Biggio corporation

by | Jan 11, 2022 | Assignment

The bookkeeper for Biggio Corporation made these errors in journalizing and posting.1. A credit posting of $400 to Accounts Receivable was omitted.2. A debit posting of $750 for Prepaid Insurance was debited to Insurance Expense.3. A collection on account of $100 was journalized and posted as a debit to Cash $100 and a credit to Accounts Payable $100.4. A credit posting of $300 to Property Taxes Payable was made twice.5. A cash purchase of supplies for $250 was journalized and posted as a debit to Supplies $25 and a credit to Cash $25.6. A debit of $395 to Advertising Expense was posted as $359.For each error, indicate (a) whether the trial balance will balance; if the trial balance will not balance, indicate (b) the amount of the difference, and (c) the trial balance column that will have the larger total. Consider each error separately. Use the following form, in which error 1 is given as an example.Error In Balance Difference Larger ColumnDebit P3-1AOn April 1 Flint Hills Travel Agency Inc. was established. These transactions were completed during the month.1.Stockholders invested $25,000 cash in the company in exchange for common stock.2.Paid $900 cash for April office rent.3.Purchased office equipment for $2,800 cash.4.Purchased $200 of advertising in the Chicago Tribune, on account.5.Paid $500 cash for office supplies.6.Earned $10,000 for services provided: Cash of $1,000 is received from customers, and the balance of $9,000 is billed to customers on account.7.Paid $400 cash dividends.8.Paid Chicago Tribune amount due in transaction (4).9.Paid employees’ salaries $1,200.10.Received $9,000 in cash from customers billed previously in transaction (6).Instructions (a)Prepare a tabular analysis of the transactions using these column headings: Cash, Accounts Receivable, Supplies, Office Equipment, Accounts Payable, Common Stock, and Retained Earnings (with separate columns for Revenues, Expenses, and Dividends). Include margin explanations for any changes in Retained Earnings.(b)From an analysis of the Retained Earnings columns, compute the net income or net loss for April.This is the first question in the attachment their are more questions if you can please answer them all for me in the word document thank you.

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