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Corrected trat balance The Lexington Group has the foliowing unadjusted trial balance as of May 31, 20y6: The debit and credt entails are not equal
Corrected trat balance The Lexington Group has the foliowing unadjusted trial balance as of May 31, 20y6: The debit and credt entails are not equal ats a result of the following errors: a. The cash entered on the trial bolanice was overtated by $7,600. b. A cash recelpt of 59,200 was posted as a debit to Cast of $2,600. C. Adebit of 516,500 to Accounts Pecelvable wss not posted. d. A rebum of $125 of defective supplis was erronecunh posted as a 51,250 credit to supplies. e. An insurance policy acquired at a cost of 53,600 was posted as a credt to Frepaid Insurance. t. The balance of Notes Payable wos understated by $9,000 9. A credit of s10,000 in hecounte Payable was overiooked when determining the balance of the occount. h. A debit of 55,000 fer dyidends was posted as a crecit to Aletained Facnings. 1. The balance of 560,300 in Rant Eapense was entered as $63,000 in the trial Baiance. 1. Gis, Eiectricity. and water fipense, with a belance of $16,350, was amitted trom the trial batance Htequlredt 1. Prepere a corrected unadjusted tral balance as of May 31, 20v6. Wst all acceurts in the erder of Asscts, Dabikies, Stockholders' equity, Revenues, and Gepenses. If an amount bok does not requirt an entry, leave it blanki The Lexington Group Unadjusted Triat natance. an amount box does not require an entry, leave it blank. An unadjunted trial balance is prepared to venfy tho equaity of debits and credits after the recording trankactions and before the adjusting ankries are made. Consider the impact that the (a)(t) errors lsted have the various trial batance acceunts. 2. Does the fact that the unadjusted trial balance in (1) is bulunced mean that there are no errors in the accounts? Some errors wal not result in a difference between debst and credit totals
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