(Solution) - Malcolm Inc was incorporated on January 1 2012 with the -(2025 Original AI-Free Solution)
Paper Details
Malcolm Inc. was incorporated on January 1, 2012, with the issuance of capital stock in return for $90,000 of cash contributed by the owners. The only other transaction entered into prior to beginning operations was the issuance of a $75,300 note payable in exchange for building and equipment. The following trial balance was prepared at the end of the first month by the book keeper for Malcolm Inc:
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1. Identify the two errors in the trial balance. Ignore depreciation expense and interest expense.
2. Prepare a corrected trial balance.