MAYAR
Aug 28, 2011, 05:22 AM
Q:how do I make Ledger and Journal reveals the following Errors
Asked by Rekha68 On Feb 15, 2010
Instructions
From this information prepare a corrected trial balance.
E3-4
(Corrected Trial Balance) The trial balance of Oakley Co. Does not balance.
OAKLEY CO.
TRIAL BALANCE
JUNE 30, 2010
Debit
Credit
Cash
$ 2,870
Accounts Receivable
$ 3,231
Supplies
800
Equipment
3,800
Accounts Payable
2,666
Unearned Service Revenue
1,200
Common Stock
6,000
Retained Earnings
3,000
Service Revenue
2,380
Wages Expense
3,400
Office Expense
940
$13,371
$16,916
Each of the listed accounts should have a normal balance per the general ledger. An examination of the ledger and journal reveals the following errors.
->>>>Cash and Unearned Revenues have the incorrect normal balances.
1.
Cash received from a customer on account was debited for $370, and Accounts Receivable was credited for the same amount. The actual collection was for $730.
->>>Credit Cash 370 Debit A/R 370 -->>Debit Cash 730 Credit A/R 730
2.
The purchase of a computer printer on account for $500 was recorded as a debit to Supplies for $500 and a credit to Accounts Payable for $500.
->>> Credit Supplies 500 Debit Equipment 500
3.
Services were performed on account for a client for $890. Accounts Receivable was debited for $890 and Service Revenue was credited for $89.
-->>Credit Service Revenue 801
4.
A payment of $65 for telephone charges was recorded as a debit to Office Expense for $65 and a debit to Cash for $65.
-->>>Credit Cash 130
5.
When the Unearned Service Revenue account was reviewed, it was found that $225 of the balance was earned prior to June 30.
--->>Debit Unearned Service Revenue 225 Credit Service Rev 225
6.
A debit posting to Wages Expense of $670 was omitted.
--->>>Debit Salaries Wage Expense 670 Credit Cash 670
7.
A payment on account for $206 was credited to Cash for $206 and credited to Accounts Payable for $260.
--->Debit to A/P for 466
8.
A dividend of $575 was debited to Wages Expense for $575 and credited to Cash for $575.
---->Debit Dividend 575
Instructions
Prepare a correct trial balance. (Note: It may be necessary to add one or more accounts to the trial balance.)
Help. Still having problems balancing even with the corrections I made
Asked by Rekha68 On Feb 15, 2010
Instructions
From this information prepare a corrected trial balance.
E3-4
(Corrected Trial Balance) The trial balance of Oakley Co. Does not balance.
OAKLEY CO.
TRIAL BALANCE
JUNE 30, 2010
Debit
Credit
Cash
$ 2,870
Accounts Receivable
$ 3,231
Supplies
800
Equipment
3,800
Accounts Payable
2,666
Unearned Service Revenue
1,200
Common Stock
6,000
Retained Earnings
3,000
Service Revenue
2,380
Wages Expense
3,400
Office Expense
940
$13,371
$16,916
Each of the listed accounts should have a normal balance per the general ledger. An examination of the ledger and journal reveals the following errors.
->>>>Cash and Unearned Revenues have the incorrect normal balances.
1.
Cash received from a customer on account was debited for $370, and Accounts Receivable was credited for the same amount. The actual collection was for $730.
->>>Credit Cash 370 Debit A/R 370 -->>Debit Cash 730 Credit A/R 730
2.
The purchase of a computer printer on account for $500 was recorded as a debit to Supplies for $500 and a credit to Accounts Payable for $500.
->>> Credit Supplies 500 Debit Equipment 500
3.
Services were performed on account for a client for $890. Accounts Receivable was debited for $890 and Service Revenue was credited for $89.
-->>Credit Service Revenue 801
4.
A payment of $65 for telephone charges was recorded as a debit to Office Expense for $65 and a debit to Cash for $65.
-->>>Credit Cash 130
5.
When the Unearned Service Revenue account was reviewed, it was found that $225 of the balance was earned prior to June 30.
--->>Debit Unearned Service Revenue 225 Credit Service Rev 225
6.
A debit posting to Wages Expense of $670 was omitted.
--->>>Debit Salaries Wage Expense 670 Credit Cash 670
7.
A payment on account for $206 was credited to Cash for $206 and credited to Accounts Payable for $260.
--->Debit to A/P for 466
8.
A dividend of $575 was debited to Wages Expense for $575 and credited to Cash for $575.
---->Debit Dividend 575
Instructions
Prepare a correct trial balance. (Note: It may be necessary to add one or more accounts to the trial balance.)
Help. Still having problems balancing even with the corrections I made