400 400 Exercise 2 Dana Bowen Company is a small business owned by Dana Bowen. She provided us with the documents for th

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400 400 Exercise 2 Dana Bowen Company is a small business owned by Dana Bowen. She provided us with the documents for the year ended April 30, 2022. She is concerned that there are a number of errors in all documents made by her accountants Required: Determine what those errors are and correctly recalculate amounts in all documents. Journal Entries: a) Cash 6,500 Dana Bowen, Capital 6,500 b) Equipment 2,500 Dana Bowen, Capital 2.500 c) Rent Expense Cash d) Cash 400 Fees Earned e) Accounts Receivable 1.250 Fees Earned 1.250 f) Supplies Accounts Payable g) Wages Expense 420 Cash h) Prepaid Insurance 1,940 Cash 1,940 i) Cash 2.500 Fees Earned 2,500 1) Miscellaneous Expense Cash k) Dana Bowen, Drawing Cash 350 1) Cash Uncamed Revenue 930 Adjusting Entries: 400 870 870 420 SO SO 35 930 540 $40 385 385 725 725 m) Supplies Expense Supplies n) Accounts Receivable Fees Earned 0) Insurance Expense Prepaid Insurance p) Accumulated Depreciation Depreciation Expense 4) Wages Expense Wages Payable r) Unearned Revenues Fees Earned 130 130 225 225 590 590
Prepaid Insurance Cash Accounts Receivable 1.250 385 6,500 Supplies 870 540 1.940 400 725 1400 420 1,940 2.500 50 350 930 Equipment Accumulated Depreciation Accounts Payable Wages Payable 2.500 130 870 225 Uncamed Revenues 930 590 Income Summary Dana Bowen, Capital 6,500 2.500 Dana Bowen. Drawing 35d Fees Earned Rent Expense Wages Expense 420 225 Supplies Expense 540 900 1.250 2.500 400 3851 590 Insurance Expense 725 Depreciation Expense 130 Miscellaneous Expense 50
」 Dana Bowen Company End-of-Period Spreadsheet For the Year Ended April 30 Adjusted Trial Trial Balance Adjustments Balance Debit Credit Debit Credit Debit Credit Cash 7.170 7,170 Accounts Receivable 1.250 385 2.500 Prepaid Insurance 1,940 725 1.215 Supplies 870 540 330 Equipment 2.500 2.500 Accumulated Depreciation 130 310 Uncamned Revenue 930590 3-40 Accounts Payable 870 870 Wages Payable 225 225 Dana Bowen, Capital 9.000 19.000 Dana Bowen, Drawing 350 350 Fees Eamed 2,900 2.725 5.620 Wage Expense 400 1225 645 Rent Expense 400 400 Supplies Expense 540 540 Insurance Expense 725 725 Depreciation Expense 130 130 Miscellaneous Expense SO SO Totals 15,930 13,700 2,595 4,349 16,899 16,025 = Dana Bowen Company Income Statement For the Year Ended April 30 $5,625 ees eamed Expenses Insurance expense 5725 Wages expense 6491 Supplies expense 540 Rent expense 400 Depreciation expense 130 Miscellaneous expense 5 2.490 Total expenses Het income $3.136
Dana Bowen Company Statement of Owner's Equity For the Year Ended April 30 Dana Bowen capital, May 1 Investment $ 9,000 3.135 Net income for the period Less withdrawals (350) Total change in owner's equity 11.785 Dana Bowen, capital, April 30 S785
Assets Current assets: Cash Accounts receivable Supplies Prepaid insurance Total current assets Property, plant, & equipment: Equipment Less accumulated depr. Dana Bowen Company Balance Sheet April 30 Liabilities Current liabilities: $7,170 Accounts payable 1,635 Wages payable 330 Unearned revenues 1.215 Supplies $10,850 Total liabilities S 870 225 340 330 $ 1,435 $2,500 130 Owner's Equity 2.630 Dana Bowen, capital Total liabilities and S13.200 owner's equity 9,000 $10.435 Total assets Closing Entries: 5,625 5,625 2,490 s) Fees Earned Income Summary t) Income Summary Wages Expense Rent Expense Supplies Expense Insurance Expense Depreciation Expense Miscellaneous Expense u) Income Summary Dana Bowen, Capital v) Dana Bowen, Drawing Dana Bowen, Drawing 645 400 540 725 130 50 1,135 1,135 350 350
Dana Bowen Company Post-Closing Trial Balance April 30 17,170 12,500 1,215 1330 12,500 Cash Accounts Receivable Prepaid Insurance Supplies Equipment Accumulated Depreciation Unearned Revenues Accounts Payable Wages Payable Dana Bowen, Capita Total 310 340 1870 225 11.785 13,715 13,530