[jabloch21]

This trial balance of Titus Co. does not balance.


TITUS COMPANY
Trial Balance
June 30, 2010

Cash 4264 (Cr)
Accounts Receivable 4634 (Dr)
Supplies 1699 (Dr)
Equipment 4174 (Dr)
Accounts Payable 4840 (Cr)
Unearned Revenue 2099 (Dr)
Common Stock 10174 (Cr)
Dividends 800 (Dr)
Service Revenue 4654 (Cr)
Salaries Expense 3546 (Dr)
Office Expense 910 (Dr)


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 $590, and Accounts Receivable was credited for the same amount. The actual collection was for $990.
2. The purchase of a typewriter on account for $433 was recorded as a debit to Supplies for $433 and a credit to Accounts Payable for $433.
3. Services were performed on account for a client for $800. Accounts Receivable was debited for $80 and Service Revenue was credited for $800.
4. A debit posting to Salaries Expense of $554 was omitted.
5. A payment on account for $206 was credited to Cash for $206 and credited to Accounts Payable for $260.
6. Payment of a $635 cash dividend to Titus's stockholders was debited to Salaries Expense for $635 and credited to Cash for $635.

I did this and it didn't balance after working through each problem. The only values that I don't understand how to get are Cash, Accounts Receivable, Accounts Payable. Number 5 is the one I'm pretty sure that messed me up. I would greatly appreciate any help.

[Just Looking]

I worked through it and got it to balance. Did you catch the part where it says: "Each of the listed accounts has a normal balance per the general ledger." You won't get it to balance merely by correcting 1-6. Take a look at that, and if you still are not in balance tell me the numbers you came up with and I'll check it for you. As for #5, credits were made to both Cash and A/P. One should be a debit. Do you know how to correct that? If you aren't sure, tell me what you did and I'll let you know if you did it the right way. (If you know how to use T-accounts, they are a quick way to make sense of correcting entries when you aren't sure.) They don't seem to tell you if $206 or $260 is correct, so I just corrected one of the numbers to equal the other, and assumed the cash amount to be the correct number.