Question 1 - J. Singhal Co. The trial balance for J. Singhal Co. is shown below. It obviously does not balance. J. Singhal Co. Trial Balance June 30, 2017 Account Debit Credit Cash Account Receivable Office Supplies Building Equipment Furniture Accounts Payable Bank Loan Mortgage Payable J. Singhal, Capital $ 2,610 4,150 1,800 200,000 40,000 4,000 $ 3,910 12,000 124,900 108,950 $249,760 $252,560 In addition, the following errors were made during the month of June: A $300 payment was received from a client and recorded in the ledger as a debit to Accounts Receivable and a credit to cash. A payment was made by J. Singhal Co. on an account payable in the amount of $100. It was recorded as a debit to Accounts Payable for $10 and a credit to Cash for $10. Equipment was purchased for $500 on credit. It was recorded as a debit to Equipment for $500 and a debit to Accounts Payable for $500. The owner invested an additional $1,000 cash in the company. The transaction was recorded as a debit to Cash for $1,000 and credit to Capital for $100. A $1,200 payment on the mortgage was recorded as a $2,100 debit to Mortgage Payable and a $1,200 credit to Cash. A $100 purchase of office supplies for cash was not recorded at all. Instructions 1) For each of the errors, indicate using T-accounts: a) the account(s) affected; b) the amount of the error and; c) whether the account balance(s) are currently too high or too low. 2) Prepare a new, corrected trial balance in the template provided (see next page). Account Debit Credit