Crane Cable Trial Balance April 30, 2020 Debit Credit $4,200 3,100 900 10,500 $1

Question

Crane Cable
Trial Balance
April 30, 2020

Debit

Credit

$4,200

3,100

900

10,500

$1,360

2,300

700

900

13,040

5,500

3,500

700

350

550

$23,800

$23,800

Horace Culpepper reviewed the records and found the following errors.

Prepare an analysis of each error showing (1) the incorrect entry, (2) the correct entry, and (3) the correcting entry. Items 4 and 5 occurred on April 30, 2017

Crane Cable
Trial Balance
April 30, 2020

Debit

Credit

Cash

$4,200

Accounts Receivable

3,100

Supplies

900

Equipment

10,500

Accumulated DepreciationEquip.

$1,360

Accounts Payable

2,300

Salaries and Wages Payable

700

Unearned Service Revenue

900

Owner’s Capital

13,040

Service Revenue

5,500

Salaries and Wages Expense

3,500

Advertising Expense

700

Miscellaneous Expense

350

Depreciation Expense

550

$23,800

$23,800

Explanation / Answer

The Incorrect Entry The correct Entry The correcting Entry Date Accounts title & Explanations Debit Credit Date Accounts title & Explanations Debit Credit Date Accounts title & Explanations Debit Credit Amount in $ Amount in $ Amount in $ Amount in $ Amount in $ Amount in $ Sr. No.1 Cash 630 Sr. No.1 Cash 580 Sr. No.1 Accounts receivable 50 Accounts Receivable 630 Accounts Receivable 580 Cash 50 To record the cash received from customer To record the cash received from customer To record the correcting entry Sr. No. 2 Miscellaneous expense 71 Sr. No. 2 Advertising expense 71 Sr. No. 2 Advertising expense 71 Cash 71 Cash 71 Miscellaneous expense 71 To record the payment towards the miscellaneous expense To record the payment towards the advertising expense To record the correcting entry Sr. No. 3 Salary and wages Expense 2000 Sr. No. 3 Salary & Wages Expense 1300 Sr. No. 3 Salaries Payable 700 Cash 2000 Salaries Payable 700 Salary & Wages Expense 700 To record the payment for salary and wages Cash 2000 To record the correcting entry To record the payment for salary and wages Sr. No. 4 / Apr-30 Supplies 400 Sr. No. 4 / Apr-30 Printer(Office equipment) 400 Sr. No. 4 / Apr-30 Printer(Office equipment) 400 Accounts Payable 400 Accounts Payable 400 Supplies 400 To record the purchase of supplies on account To record the purchase of printer on account To record the correcting entry Sr. No. 5/ Apr-30 Equipment 30 Sr. No. 5/ Apr-30 Repair Expense 71 Sr. No. 5/ Apr-30 Repair Expense 71 Cash 30 Cash 71 Equipment 30 To record the payment towards Equipment To record the payment towards the repair on equipment Cash 41 To record the correcting entry If you find this solution helpful, please do rate it. Thank You

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