Prepare a correct trial balance

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Reference no: EM131340806

Consider the following trial balance (amounts in euro):

Beppe & Brothers Auto Parts Store - trial balance as at 31 March 2005

	Debit	Credit
Cash and cash equivalents	32,000
Trade and other receivables	28,000
Inventory	258,000
Prepaid rent		8,000
Prepaid insurance	2,000
PPE	66,000
Accumulated depreciation	30,000
Trade and other payables	84,000
Short-term borrowings	80,000
Issued capital		24,000
Retained earnings		20,000
Sales		1,576,000
Cost of sales	1,000,000
Wages	200,000
Other operating expenses	160,000
Administrative expenses		60,000
TOTAL	1,940,000	1,688,000

(a) List and describe all the errors made in the trial balance of Beppe & Brothers Auto Parts Store.

(b) Prepare a correct trial balance.

Reference no: EM131340806

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