[sherdec23]

Prepare a correct trial balance

[JudyKayTee]

Using what figures? Or should we make them up?

[sherdec23]

Watteau Co.
Trial Balance
June 30, 2008


Debit Credit

Cash 2870
Accounts Receivable 3231
Supplies 800
Equipment 3800
Accounts Payable 2666
Unearned Service Revenue 1200
Common Stock 6000
Retained Earnings 3000
Service Revenue 2380
Wages Expense 3400
Office Expense 940

1. Cash received from acustomer on account was debited for $570, and accounts receivalble was credited for the same amount. The actual collection was for $750

2. The purchase of a computer printer on account for $500 was recorded as debit to Supplies for $500 and credit to accounts Payable for $500

3. Services were performed on account for a client for $890. Accounts Receivable was debited for $890 and Service Revenue was crdeited for $89

4. A payment for $65 for telephone charges was recorded as a debit in the office expense for $65 and debit to cash for $65

5. When the Unearned Service Revenue account was reviewd, it was found that $325 of the balance was earned prior to June 30.

6. A debit posting to Wages Expense of $670 was omitted.

7. A payment on account for $206 was credited to Cash for $206 and credited to Accounts Payable for $260

8. A dividend of $575 was debited to Wages Expense for $575 and credited to cash for $575

Prepare a correct trial balance.

[ma0641]

And this is called homework?

[sherdec23]

Do you have a contribution to the question?

[joypulv]

Volunteers don't exist here to do your entire homework problem for you.

Unfortunately too many people like to copy and paste their accounting problems in their entirety and expect us to be ready to do them for them.

If you get stuck in one spot, ask again.

[JudyKayTee]

Volunteers don't exist here to do your entire homework problem for you.

Unfortunately too many people like to copy and paste their accounting problems in their entirety and expect us to be ready to do them for them.

If you get stuck in one spot, ask again.

I doubt this person can do the homework. He/she posted the chapter and page but not the name of the book and couldn't figure out why help was not forthcoming.

[ma0641]

Have you tried anything? What are your answers?

[pready]

You have a trial balance that does not balance, so you need to figure out the corrections needed to get your balance to balance.

So the first thing you need to do is set up your trial balance. In Excel or by hand on a 2 column paper.

Now you have to analyze the errors and figure out how to go about correcting the error. For example in number one you received a check from a customer that paid his or her bill and the amount was recorded incorrectly. Acocunts receivable was credited for $570, but it should have been credited for $750. So you have to credit Accounts receivable for the difference between $750 and $570.

Now you need to do the same thing for numbers 2 through 8, then you need to get your account balances, then total your debits and total your credits. Now your trial balance should balance.

Remember Debits should equal Credits.