Below is the trial balance to the question I am working on.
Cash=debit balance of $2,100
Accounts receivable=debit balance of $2,570
Prepaid Insurance=debit balance of $700
Equipment=credit balance of $8,000
Accounts Payable=credit balance of $4,500
property taxes payable=debit balance of $560
Owner's Capital=credit balance of $11,200
Service Revenue=debit balance of $6,960
Salaries and Wages Expenses=debit balance of $4,200
Advertising Expense=debit balance of $1,100
property Tax expense=credit balance of $800
a.) each account had a normal balance.
b.) the debit footings in Prepaid Insurance, Accounts Payable, and Property Tax Expense were each understated $1,000.
c.) a transposition error was made in Accounts Receivable and Service Revenue; the correct balances for Accounts Receivable and Service Revenue are $2,750 and $6,690, respectively.
d.) a debit posting to Adverting Expense of $300 was omitted.
e.) a $3,200 cash drawing by the owner was debited to Owner's Capital and credited to Cash
I have to prepare a corrected trial balance.
