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How would I prepare the correct Trial balance? Can you please show work so I have a better understanding. Thank You. Exercise 3-02 The following
How would I prepare the correct Trial balance? Can you please show work so I have a better understanding. Thank You.
Exercise 3-02 The following trial balance of Oriole Company does not balance. Your review of the ledger reveals the following. (a) Each account had a normal balance. (b) The debit footings in Prepaid Insurance, Accounts Payable, and Property Tax Expense were each understated $110. (C) A transposition error was made in Accounts Receivable and Service Revenue; the correct balances for Accounts Receivable and Service Revenue are $2,960 and $6,680, respectively. (d) A debit posting to Advertising Expense of $308 was omitted. (e) A $1,590 cash drawing by the owner was debited to Owner's Capital and credited to Cash. Credit Oriole Company Trial Balance April 30, 2020 Debit Cash $4,565 Accounts Receivable 2,690 Prepaid Insurance 680 Equipment Accounts Payable Property Tax Payable 601 Owner's Capital Service Revenue 6,860 Salaries and Wages Expense 3,992 Advertising Expense 1,033 Property Tax Expense $20,421 $8,730 4,660 11,413 756 $25,559 Prepare a correct trial balanceStep by Step Solution
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