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.
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Cash
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$26,500
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Accounts Receivable
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37,775
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Prepaid Insurance
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800
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Office Supplies
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960
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Accounts Payable
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$11,410
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Notes Payable
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6,000
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Capital Stock
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7,500
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Retained Earnings
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25,340
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Dividends
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2000
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Fees Earned
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126,500
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Wages Expense
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84,100
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Rent Expense
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5,500
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Advertising Expense
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3,900
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Automobile Expense
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275
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Miscellaneous Expense
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1,550
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Totals
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$161,360
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$178,750
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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)
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