accounting

Case-3 The following trial balance was prepared from the ledger accounts of Arabella, Inc. When the trial balance failed to balance, the accountant reviewed the records and discovered the following errors: a. The company received OMR 470 as payment for services rendered. The credit to Service Revenue was recorded correctly, but the debit to Cash was recorded as OMR 740. b. An OMR 430 receipt of cash that was received as a payment on accounts receivable was not recorded. c. An OMR 450 purchase of supplies on account was properly recorded as a debit to the Supplies account. However, the credit to Accounts Payable was not recorded. d. Equipment valued at OMR 10,000 was contributed to the business in exchange for common stock. The entry to record the transaction was recorded as a OMR 10,000 credit to both the Equipment account and the Common Stock account. e. An OMR 200 rent payment was properly recorded as a credit to Cash. However, the Salaries Expense account was incorrectly debited for OMR 200. Arabella Inc. Unadjusted Trial Balance April 30, 2020 Accounts Debit (OMR) Credit (OMR) kcash 7.150 Accounts Receivable 40.000 Supplies 2.400 Prepaid Insurance 3.200 Office Equipment 56,800 Notes Payable 32.000 Accounts Payable 8.950 Common Stock 96,000 Retained Earnings 56,720 Dividends 6.000 Service Revenues 40,000 7200 Rent Expense Operating Expense Salaries Expense Totals 65.240 26,400 214.390 233,670 Accounts Paya Common Stock Retained Earnings Dividends 6.000 Service Revenues 40.000 Rent 7.200 65.00 Operating Expense 26,400 Salaries Expense Total 214,390 233,670 Question No.4 Required: Prepare a corrected trial balance. (10 marks) TRIAL BALANCE Particulars Debit Credit