1- Roswell College requires students to pay tuition each term before class begin. Students who have not paid their tuition are not allowed to enroll or to attend classes. Cindy Jones the accountant for the school has been asked by her boss to prepare the required journal entry for the receipt of the students’ tuition payments.
In addition Cindy Jones has been asked by her boss to prepare a trial balance for Roswell College at the end of the current month. When preparing the trial balance Cindy Jones discovers that the credit side of the trial balance exceeds the debit side by a material amount. Cindy has decided to add the difference to balance of the miscellaneous expense account in order to complete the preparation of the current months financial statements by her 5 o’clock deadline.
Discuss what journal entry should be recorded for the tuition payments and why the journal entry would be appropriate. Also, discuss whether Cindy Jones is behaving in an ethical and professional manner concerning her actions with the preparation of the trial balance.
2-After reviewing the Financial Statements for Eric Woods, CPA, identify as many errors as you can find within these Financial statements. Also, explain WHY the errors would be considered incorrect. Finally, calculate the correct Net Income, Ending Capital, Ending Asset, and Liability Balance.
As a hint, there are actually 12 errors in these Financial statements.
Make sure to use a Professional Writing Style.