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: CengageNOWv2 | Online t ) + v2.cengagenow.com/il rn/takeAssignment/takeAssignmentMain.do?invoker-assignments&takeAssignmentSessionLocator;=assignment-t. Search HW Ch3 Print Itom Adjusting entries from trial balances 1. EX3-1 2. EX3-2 3. EX3-3 Erroneous Adjusted Trial Balance corrected Adjusted Trial Balance The accountant for Eva's Laundry prepared the tollowing unadjusted and adjusted trial balances. Assume that all balances in the unadjusted trial balance and the amounts of the adjustments are correct. Identiry the errors in the accountant's adjusting entries by preparing a corrected adjusted trial balance. Assume that none of the accounts were affected by more than one adjusting entry.Ian amount box does not require an entry, leave it biank. Eva's Laundry ADJUSTED TRIAL BALANCE May 31, 2016 6. Ex.3-6.Algo 7. Ex.3-7.Algo 8. Ex.3-8.Algo 9. EX3-9 Eva's Laundry UNADJUSTED TRIAL BALANCE May 31, 2016 Eva's Laundry ADJUSTED TRIAL BALANCE May 31, 2016 23,160.00 6,665.00 172000 2 Accounts Receivable ACCOUNT TITLE 5 Laundry Supplies ACCOUNT TITLE DEBT ,755.00 18,505.00 3,845.00 ,285.00 193,600.00 Prepaid Insurance Laundry Equipment Accumulated Depreciation-Laundry Equipment Accounts Payable Accounts Receivable 2 Accounts Receivable 11. Ex.3-11.Algo 12. Ex.3-13 Algo 13. EX.3-14.ALGO 14. Ex.3-17 Algo 3 Laundry Supplies Laundry Supplies 47,995.00 9,260.00 1305.00 33,500.00 81,335.00 6 Prepaid Insurance s Laundry Equipment 6 Accumulated Depreciation-Laundry Equipment Prepaid Insurance* 5 Laundry Equipment s Wages Payable 99500Common Accumulated Depreciation-Laundry Equipment Accounts Payable Wages Payable Common Stock ,260.00Retained Eamings Accounts Payable Wages Payable Common Stock D Retained Eamings 29,080.00 3,50000 1Laundry Revenue 133.15 Wages Expense 16. EX.3-19.ALGO 183,100.00 49,670.00 to Retained Earnings 17. EX.3-20.ALGO 29,080.00 25,485.00 18. EX.3-21.ALGO 83,100.00Utlities Expense Laundry Revenue 13 Wages Expense Laundry Revenue 5 agxpense 49,670.00 25,485.00 8,885.00 s Depreciation Expense 17 Laundry Supplies Expense 18 Insurance Expense 9Miscellanecus Experse 19. EX.3-22.ALGO 4 Rent Expense 1s Ubilities Expense 16 Depreciation Expense 2,820.00 45.00 3,080.00 20. EX.3-23.ALGO 21. EX.3-24.ALGO 22. Ex.3-25 Algo 23. Ex.3-26 Algo 24. Ex.3-27 Algo 25. EX.3-28.ALGO 26. Ex.3-29 Algo 5 Utilities Experse ts Depreciation Expense 7 Laundry Supplies Expense 18 Insurance Expense 19 Miscellaneous Expense Laundry Supplies Experse 18 Insurarce Expense 9 Miscellaneous Expense 356,495.00 3,080.00 55,190.00 55,190.00 $3,565 of insurance expired during the year Previous Next> Check My Progress: 24/26 items t Score: 71.08% All work saved. Emall Instructor Save and Exit Submit Assignment for Grading

Explanation / Answer

Eva’s Laundry

Unadjusted Trial Balance

May 31, 2016

Account Title

Debit

Credit

Cash

7,755

Account Receivable

18,505

Laundry Supplies

1025

Laundry Equipment

1,720

Accumulated Depreciation Laundry Equipment

193,600

Accounts Payable

60,630

Wages Payable

9,260

Common Stock

1,305

Retained Earnings

33,500

Dividend

81,335

Laundry Revenue

29,080

Wages Expense

183,100

Rent Expense

25,485

Utility Expense

18,885

Depreciation

12,635

Laundry Supply Expense

2,820

Insurance Expense

3,565

Miscellaneous Expense

3,080

Total

369,130

Errors in Accounting Entries

(‘1) Depreciation Entries were passed wrongly by giving effect to equipment account.

Depreciation expenses should be debited and Accumulated Depreciation should be credited.

(‘2) Laundry Supplies Account entries ere wrong while passing laundry supplies expense entry at the year end.

(‘3 ) Prepaid Insurance expense were wrongly debited while passing adjustment entries