As the CFO (chief financial officer) of Rollins Engineering Company, you are looking for an office manager. Part of the job description is to maintain the company€™s accounting records. This means that the office manager must be able to journalize transactions, post them to the ledger accounts, and prepare monthly trial balances. You have just interviewed the first applicant, Jay McMahon. To test his understanding of accounting, you give Jay a list of accounts randomly ordered and with assumed balances and ask him to prepare a trial balance. Jay prepares the following.

Based on your assessment of Jay€™s understanding of accounting, would you hire him as office manager? Explain. Prepare a corrected trial balance that you can use as a basis for your discussion with Jay and future applicants. Explain how the basic accounting equation and the system of double-entry accounting provide a check on the accountingrecords.

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Trial Balance Debits Credits S 4,500 175,000 Accounts Payable. Salaries Expense Consulting Revenues.. Cash Utilities Expense . Accounts ReceivableN $269,000 82,100 12,000 44,000 11,000 30,000 Rent Expense Capital Stock Supplies Expense 77,000 33,000 15,000 .. Retained Earnings.. 24,000 6,400 34,000 S492,500 Salaries Payable. Totals