Question

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Kaitlin Cavallo & I 01/29/20 1:54 PM enu Save Spring 2020 Section 902 (1) Homework: Chapter 2 part B homework work Score: 0 of 1 pt | 8 of 9 (2 complete) » wia/Te: E2-27 (similar to) HW Score: 22.22%, 2 of 9 pts E Question Help The following trial balance of Jane Maccoll Tutoring Service as of May 31, 2018, does not balance BE! (Click the icon to view the trial balance) Investigation of the accounting records reveals that the bookkeeper: (Click the icon to view the investigation results.) Prepare the corrected trial balance as of May 31, 2018, complete with a heading: journal entries are not required Choose from any drop-down list and then click Check Answer part remaining Check Answer

Answer 1

Solution:

Jane Maccoll Tutoring Service
Trail Balance
31-May-18
	Balance
Account title	Debit	Credit
Cash	$          3,600	$                    -
Accounts Receivable	$          1,500	$                    -
Office supplies	$              600	$                    -
Computer Equipment	$        16,100	$                    -
Accounts Payable	$                 -	$           13,000
Utilities Payable	$                 -	$                 600
Common stock	$                 -	$           11,900
Dividends	$          9,800	$                    -
Service Revenue	$                 -	$             9,600
Salaries Expense	$          1,800	$                    -
Rent Expense	$              700	$                    -
Utilities Expense	$          1,000	$                    -
Total	$        35,100	$           35,100

Notes:

1) Cash revenue was recorded as debit to accounts receivables. So, We have increase cash and decrease account receivables by $ 600.

2) Accounts Payable is under stated of Amount $ 1800 ( $2000 - $200 ). So, We have increase account payable by $1,800.

3) Utility Expense (Debit) and Utility payable(Credit) are not recorded. So, add to them with $ 500 each.

4) Common Stock is understated by $ 300. So, Add back $300 to common stock.