Below Is the Unadjusted Trial Balance for Dawson Designs at December

question 89

Essay

Below is the unadjusted trial balance for Dawson Designs at December 31, 2011 - the end of its first year in business.
(1) Identify the errors in the following trial balance. All accounts have normal balances.
(2) Prepare a corrected trial balance.

---

Definitions:

Accounts Receivable

The money owed to a company by its customers for goods or services that have been delivered but not yet paid for.

Cash Management

The process of collecting, managing, and investing a company's cash flow efficiently.

Principles

Fundamental concepts or beliefs that drive decision-making processes and practices within various disciplines, including ethical values in business or foundational laws in science.

Days' Sales Uncollected

A financial metric indicating the average number of days it takes a company to collect payment after a sale is made.