The Following Trial Balance of Brian's Pickle Co for June

question 73

Essay

The following trial balance of Brian's Pickle Co for June 30, 2010 does not balance.
The following errors were discovered:
1. A purchase of supplies for cash was posted as $40 when it should have been $400.
2. The first two numbers of the amount for notes payable were transposed while being copied from the account balance to the trial balance. The correct amount of Notes Payable should be $51,500.
3. A collection of cash was debited to the cash account in the amount of $5,500 but was not credited to the revenue account.
4. A purchase of supplies for $725 on account was not recorded.
Instructions: Prepare a corrected trial balance

Interpret productivity changes due to changes in work conditions.

Calculate and evaluate changes in productivity due to schedule adjustments and ethical considerations.

Understand labour allocation for task completion within a given time frame.

Identify challenges in measuring productivity in service-oriented operations such as law offices.

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Definitions:

Exchange Rates

The value of one currency for the purpose of conversion to another, implying how much of one currency can be exchanged for another.

Foreign Currency (FC)

Currency used in a transaction that is different from the currency of the primary economic environment in which the entity operates.

Historical Rate

The exchange rate at which a foreign currency transaction was converted to the reporting currency at the date of the transaction.

Closing Rate

The exchange rate at the balance sheet date, used for translating the financial statements of a foreign subsidiary into the parent company's reporting currency.