Question
Hi Guys could someone please help with this questions below. I have also attached the template The following trial balance does not balance. Make the
Hi Guys could someone please help with this questions below. I have also attached the template
The following trial balance does not balance.
Make the necessary adjustments to correctly balance the trial balance and by placing the account balances in the correct debit/credit column.
The following corrections and or adjustments need to be made for errors in the trial balance:
A number of account balances have been placed on the wrong side of the trial balance
An amount of $7,000 was omitted to be posted to the credit side of the Bank account
An amount of $6,000 was wrongly posted to the credit side instead of the debit side of the Inventory account
Trial Balance Debit Credit Bank loan 180,000 Office Equipment 16,000 Premises 280,000 Accounts Receivable 15,500 Accounts Payable 9,500 Bank 35,600 Insurance 2,500 Wages 65,500 Sales 120,000 Cost of goods sold 35,000 Bad debts expense 3,000 Rent expense 52,000 Inventory 24,000 Capital 224,600 495,200 568,000 Add header Task 2: Balance a trial balance and correct errors Trial Balance Record the correct amounts here Account Name Debit Credit Debit Credit Bank loan 180,000 Office Equipment 16,000 Premises 280,000 Accounts Receivable 15,500 Accounts Payable 9,500 Bank 35,600 Insurance 2,500 65,500 Wages Sales 120,000 Cost of goods sold 35,000 Bad debts expense 3,000 Rent expense 52,000 24,000 Inventory Capital 224,600 495,200 568,000
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