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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