The trial balance of St. James, Inc., at September 30, 2018, does not balance.

The accounting records hold the following errors:

a. Recorded a $400 cash revenue transaction by debiting Accounts Receivable. The credit entry was correct.

b. Posted a $4,000 credit to Accounts Payable as $400.

c. Did not record utilities expense or the related account payable in the amount of $600.

d. Understated Common Stock by $400.

e. Omitted Insurance Expense of $5,400 from the trial balance.

Requirement

1. Prepare the corrected trial balance at September 30, 2018, complete with a heading. Journal entries are not required.

Transcribed Image Text:

$ 14,400 Cash. . Accounts receivable. 13,300 17,500 Inventory.. Supplies. . 300 Land. . Accounts payable Common stock. 55,600 $11,500 47,900 46,400 Service revenue. Salary expense... Rent expense. Utilities expense 1,900 300 1,100 $104,400 Total. $105,800