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Category > Business & Finance Posted 18 May 2017 My Price 7.00

The trial balance of Haigood

The trial balance of Haigood, Inc., at September 30, 20X3, does not balance:

Cash

$ 4,200

  

Accounts receivable

13,000

  

Inventory

17,000

  

Supplies

600

  

Land

55,000

  

Accounts payable

  

$12,000

Common stock

  

47,900

Service revenue

  

32,100

Salary expense

1,700

  

Rent expense

800

  

Utilities expense

700

  

Total

$93,000

$92,000

The accounting records hold the following errors:

a. Recorded a $1,000 cash revenue transaction by debiting Accounts Receivable. The credit entry was correct.

b. Posted a $1,000 credit to Accounts Payable as $100.

c. Did not record utilities expense or the related account payable in the amount of $200.

d. Understated Common Stock by $1,100.

e. Omitted Insurance Expense of $1,000, from the trial balance.

Required

Prepare the correct trial balance at September 30, 20X3, complete with a heading. Journal entries are not required

Answers

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Status NEW Posted 18 May 2017 04:05 AM My Price 7.00

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