Link Back to Chapter 1 (Income Statement, Statement of Retained Earnings, Balance Sheet)....

Link Back to Chapter 1 (Income Statement, Statement of Retained Earnings, Balance Sheet). Correcting errors in a trial balance [15?25 min]

The trial balance for Treasure Hunt Exploration Company, Inc. does not balance

The following errors were detected

a. The cash balance is overstated by $5,000.

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b. Rent expense of $340 was erroneously posted as a credit rather than a debit.

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c. A $6,800 credit to Service revenue was not posted.

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d. A $400 debit to Accounts receivable was posted as $40.

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e. The balance of Utilities expense is understated by $70.

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f. A $900 purchase of supplies on account was neither journalized nor posted.

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g. Exploration equipment should be $16,490.

Requirement

1. Prepare the corrected trial balance at February 29, 2012. Journal entries are not required.