Prepare a corrected trial balance

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Reference no: EM13538798

The debit and credit totals of the following trial balance are unequal as a result of the following errors. Prepare a corrected trial balance as of June 30 of the current year.

Cash

$26,500


Accounts Receivable

37,775


Prepaid Insurance

800


Office Supplies

960


Accounts Payable


$11,410

Notes Payable


6,000

Capital Stock


7,500

Retained Earnings


25,340

Dividends


2000

Fees Earned


126,500

Wages Expense

84,100


Rent Expense

5,500


Advertising Expense

3,900


Automobile Expense

275


Miscellaneous Expense

1,550


Totals

$161,360

$178,750

Errors noted:

a) The balance of cash was understated by $750. (Cash +750)

b) A cash receipt of $2,100 was posted as a debit to Cash of $1,200. (Cash +900) c)

c) A debit of $3,000 for a cash dividend was posted as a credit to Retained Earnings. (Dividends +3,000; RE -3,000)

d) The balance of $2,750 in Automobile Expense was entered in the trial balance as $275. (Auto Exp. = 2,750)

e) A debit of $975 to Accounts Receivable was not posted. (A/R +975)

f) A return of $125 of defective supplies was erroneously posted as a $215 credit to Supplies. (Supplies +90)

g) An insurance policy acquired at a cost of $150 was posted as a credit to Prepaid Insurance. (Prepaid Ins. +300)

h) A debit of $900 in Accounts Payable was overlooked when determining the balance of the account. (A/P -900)

i) The balance of Notes Payable was overstated by $5,000. (Notes Payable -5,000)

j) The balance of cash was understated by $750. (Cash +750)

k) A cash receipt of $2,100 was posted as a debit to Cash of $1,200. (Cash +900)

Reference no: EM13538798

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