The trial balance of geronimo company does not balance your

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Reference no: EM13604347

The trial balance of Geronimo Company does not balance. Your review of the ledger reveals the following: (a) Each account had a normal balance. (b) The debit footings in Prepaid Insurance, Accounts Payable, and Property Tax Expense were each understated $1,000. (c) A transposition error was made in Accounts Receivable and Service Revenue; the correct balances for Accounts Receivable and Service Revenue are $2,750 and $6,690, respectively. (d) A debit posting to Advertising Expense of $300 was omitted. (e) A $3,200 cash drawing by the owner was debited to Geronimo, Capital, and credited to Cash.

GERONIMO COMPANY Trial Balance April 30, 2010

Debit Credit
Cash $2,100
Accounts Receivable 2,570
Prepaid Insurance 700
Equipment $8,000
Accounts Payable 4,500
Property Tax Payable 560
Geronimo, Capital 11,200
Service Revenue 6,960
Salaries Expense 4,200
Advertising Expense 1,100
Property Tax Expense 800
__________ __________
$18,190 $24,500

Prepare a correct trial balance

Reference no: EM13604347

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