(L. OBJ. 2, 5) Correcting errors in a trial balance [15—25 min]
The trial balance of URNO 1 Child Care does not balance.
The following errors are detected:
a. Cash is understated by $5,000.
b. A $3,000 debit to Accounts receivable was posted as a credit
c. A $1,000 purchase of supplies on account was neither journalized nor posted.
d. Equipment’s cost is $78,200 not $89,000.
e. Salary expense is overstated by $400.
Requirement
1. Prepare the corrected trial balance at March 31, 2012. Journal entries are not required.
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