Question

TRIAL BALANCE ERRORS - 21 POINTS All three of these Trial Balances have errors. On Blanc TROL BALANCE DECEMBER 31, 2012 REQUIRED: Identify the error(s) on each by circling the number that is incorrect, ommitted, or listed in the wrong column. Accounts Receivable Prepaid penses 10.00 4.000 Accounts Payable Uneamed Revenue Loan Payable Common Stock Retained Earnings REQUIRED: Enter the correct amount of total Debits and Credits in the space provided at the bottom of each trial balance. 13.000 10 000 Dividends Revenue Salaries Expanse 9.000 81,000 *Note: original transactions or T-Accounts are not needed to identify the errors!! debits Credit Credit 10.000 OH Balance in TRIAL BALANCE DECEMBER 31, 2018 Account Debit Cash Accounts Receivable 25.000 Prepaid Expenses 4,000 Vehicles 40.000 Accounts Payable Unearned Revenue Off Balance Inc TRIAL BALANCE DECEMBER 31, 2018 Account Debit Cash 10,000 Accounts Receivable Prepaid Expenses 4,000 Vehicles 40,000 Accounts Payable Unearned Revenue Loan Payable 25,000 7.000 13,000 35,000 15,000 7,000 13,000 35,000 15,000 10.000 5.000 Loan Payable Common Stock Retained Earnings Dividends Revenue Salaries Expense 9,000 1 10,000 5.000 5,000 9,000 80,000 79,000 Common Stock Retained Earnings Dividends Revenue Salaries Expense 5,000 89,000 corrected corrected debits credits 89,000 corrected debits corrected credits Page #7

Answer 1

Solution

Corrected trial balance:

Off Balance Inc
Trial Balance
Account Titles	Debit	Credit
Cash	$10,000
Accounts Receivable	$25,000
Prepaid Expenses	$4,000
Vehicles	$40,000
Accounts Payable		$7,000
Unearned Revenue		$13,000
Loan Payable		$35,000
Common Stock		$15,000
Retained Earnings		$10,000
Dividends	$5,000
Revenue		$9,000
Salaries Expense	$5,000
Totals	$89,000	$89,000