Ask Experts Questions for FREE Help !
Ask
    randirose's Avatar
    randirose Posts: 1, Reputation: 1
    New Member
     
    #1

    Sep 19, 2012, 10:54 AM
    corrected trial balance
    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.
    paraclete's Avatar
    paraclete Posts: 2,706, Reputation: 173
    Ultra Member
     
    #2

    Sep 19, 2012, 03:55 PM
    Then prepare a worksheet, make the adjustments and extract a new trail balance

Not your question? Ask your question View similar questions

 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Corrected trial balance [ 6 Answers ]

I am working on a corrected trial balance for school and am having trouble getting it to work out. Here is the set up and what I have for starting balances: Cash - Cr 2870 Accounts Receivable - Dr 3231 Supplies - Dr 800 Equipment - Dr 3800 Accounts Payable - Cr 2666 Unearned Service...

Prepare a corrected trial balance [ 1 Answers ]

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.

2.(Corrected Trial Balance) The trial balance of Wanda Landowska Company (shown on th [ 0 Answers ]

2.(Corrected Trial Balance) The trial balance of Wanda Landowska Company (shown on the next page) does not balance. The review of the ledger reveals the following: (a) Each account had a normal balance. (b) The debit footings in Prepaid Insurance, Accounts Payable, and Property Tax Expense were...

Trial Balance Worksheet, Adjustments & Adjusted Trial Balance [ 4 Answers ]

I'm trying to do a Trial Balance worksheet and this is what I have to do, I believe these go in the adjustments section. a. Unexpired insurance balance at December 31, 2008: $2,500 b. Supplies on hand at December 31, 2008: $500 c. Depreciation on building for the...

Prepare a corrected trial balance in good form. [ 2 Answers ]

Maryville Online Company Trial Balance March 31, 200x Salaries Expense 600 Rent Expense 200 Accounts Receivable 600 Equipment 2,000 K. Jacobson, Capital 2,300 K. Jacobson, Withdrawals 100


View more questions Search