Reference no: EM13914575
The following trial balance was prepared from the ledger accounts of Zumba Company:
.png)
When the trial balance failed to balance, the accountant reviewed the records and discovered the following errors:
1. The company received $470 as payment for services rendered. The credit to Service Revenue was recorded correctly, but the debit to Cash was recorded as $740.
2. An $860 receipt of cash that was received from a customer on accounts receivable was not recorded.
3. A $450 purchase of supplies on account was properly recorded as a debit to the Supplies account. However, the credit to Accounts Payable was not recorded.
4. Land valued at $10,000 was contributed to the business in exchange for common stock. The entry to record the transaction was recorded as a $10,000 credit to both the Land account and the Common Stock account.
5. A $400 rent payment was properly recorded as a credit to Cash.However, the Salaries
Expense account was incorrectly debited for $400.
Required: Based on this information, prepare a corrected trial balance for Zumba Company.