March 5: The company provided engineering services on account for $22,000. Which journal entry should be recorded?

October 31: Employees have earned $1,400 of salaries that will be paid next month. Which adjusting entry should be recorded?

Which account should be debited when the loan proceeds are received on March 31, 2025?

Using the aging method, what is the required ending balance in the Allowance for Expected Credit Losses?

March 1: Greenfield Engineering Ltd. received $120,000 cash from shareholders in exchange for common shares. Which journal entry should be recorded?

March 7: The company collected $15,000 from customers on account. Which journal entry should be recorded?

March 18: The company paid $3,600 toward its accounts payable balance. Which journal entry should be recorded?

How much interest expense is included in the first loan payment made on June 30, 2025?

Instructions:        1. Review the Income Statement, Statement of Changes in Equity, and Statement of Financial Position above.        2. Identify at least 10 errors in the financial statements.        3. For each error found, describe what is wrong and provide the correct treatment or amount.        4. Errors may include: calculation mistakes, classification errors, presentation errors, or conceptual errors.        5. Each correctly identified and explained error is worth 2 marks (20 marks total for 10 errors).        

At January 1, 2026, Momentum Fitness Inc. reported Retained Earnings of $2,900,000. During 2026, the company earned net income of $2,750,000. What is the December 31, 2026 balance in Retained Earnings?