Question
Corrected Trial Balance The Colby Group has the following unadjusted trial balance as of August 31, 2019. The Colby Group Unadjusted Trial Balance August 31,
Corrected Trial Balance
The Colby Group has the following unadjusted trial balance as of August 31, 2019.
The Colby Group Unadjusted Trial Balance August 31, 2019 | ||||
Debit Balances | Credit Balances | |||
Cash | 18,680 | |||
Accounts Receivable | 33,440 | |||
Supplies | 4,390 | |||
Prepaid Insurance | 4,730 | |||
Equipment | 106,000 | |||
Notes Payable | 44,100 | |||
Accounts Payable | 9,490 | |||
Terry Colby, Capital | 68,180 | |||
Terry Colby, Drawing | 23,200 | |||
Fees Earned | 350,100 | |||
Wages Expense | 206,686 | |||
Rent Expense | 40,900 | |||
Advertising Expense | 17,200 | |||
Miscellaneous Expense | 11,200 | |||
466,426 | 471,870 |
The debit and credit totals are not equal as a result of the following errors:
The balance of cash was overstated by $10,000.
A cash receipt of $6,100 was posted as a debit to Cash of $1,600.
A debit of $3,400 to Accounts Receivable was not posted.
A return of $528 of defective supplies was erroneously posted as a $582 credit to Supplies.
An insurance policy acquired at a cost of $700 was posted as a credit to Prepaid Insurance.
The balance of Notes Payable was overstated by $9,000.
A credit of $1,420 in Accounts Payable was overlooked when determining the balance of the account.
A debit of $2,500 for a withdrawal by the owner was posted as a debit to Terry Colby, Capital.
The balance of $12,700 in Advertising Expense was entered as $17,200 in the trial balance.
Gas, Electricity, and Water Expense, with a balance of $3,010, was omitted from the trial balance.
Required:
1. Prepare a corrected unadjusted trial balance as of August 31, 2019. For those boxes in which no entry is required, leave the box blank.
The Colby Group | ||
Unadjusted Trial Balance | ||
August 31, 2019 | ||
Debit Balances | Credit Balances |
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