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The Colby Group Unadjusted Trial Balance August 31, 2019 Debit Balances Credit Balances Cash 18,920 Accounts Receivable Supplies 33,870 4,450 Prepaid Insurance 4,790 Equipment 107,000
The Colby Group Unadjusted Trial Balance August 31, 2019 Debit Balances Credit Balances Cash 18,920 Accounts Receivable Supplies 33,870 4,450 Prepaid Insurance 4,790 Equipment 107,000 Notes Payable 44,700 Accounts Payable 9,610 Terry Colby, Capital 69,060 Terry Colby, Drawing 23,500 Fees Earned 354,600 Wages Expense 211,085 Rent Expense 41,400 Advertising Expense 13,100 Miscellaneous Expense 11,400 469,515 477,970 ELLEN The debit and credit totals are not equal as a result of the following errors: a. The balance of cash was overstated by $10,000. b. A cash receipt of $8,300 was posted as a debit to Cash of $3,800. c. A debit of $3,500 to Accounts Receivable was not posted. d. A return of $649 of defective supplies was erroneously posted as a $694 credit to Supplies. e. An insurance policy acquired at a cost of $800 was posted as a credit to Prepaid Insurance. f. The balance of Notes Payable was overstated by $9,000. g. A credit of $1,440 in Accounts Payable was overlooked when determining the balance of the account. h. A debit of $2,500 for a withdrawal by the owner was posted as a debit to Terry Colby, Capital. 1. The balance of $11,300 in Advertising Expense was entered as $13,100 in the trial balance. J. Gas, Electricity, and Water Expense, with a balance of $3,050, was omitted from the trial balance. Required: 1. Prepare a corrected unadjusted trial balance as of August 31, 2019. For those boxes in which no entry is required, leave the box blank. The Colby Group Unadjusted Trial Balance August 31, 2019 Debit Credit Balances Balances Cash Unadjusted August 31, 2019 Accounts Receivable Supplies Prepaid Insurance Equipment Notes Payable Accounts Payable Terry Colby, Capital Terry Colby, Drawing Fees Earned Wages Expense Rent Expense Advertising Expense Gas, Electricity, and Water Expense Miscellaneous Expense Debit Balances Credit Balances X
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