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The following trial balance of Monty Co. does not balance. MONTY CO. TRIAL BALANCE JUNE 30, 2017 Debit Credit Cash $3,099 Accounts Receivable $3,460 Supplies
The following trial balance of Monty Co. does not balance.
MONTY CO. TRIAL BALANCE JUNE 30, 2017 | ||||||
Debit | Credit | |||||
Cash | $3,099 | |||||
Accounts Receivable | $3,460 | |||||
Supplies | 1,029 | |||||
Equipment | 4,029 | |||||
Accounts Payable | 2,895 | |||||
Unearned Service Revenue | 1,429 | |||||
Common Stock | 6,229 | |||||
Retained Earnings | 3,229 | |||||
Service Revenue | 2,609 | |||||
Salaries and Wages Expense | 3,629 | |||||
Office Expense | 1,169 | |||||
Totals | $14,745 | $18,061 |
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 $729 was recorded as a debit to Supplies for $729 and a credit to Accounts Payable for $729. | |
3. | Services were performed on account for a client for $890. Accounts Receivable was debited for $890 and Service Revenue was credited for $89. | |
4. | A payment of $294 for telephone charges was recorded as a debit to Office Expense for $294 and a debit to Cash for $294. | |
5. | When the Unearned Service Revenue account was reviewed, it was found that service revenue amounting to $554 was performed prior to June 30 (related to Unearned Service Revenue). | |
6. | A debit posting to Salaries and Wages Expense of $899 was omitted. | |
7. | A payment on account for $206 was credited to Cash for $206 and credited to Accounts Payable for $260. | |
8. | A dividend of $804 was debited to Salaries and Wages Expense for $804 and credited to Cash for $804. |
Prepare a correct trial balance. I need help with the question marks please.
Debit | Credit | |
Cash | ? | 0 |
Accounts Receivable | 3280 | |
Supplies | 300 | |
Equipment | 4758 | |
Accounts Payable | ? | |
Unearned Service Revenue | 875 | |
Common Stock | 6229 | |
Dividends | 804 |
|
Service Revenue | 3964 | |
Salaries & Wages Expense | ? | |
Office Expense | 1169 | |
Retained Earnings | ? | |
Totals | ? | ? |
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