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Category > Accounting Posted 26 Sep 2017 My Price 8.00

Seats-For-You Co.

EX 2-18 Errors in trial balance

The following preliminary unadjusted trial balance of Seats-For-You Co., a sports ticket agency, does not balance:

 

Seats-For-You Co.

  
 

Unadjusted Trial Balance

  
 

March 31, 2012

  
 

Debit

Credit
 

Balances

Balances

Cash

98,000

  

Accounts Receivable

17,800

  

Prepaid Insurance

  

9,000

Equipment

7,500

  

Accounts Payable

  

16,500

Unearned Rent

  

11,600

Gina Ness, Capital

81,700

  

Gina Ness, Drawing

13,000

  

Service Revenue

  

125,000

Wages Expense

  

60,000

Advertising Expense

11,300

  

Miscellaneous Expense

  

15,400
 

229,300

237,500

When the ledger and other records are reviewed, you discover the following: (1) the debits and credits in the cash account total $98,000 and $82,500, respectively; (2) a billing of $8,000 to a customer on account was not posted to the accounts receivable account; (3) a payment of $3,600 made to a creditor on account was not posted to the accounts payable account; (4) the balance of the unearned rent account is $5,400; (5) the correct balance of the equipment account is $75,000; and (6) each account has a normal balance.

Prepare a corrected unadjusted trial balance.

Answers

Maurice Tutor
(5)
Status NEW Posted 26 Sep 2017 02:09 PM My Price 8.00

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