The following trial balance for Williams Corporation does not balance. You have conducted an extensive review to

Question:

The following trial balance for Williams Corporation does not balance. You have conducted an extensive review to help Laura Williams find the nature of the problem. Below the trial balance is information about six errors you have discovered. Use the additional information to prepare a corrected trial balance.

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Error #1 All accounts have normal balances, but two amounts are in wrong columns!

Error #2 Services provided on account for \($1\),500 was debited to Accounts Payable and credited to Revenues.

Error # 3 Supplies Expense of \($104\),300 was completely omitted from the trial balance.

Error # 4 The amount recorded for Revenues was transposed. It should have been \($789\),998.

Error#5 A \($5\),000 shareholder investment was debited to Cash and credited to Dividends.

Error #6 An interest payment of \($1\),000 was debited to Loan Payable for \($100\) and credited to Cash for \($1\),000.

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Financial Accounting

ISBN: 9781456352974

1st Edition

Authors: Dr. Larry M. Walther

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