Answered step by step
Verified Expert Solution
Link Copied!

Question

00
1 Approved Answer

Debit The trial balance of Syed Moiz Co. shown below does not balance, SYED MOIZ CO. Trial Balance June 30, 2019 Credit Cash $6,340 Accounts

image text in transcribed

Debit The trial balance of Syed Moiz Co. shown below does not balance, SYED MOIZ CO. Trial Balance June 30, 2019 Credit Cash $6,340 Accounts Receivable $ 2,731 Supplies 1,200 Equipment 2,600 Accounts Payable 4,720 Accumulated of dep 200 Unearned Revenue 2,100 S. Moiz, Capital 8,300 S. Moiz, Drawing 1.800 Good Will 5,000 Mortgage notes payable (3000$ within one year) 7,000 Service Revenue 2,781 Prepaid insurance 500 Salaries Expense 3,900 Office Expense 1,030 $22,561 $27.641 Each of the listed accounts has a normal balance per the general ledger. An examination of the ledger and journal reveals the following errors. 1. Cash received from a customer in payment of its account was debited for $480, and Accounts Receivable was credited for the same amount. The actual collection was for $840. 2. The purchase of a computer on account for $620 was recorded as a debit to Supplies for $620 and a credit to Accounts Payable for $620 3. The withdrawal of $600 cash for Molz's personal use was debited to Salaries Expense for $60 and credited to Cash for $60. Instructions a) Prepare a correct trial balance

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started