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 25 Sep 2017 My Price 10.00

Syed Moiz Co

The trial balance of Syed Moiz Co. shown below does not balance.

 

SYED MOIZ CO.
Trial Balance
June 30, 2010

  
 

Debit

Credit

Cash

  

$ 3,340

Accounts Receivable

$ 2,731

  

Supplies

1,200

  

Equipment

2,600

  

Accounts Payable

  

3,666

Unearned Revenue

1,100

  

S. Moiz, Capital

  

8,000

S. Moiz, Drawing

800

  

Service Revenue

  

2,480

Salaries Expense

3,200

  

Office Expense

810

  
 

$12,441

$17,486

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 in payment of its account was debited for $480, and Accounts Receivable was credited for the same amount.The actual collection was for $840.

2. The purchase of a computer on account for $620 was recorded as a debit to Supplies for $620 and a credit to Accounts Payable for $620.

3. Services were performed on account for a client for $890. Accounts Receivable was debited for $890, and Service Revenue was credited for $89.

4. A debit posting to Salaries Expense of $700 was omitted.

5. \

6. The withdrawal of $600 cash for Moiz’s personal use was debited to Salaries Expense for $600 and credited to Cash for $600.

Instructions

Prepare a correct trial balance. (Hint: It helps to prepare the correct journal entry for the transaction described and compare it to the mistake made).

Answers

Maurice Tutor
(5)
Status NEW Posted 25 Sep 2017 02:09 PM My Price 10.00

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