Question

US Weygandt, Accounting Principles, 13 Principles of Accounting 13 (ACC 171-185- Practice Assignment Gradebook ORION Downloadable eTextbook signment CALCULATOR FULL SCREEN PRINTER VERSION BACK NEX CES 2,780 Service Revenue Salaries and Wages Expense Utilities Expense 2,748 800 $13,080 $16,655 -> art Each of the listed accounts has a normal balance per the general ledger. An examination of the ledger and journal reveals the following errors. 1. Cash received from a customer in payment of its account was debited for $740, and Accounts Receivable was credited for the same amount. The actual collection was for $470. 2. The purchase of a computer on account for $700 was recorded as a debit to Supplies for $700 and a credit to Accounts Payable for $700. 3. Services were performed on account for a dient for $800. Accounts Receivable was debited for $800, and Service Revenue was credited for $80. 4. A debit posting to Salaries and Wages Expense of $800 was omitted. 5. A payment of a balance due for $105 was credited to Cash for $105 and credited to Accounts Payable for $150, 6. The withdrawal of $548 cash for Sandhu's personal use was debited to Salaries and Wages Expense for $548 and credited to Cash fer $548 oudy Prepare a correct trial balance. (Hint: It helps to prepare the correct journal entry for the transaction described and compare it to the mistake made.) SPLISH BROTHERS CO. Trial Balance June 30, 2020

Answer 1

The Corrected Trial Balance is as follows:

Credit Debit 2,350 3,200 450 2,400 Changes made are: Adjustment 1, balance changed to debit balance Adjustment 1 Adjustment 2 Cash Accounts Receivables Supplies Equipment Accounts Payable Unearned Service Revenue Owner's capital Owner's Drawings Service Revenue Salaries and wages expenses Computer Utility Expenses 3,200 1,000 Changed to credit balance 7,800 Adjustment 6 3,500 Adjustment 3 Adjustment 4, adjustment 6 2,600 3,000 700 800 15,500 Adjustment 2 15,500