Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The following trial balance of Rijo Inc., at the end of its first year of operations, June 30, 2015, does not balance: Each of the

image text in transcribed

The following trial balance of Rijo Inc., at the end of its first year of operations, June 30, 2015, does not balance: 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 journal reveals the following errors! Cash received from a customer an account was debited for $370, and Accounts Receivable was credited for the same account. The actual collection was for $730. The purchase of equipment on account for $390 was recorded as a debit to Suppliers for $390 and a credit to Accounts Payable for $390. Services were performed on account for a client for $880. Accounts Receivable was debited for $880 and Service Revenue was credited for $88. A transposition [reversal of digits] error was made when copying the balance in the Salaries Expense account. The correct balance should beta $4, 300. A payment for rent in the amount of $1, 300 was neither recorded nor posted. Prepare the correct trial balance

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Franchising An Accounting Auditing And Income Tax Guide

Authors: Ross A. McCallum

2011edition

1460906179, 978-1460906170

More Books

Students also viewed these Accounting questions

Question

=+structure and a transnational organizational structure?

Answered: 1 week ago

Question

6. Are my sources reliable?

Answered: 1 week ago

Question

5. Are my sources compelling?

Answered: 1 week ago