Question

The following trial balance of Sheffield Co. does not balance. SHEFFIELD CO. TRIAL BALANCE JUNE 30, 2020 Debit Credit Cash $3,227 Accounts Receivable $2,874 Supplies 1,157 Equipment 4,157 Accounts Payable 3,023 Unearned Service Revenue 1,557 Common Stock 6,357 Retained Earnings 3,357 Service Revenue 2,737 3,757 Salaries and Wages Expense Office Expense 1,297 Totals $14,799 $18,701 Each of the listed accounts should have a normal balance per the general ledger. An examination of the ledger and Journal reveal following errors.

Answer 1

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Sheffield Co.
Work Sheet	Incorrect	Corrections	Corrected	Remarks
Account Titles	Debit $	Credit $	Debit $	Credit $	Debit $	Credit $
Cash	3,227.00		180.00	130.00	3,277.00		Cash received from customer $ 750 is recorded as $ 570. So difference of $ 180 is added now. Telephone charges of $ 65 is debited to cash. So now double amount i.e. $ 130 is credited.
Accounts Receivable	2,874.00			180.00	2,694.00		Cash received from customer $ 750 is recorded as $ 570. So difference of $ 180 is added now.
Supplies	1,157.00			857.00	300.00		Computer purchased was wrongly debited to office expense account.
Equipment	4,157.00				4,157.00
Computer Printer			857.00		857.00		Computer purchased was wrongly debited to office expense account.
Accounts Payable		3,023.00	466.00			2,557.00	Payment of $ 206 is wrongly credited as $ 260. So now $ 206 + $ 260= $ 466 is debited.
Unearned Revenue		1,557.00	682.00			875.00	Unearned revenue of $ 682 is earned now.
Common Stock		6,357.00				6,357.00
Retained Earnings		3,357.00				3,357.00
Service Revenue		2,737.00		1,483.00		4,220.00	Service provided for $ 890 but credited only $ 89 so difference of $ 801 now credited. Unearned revenue of $ 682 is earned now.
Salaries & Wages Expense	3,757.00		1,027.00	932.00	3,852.00		A debit posting of $ 1,027 was omitted, so now debited. Dividend wrongly debited as Salaries & Wages Expense now credited.
Office Expense	1,297.00				1,297.00		Computer purchased was wrongly debited to office expense account.
Dividend Expense			932.00		932.00		Dividend wrongly debited as Salaries & Wages Expense now debited.
Totals	16,469.00	17,031.00	4,144.00	3,582.00	17,366.00	17,366.00