Reference no: EM131803411
Problem - Corrected Trial Balance
The following trial balance of Oakley Co. does not balance.
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OAKLEY CO. Trial Balance JUNE 30, 2012
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Debit
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Credit
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Cash
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$2,870
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Accounts Receivable
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$3,231
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Supplies
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800
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Equipment
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3,800
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Accounts Payable
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2,666
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Unearned Service Revenue
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1,200
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Common Stock
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6,000
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Retained Earnings
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3,000
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Service Revenue
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2,380
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Salaries and Wages Expense
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3,400
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Office Expense
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940
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$13,371
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$16,916
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Each of the listed accounts should have 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 $370, and Accounts Receivable was credited for the same amount. The actual collection was for $730.
2. The purchase of a computer printer on account for $500 was recorded as a debit to Supplies for $500 and a 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 credited for $89.
4. A payment of S65 for telephone charges was recorded as a debit to Office Expense for $65 and a debit to Cash for $65.
5. When the Unearned Service Revenue account was reviewed, it was found that $225 of the balance was earned prior to June 30.
6. A debit posting to Salaries and 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 Salaries and Wages Expense for $575 and credited to Cash for $575.
Instructions - Prepare a correct trial balance. (Note: It may be necessary to add one or more accounts to the trial balance.)
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