Answered step by step
Verified Expert Solution
Question
1 Approved Answer
14. The following trial balance was extracted from the general ledger of Pepito's Auto Repair for period ended September 30, 2019. 6 points Original Trial
14. The following trial balance was extracted from the general ledger of Pepito's Auto Repair for period ended September 30, 2019. 6 points Original Trial Balance Amendments Corrected Trial Balance Debit() Credit($) Cash $975 Accounts receivable 3,800 Supplies 500 Repair equipment 13,000 Office equipment 6,600 Accounts payable $4,510 Common stock 10,000 Retained earnings 13,000 Dividends 4,200 Repair fees earned 10,875 Supplies expense 8,600 Totals $37,675 $38,385 Since the trial balance did not balance, you examined the accounting records and found the following errors: a. A purchase of supplies on account for $245 was posted as a debit to Supplies and a debit to Accounts Payable. b. An investment of $500 cash by the owner was debited to Common Stock and credited to Cash. c. In computing the balance of the Accounts Receivable account, a debit of $600 was omitted from the computation. d. A debit of $300 to the Dividends account was posted as a credit. e Office equipment purchased for $800 was posted to the Repair Equipment account. f. An entire transaction was not posted to the general ledger. The transaction involved the receipt of $125 cash at the time repair services were performed. Required: Prepare a corrected trial balance for Pepito's Auto Repair as of September 30, 2019, using the above table
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started