Reference no: EM132472157
The following trial balance of Coronado Co. does not balance.
CORONADO CO.
TRIAL BALANCE
JUNE 30, 2020
Debit Credit
Cash $3,147
Accounts Receivable $2,964
Supplies 1,077
Equipment 4,077
Accounts Payable 2,943
Unearned Service Revenue 1,477
Common Stock 6,277
Retained Earnings 3,277
Service Revenue 2,657
Salaries and Wages Expense 3,677
Office Expense 1,217
Totals $14,489
$18,301
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.
Point 1: Cash received from a customer on account was debited for $570, and Accounts Receivable was credited for the same amount. The actual collection was for $750.
Point 2: The purchase of a computer printer on account for $777 was recorded as a debit to Supplies for $777 and a credit to Accounts Payable for $777.
Point 3: Services were performed on account for a client for $890. Accounts Receivable was debited for $890 and Service Revenue was credited for $89.
Point 4: A payment of $70 for telephone charges was recorded as a debit to Office Expense for $70 and a debit to Cash for $70
Point 5: When the Unearned Service Revenue account was reviewed, it was found that service revenue amounting to $602 was performed prior to June 30 (related to Unearned Service Revenue).
Point 6: A debit posting to Salaries and Wages Expense of $947 was omitted.
Point 7: A payment on account for $206 was credited to Cash for $206 and credited to Accounts Payable for $260.
Point 8: A dividend of $852 was debited to Salaries and Wages Expense for $852 and credited to Cash for $852.
Question 1: Prepare a correct trial balance.