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Prepare correct trial balance at September for Garvey Inc

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Reference no: EM132643323

The Trial Balance Of Garvey, Inc., At September 30, 2014 Does Not Balance:

Cash $ 14,400

Accounts receivable . 12,900

Inventory . 16,700

Supplies . . . . 600

Land . . . .. 58,000

Accounts payable . .                        $ 12,400

Common stock. . . .                             47,800

Sales revenue . .                                48,400

Salary expense . . . 2,200

Rent expense. . . . . 500

Utilities expense. . . 800

Total                      106,100                $ 108,600

The accounting records hold the following errors:

a. Recorded a $500 cash revenue transaction by debiting Accounts receivable. The credit entry was correct

b. Posted a $1,000 credit to Accounts Payable as $100

c. Did not record utilities expense or the related account payable in the amount of $540

d. Understated Common Stock by $200

e. Omitted Insurance Expense of $3,600 from the trial balance

Requirement

Question 1. Prepare the correct trial balance at September 30, 2014, complete with a heading. Journal entries are not required.

Reference no: EM132643323

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