A junior bookkeeper, Bob Delisle, prepared the following trial balance on April 30, 2014, for Big Party Inc.. Prepare a corrected trial balance based on the incorrect trial balance and the additional data.
Additional data:
1. Cash is overstated by $1,140.
2. Note Payable is understated by $1,440.
3. Service Revenue is understated by $6,400.
Definitions:
Leasehold Improvements
Alterations or enhancements made to rental premises by a lessee in order to customize the space for their specific use.
Copyright
Copyright is a legal right granted by the government to creators for their original works of authorship, providing exclusive control over the use and distribution for a limited time.
Obsolescence
The process of losing value or utility, often due to technological advancements, changes in consumer preferences, or wear and tear.
Quality of Receivables
An assessment of the likelihood that the amounts owed to a business by its debtors will be collected.
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