COMM 293 Financial Accounting

ife Funny Friends, owned and operated by K. Krenz, began business in Septemberof the current year.
K. Krenz, a cook, had no experience with keeping a set of books. As a result, K. Krenz entered all of September transactions directly to the T accounts. When he tried to locate a particular entry, originally made on September8, he found it confusing and time-consuming. He has hired you to improve his bookkeeping procedures. The accounts in his T-accounts follow:
Prepare the general journal entries, in chronological order, from the T-accountsshown. Include a brief description of the probable nature of each transaction.

For each of the following errors, indicate on the schedule the amount it will cause
the trial balance to be out of balance and which trial balance column (i.e., debit or
credit) will have the larger total as a result of the error
a) A $100 debit to Cash was debited to the Cash account twice
b) A $1,900 credit to Sales was posted as a $190 credit
c) A $5,000 debit to Office Equipment was debited to Office Supplies
d) A $625 debit to Prepaid Insurance was posted as a $62.50 debit
e) A $520 debit to Supplies (purchased on account) was posted correctly, but the
corresponding credit to Accounts Payable was not posted
Error: Yes/No Amount out of balance Column, having larger Total
Show all your calculation

Journalize the following merchandise transactions for Boys and Girls Club assuming
a. A periodic system, and
b. A perpetual system
Nov 01 Boys and Girls Club purchases inventory for $4,400 on credit with terms of 2/10, n30. Shipping costs amounted to $400. FOB shipping point
Nov 05 Boys and Girls Club pays for the previous purchase
Nov 07 Boys and Girls Club receives a payment for returned defective inventory of $500 that
was purchased on Nov 01 transport
Nov 13 Boys and Girls Club sells inventory for $6,500 on account. The cost of the merchandise was $4,200
Nov 16 A customer returns inventory from Nov 13 transaction. The returned item sold for
$2,200 and cost $780. The item will be returned to inventory

The Surrey Company issued financial statements for last year, but failed to include the following adjusting entries:
A) Accrued service fees earned of $2,300
B) Depreciation expense of $5,000
C) Office supplies used, $2,100
D) Accrued salaries of $3,400
E) Revenues of $4,600, originally recorded as unearned, but earned by the end of the year
Determine the correct amounts for last year’s financial statements by completing the following schedule


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