Reference no: EM13532931
This trial balance of Michels Co. does not balance.
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MICHELS CO.
Trial Balance
June 30, 2012
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Debit
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Credit
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Cash
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$3,090
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Accounts Receivable
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3,190
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Supplies
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800
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Equipment
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3,000
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Accounts Payable
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$3,686
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Unearned Service Revenue
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1200
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Common Stock
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9,000
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Dividends
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800
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Service Revenue
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3480
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Salaries and Wages Expense
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3,600
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Utilities Expense
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910
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$13,500
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$19,256
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Each of the listed accounts has a normal balance per the general ledger. An examination of the ledger and journal reveals the following errors:
1. Cash received from a customer on account was debited for $780, and Accounts Receivable was credited for the same amount. The actual collection was for $870.
2. The purchase of a printer on account for $340 was recorded as a debit to Supplies for $340 and a credit to Accounts Payable for $340.
3. Services were performed on account for a client for $900. Accounts Receivable was debited for $90 and Service Revenue was credited for $900.
4. A debit posting to Salaries and Wages Expense of $700 was omitted.
5. A payment on account for $206 was credited to Cash for $206 and credited to Accounts Payable for $260.
6. Payment of a $600 cash dividend to Michels" stockholders was debited to Salaries and Wages Expense for $600 and credited to Cash for $600.
Instructions
Prepare the correct trial balance. (Hint:All accounts have normal balances.)
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