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The following preliminary unadjusted trial balance of Awesome Co., a sports ticket agency, does not balance:
Awesome Co. Unadjusted Trial Balance December 31, 2008
Debit
Credit
Balances
Cash
94,700
Accounts Receivable
44,200
Prepaid Insurance
16,000
Equipment
15,000
Accounts Payable
25,960
Unearned Rent
5,800
Sean Milner, Capital
164,840
Sean Milner, Drawing
20,000
Service Revenue
167,500
Wages Expense
84,000
Advertising Expense
14,400
Miscellaneous Expense
2,850
353,140
302,110
When the ledger and other records are reviewed, you discover the following: (1) the debits and credits in the cash account total $94,700 and $67,950, respectively; (2) a billing of $5,000 to a customer on account was not posted to the accounts receivable account; (3) a payment of $3,600 made to a creditor on account was not posted to the accounts payable account; (4) the balance of the unearned rent account is $8,500; (5) the correct balance of the equipment account is $150,000; and (6) each account has a normal balance. Prepare a corrected unadjusted trial balance.
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