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Read the instructions very carefully. Accounts may be on the wrong side, or not belong on there at all. In addition there are 5 corrections
Read the instructions very carefully. Accounts may be on the wrong side, or not belong on there at all. In addition there are 5 corrections to be made that are given to us. I couldn't solve this problem fully, please include steps in your answer if you can. Thank you
The following trial balance of Tvanhoe ltd., at th end of its first year of operations, lune 30, 7018, dnes nat b lance : Debit Credit Cash 1,430 $2,350 910 2,930 Equipment Accounts payable Uneamed revenue 420 2500 Comrien shares 1,050 Dividends Declared 800 Service revenue 8,463 Salaries expense 3,400 970 Office expense 510 Tncome tax expense 380 14,040 13,443 Each of the listed accounts has a normal balance per the general ledger. However, each account may not have been listed in the appropriate debit or credit column, or may not belong in the trial balance at all. In addition, an examination of the general ledger and general journal reveals the following errors: 1. Cash receved from a customer on ccount was debited for $670, and Accounts Receivable was credited for the same amount. The actual collection was for $760 The purchase of equipment on account for $3.90 was recorded as a debit to 5upplies for $390 and a credit to Accounts Peyable for $390 2. 3. Services were performed on acrount for a client for $930. Accounts Receivable was dehited for $930 and Service Revenur was credited for $95. 4. A transposition (reversal of digits) error was made when copying the balance in the Salaries Expense account. The correct balance should be $4,300 A payment for rent in the amount of $1,100 was neither recorded nor posted. 5. Prepare a correct trial balanceStep by Step Solution
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