find error in journal entries.prepare trail balanceincome srament and balance sheet ...

80.2K

Verified Solution

Question

Accounting

image
find error in journal entries.prepare trail balanceincome srament and balance sheet
LabaLaba.Ltd Date Particulars 2021 1-Oct Rent Expense Cash Pay the rent with cash Dr Mop 50.000 Cr Mop 50.000 10.000 2-Oct cash common stock To record issue of common stock 10.000 3.200 4-Oct Office supplies Note Payable To record office supplies purchased on account 3,200 4,600 7-Oct Inventory Accounts Payable Buy clothes by account 4,600 3.000 10-Oct Electricity Expense Cash Pay the electricity fec 3,000 1.000 16-Oct Cash loan payable To record loan 1,000 500 20-Oct Prepaid insurance cash To record payment for 3-year insurance policy 500 23,000 28-Oct Accounts receivable Sales Revenue the clothing sales 23,000

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students