ACC 205 Week 1 DQ 2 Debit and Credit
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Define the terms “debit” and “credit”. Explain how debits and credits affect the following: assets, liabilities, owner’s capital account, revenues and expenses. Respond to at least two of your classmates’ postings.
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ACC 205 Week 1 DQ 1 Ethical Issues
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What is the fundamental ethical issue in this situation? How do the two suggestions of the company owner differ?
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ACC 205 Week 1 Assignment P2-53B
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P2-53B Correcting errors in a trial balance
The trial balance for Treasure Hunt Exploration Company does not balance.
Treasure Hunt Exploration Company
Trial Balance
July 31, 2012
Cash 6,600
Accounts receivable 9,000
Supplies 200
Exploration equipment 22,600
Computers 46,000
Accounts payable 2,900
Note payable 18,900
Common stock 50,100
Dividends 1,000
Service revenue 4,900
Salary expense 1,800
Rent expense 100
Advertising expense 100
Utilities expense 700
Total $88,100 $76,800
The following errors were detected:
a. The cash balance is overstated by $1,000.
b. Rent expense of $300 was erroneously posted as a credit rather than a debit.
c. A $6,000 credit to Service revenue was not posted.
d. A $500 debit to Accounts receivable was posted as $50.
e. The balance of Utilities expense is understated by $90.
f. A $600 purchase of supplies on account was neither journalized nor posted.
g. Exploration equipment should be $17,160....