Identify the errors in the accountant’s adjusting entries assuming that none of the accounts were affected by more than one adjusting entry.

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identify the errors in the accountant rsquo s adjusting entries assuming that none o 551274 | Homework Solutions
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E-Z Laundry

Trial Balance

July 31, 2012

Unadjusted

Adjusted

Debit

Credit

Debit

Credit

Balances

Balances

Balances

Balances

Cash

7,500

7,500

Accounts Receivable

18,250

22,000

Laundry Supplies

3,750

5,500

Prepaid Insurance*

5,200

1,400

Laundry Equipment

190,000

184,000

Accumulated Depreciation—Laundry Equipment

48,000

48,000

Accounts Payable

9,600

9,600

Wages Payable

1,200

Myrna Lundy, Capital

110,300

110,300

Myrna Lundy, Drawing

28,775

28,775

Laundry Revenue

182,100

182,100

Wages Expense

49,200

49,200

Rent Expense

25,575

25,575

Utilities Expense

18,500

18,500

Depreciation Expense

6,000

Laundry Supplies Expense

1,750

Insurance Expense

800

Miscellaneous Expense

3,250

3,250

350,000

350,000

354,250

351,200

* 3,800 of insurance expired during the year.

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