Make the necessary adjustments to correctly balance

Assignment Help Accounting Basics

Reference no: EM132727287

Question - Preparing for the GAP - In preparing for this gap assessment, could you please consider the following comments:

Trial Balance Record the correct amounts here

Account Name Debit Credit

Bank loan 180,000

Office Equipment 16,000

Premises 280,000

Accounts Receivable 15,500

Accounts Payable 9,500

Bank 28,600

Insurance 2500

Wages 65,500

Sales 120,000

Cost of goods sold 35,000

Bad debts expense 3000

Rent expense 52000

Inventory 36,000

Capital 224,600

Total 534,100 534,100

Required - Make the necessary adjustments to correctly balance the trial balance and by placing the account balances in the correct debit/credit column. The following corrections and or adjustments need to be made for errors in the trial balance:

A number of account balances have been placed on the wrong side of the trial balance.

An amount of $7,000 was omitted to be posted to the credit side of the Bank account.

An amount of $6,000 was wrongly posted to the credit side instead of the debit side of the Inventory account.

Reference no: EM132727287

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