[tally357]

MY TRIAL BALANCE HAS AN ERROR ON IT its not... AND I DON'T KNOW HOW TO CORRECT IT... I NEED SOME HELP PLEASE...
R.T. Transit Ltd is the name of the company

Cash (dr) 87,635
A/R (dr) 2,150
Prepaid (dr) 5,680
Supplies (dr) 5,525
Office Equip (dr) 25,510
Accum Depre office equip(cr) 7650
Accounts Payable (cr) 15120
J Royce,Capital (cr) 90,630
J Royce, withdrawals (dr) 17,000
Commissions Revenue (cr) 77,900
Wages Expense (dr) 32,000
Advertising Expense (dr) 4,800




Adjustments

R.T. Transit Ltd. Paid 2,000 cash on their bill
Depreciation on the office equipment was 10%for the year under review
Actual Supplies @ the end of the period was $4,790
R.T. Transit Ltd. Paid $ 5,000 our bill to Esso Bahamas Ltd for gas
Insurance usage of $3,445 was not booked


Please help me I need it

[rehmanvohra]

The trial balance has an excess credit of $11,000. Debits are 180,300 and credits are 191,300.

There can be many reasons for the difference:
1. Partial omission where one side (debit or credit) has not been posted.
2. Double posting where the same amount has been either debited or credited twice instead of one debit and one credit.
3. Casting or footing error in one or more accounts.
4. Transposition error where the digits of a figure has been changed such as 312 posted as 321.
5. Slide error such as posting of 1234.00 has been posted as 123.40.

You need to recheck the trial balance for its correctness.

About the listed adjustments, it is stated
1. R.T. Transit Ltd. Paid 2,000 cash on their bill
It is not clear as to what "bill"? There can be two reasons for this, either the amount has been paid and not recorded the payment of bill e.g. accounts payable then reduce accounts payable by 2,000 OR the entire transaction has not been recorded in which case there will be no effect on the trial balance.

2. Depreciation on the office equipment was 10%for the year under review.

If the depreciation is not recorded, just record it and no effect on trial balance

3. Actual Supplies @ the end of the period was $4,790

Debit supplies expense and credit supplies.

4. R.T. Transit Ltd. Paid $ 5,000 our bill to Esso Bahamas Ltd for gas.

Similar to adjustment # 1.

5. Insurance usage of $3,445 was not booked

Record it and there will be no effect on trial balance