Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 10 Sep 2017 My Price 9.00

Building Blocks Child Care

Correcting errors in a trial balance

 

 

The trial balance of Building Blocks Child Care does not balance.

 

 

 

 

 

BUILDING BLOCKS CHILD CARE

 

 

Trial Balance

 

 

31-May-12

 

 

Account

 

 

Debit

 

 

Credit

 

 

Cash

 

 

$ 6,300

 

 

  

Accounts receivable

 

 

3,000

 

 

  

Supplies

 

 

700

 

 

  

Equipment

 

 

88,000

 

 

  

Accounts payable

 

 

  

57,000

 

 

Estella, capital

 

 

  

50,400

 

 

Estella, drawing

 

 

2,600

 

 

  

Service revenue

 

 

  

4,700

 

 

Salary expense

 

 

3,200

 

 

  

Rent expense

 

 

700

 

 

  

Total

 

 

$104,500

 

 

$112,100

 

 

 

 

 

The following errors are detected:

 

 

a. Cash is understated by $4,000.

 

 

b. A $2,000 debit to Accounts receivable was posted as a credit.

 

 

c. A $1,200 purchase of supplies on account was neither journalized nor posted.

 

 

d. Equipment"s cost is $87,700, not $88,000.

 

 

e. Salary expense is overstated by $100.

 

 

 

 

 

Requirement

 

 

1. Prepare the corrected trial balance at May 31, 2012. Journal entries are not required.

Answers

Maurice Tutor
(5)
Status NEW Posted 10 Sep 2017 05:09 PM My Price 9.00

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