Question

The trial balance of Bailey, Inc., at September 30, 2014 does not balance: (Click the icon to view the trial balance.) The accounting records hold the following errors: a. Recorded a $300 cash revenue transaction by debiting Accounts Receivable. The credit entry was correct. b. Posted a $3,000 credit to Accounts Payable as $300 c. Did not record utilities expense or the related account payable in the amount of $450. d. Understated Common Stock by $400. e. Omitted Insurance Expense of $3,300 from the trial balance Requirement 1. Prepare the correct trial balance at September 30, 2014, complete with a heading. Journal entries are not required. A correct trial balance will start with the appropriate header. Then enter the correct account balances after you adjust for the errors found in the investigation. Total the debits and credits

Answer 1

Ans- Rectification

Account	Increase	Decrease
Cash	$300
Accounts Receivable		$300
Accounts Payable	$2,700
Expense Payable	$450
Common Stock	$400
Insurance Expense	$3,300
Utilities Expense	$450

As the account balances are not given so i have rectified the errors only. Complete trial balance cannot be done without account balances.You can find the correct trial balance after increase and decrease the following accounts.