Problem

Correcting errors in a trial balance [15-20 min]The following trial balance of Joy McDowel...

Correcting errors in a trial balance [15-20 min]

The following trial balance of Joy McDowell Tutoring Service, Inc., at May 31, 2012, does not balance:

Investigation of the accounting records reveals that the bookkeeper:

a.	Recorded a $500 cash revenue transaction by debiting Accounts receivable. The credit entry was correct.
b.	Posted a $1,000 credit to Accounts payable as $100.
c.	Did not record utilities expense or the related account payable in the amount of $400.
d.	Understated Common stock by $600.

Requirement

1. Prepare the corrected trial balance at May 31, 2012, complete with a heading; journal entries are not required.

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Solutions For Problems in Chapter 2

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