Question
Prepare a corrected trail balance: The following trial balance ofCoronadoCo. does not balance. CORONADOCO. TRIAL BALANCE JUNE 30, 2020 Debit Credit Cash . $3,147 Accounts
Prepare a corrected trail balance:
The following trial balance ofCoronadoCo. does not balance.
CORONADOCO.
TRIAL BALANCE
JUNE 30, 2020
Debit Credit
Cash . $3,147
Accounts Receivable $2,964
Supplies 1,077
Equipment 4,077
Accounts Payable 2,943
Unearned Service Revenue 1,477
Common Stock 6,277
Retained Earnings 3,277
Service Revenue 2,657
Salaries and Wages Expense 3,677
Office Expense 1,217
Totals $14,489 $18,301
Each of the listed accounts should have a normal balance per the general ledger. An examination of the ledger and journal reveals the following errors.
1.Cash received from a customer on account was debited for $570, and Accounts Receivable was credited for the same amount. The actual collection was for $750.
2.The purchase of a computer printer on account for $777was recorded as a debit to Supplies for $777and a credit to Accounts Payable for $777.
3.Services were performed on account for a client for $890. Accounts Receivable was debited for $890and Service Revenue was credited for $89.
4.A payment of $70for telephone charges was recorded as a debit to Office Expense for $70and a debit to Cash for $70.
5.When the Unearned Service Revenue account was reviewed, it was found that service revenue amounting to $602was performed prior to June 30 (related to Unearned Service Revenue).
6.A debit posting to Salaries and Wages Expense of $947was omitted.
7.A payment on account for $206was credited to Cash for $206and credited to Accounts Payable for $260.
8.A dividend of $852was debited to Salaries and Wages Expense for $852and credited to Cash for $852.
Prepare a correct trial balance.
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