angel17
Feb 4, 2007, 12:37 PM
hey, can someone help with this trail balace? I really appreciate for the help.
Debit Credit
Cash $2,180
Accounts Receivable $3,370
Supplies 800
Equipment 3,000
Accounts Payable 2,666
Unearned Revenue 1,200
Common Stock 9,000
Dividends 800
Service Revenue 3,480
Salaries Expense 3,600
Office Expense 910
$13,680 $17,326
Each of the listed accounts has a normal balance per the general ledger. An examination of the ledger and journal reveals the following errors:
1. Cash received from a customer on account was debited for $690, and Accounts Receivable was credited for the same amount. The actual collection was for $960.
I know I have to add 960-690= 270 in cash and subract 270 from AR.
2. The purchase of a printer on account for $340 was recorded as a debit to Supplies for$340 and a credit to Accounts Payable for $340.
here I would add 340 into equipment and subract 340 in supplies.
3. Services were performed on account for a client for $800 Accounts Receivable was debited for $80 and Service Revenue was credited for $800
I think I would add 800-80=720 to AR.
4. A debit posting to Salaries Expense of $500 was omitted.
here I would add 500 to salaries expense
5. A payment on account for $206 was credited to Cash for $206 and credited to Accounts Payable for $260
Here I would add 206+260= 466 to AP, right?
6. Payment of a $600 cash dividend to Izo’s stockholders was debited to Salaries Expense for $600 and credited to Cash for $600
I do not know what to do here? I think add 600 to salaries expense and subtract 600 in cash?
Debit Credit
Cash $2,180
Accounts Receivable $3,370
Supplies 800
Equipment 3,000
Accounts Payable 2,666
Unearned Revenue 1,200
Common Stock 9,000
Dividends 800
Service Revenue 3,480
Salaries Expense 3,600
Office Expense 910
$13,680 $17,326
Each of the listed accounts has a normal balance per the general ledger. An examination of the ledger and journal reveals the following errors:
1. Cash received from a customer on account was debited for $690, and Accounts Receivable was credited for the same amount. The actual collection was for $960.
I know I have to add 960-690= 270 in cash and subract 270 from AR.
2. The purchase of a printer on account for $340 was recorded as a debit to Supplies for$340 and a credit to Accounts Payable for $340.
here I would add 340 into equipment and subract 340 in supplies.
3. Services were performed on account for a client for $800 Accounts Receivable was debited for $80 and Service Revenue was credited for $800
I think I would add 800-80=720 to AR.
4. A debit posting to Salaries Expense of $500 was omitted.
here I would add 500 to salaries expense
5. A payment on account for $206 was credited to Cash for $206 and credited to Accounts Payable for $260
Here I would add 206+260= 466 to AP, right?
6. Payment of a $600 cash dividend to Izo’s stockholders was debited to Salaries Expense for $600 and credited to Cash for $600
I do not know what to do here? I think add 600 to salaries expense and subtract 600 in cash?