Answered step by step
Verified Expert Solution
Question
...
1 Approved Answer
The following trial balance of Splish Co.does not balance. SPLISH CO. TRIAL BALANCE JUNE 30, 2020 Debit Credit Cash $3,339 Accounts Receivable $2.782 Supplies 1,269
The following trial balance of Splish Co.does not balance. SPLISH CO. TRIAL BALANCE JUNE 30, 2020 Debit Credit Cash $3,339 Accounts Receivable $2.782 Supplies 1,269 Equipment 4,269 Accounts Payable 3,135 Unearned Service Revenue 1,669 Common Stock 6,469 Retained Earnings 3,469 Service Revenue 2,849 Salaries and Wages Expense 3,869 Office Expense 1,409 Totals $15,267 $19,261 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. 2. 3. 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. The purchase of a computer printer on account for $969 was recorded as a debit to Supplies for $969 and a credit to Accounts Payable for $969. Services were performed on account for a client for $890. Accounts Receivable was debited for $890 and Service Revenue was credited for $89. A payment of $75 for telephone charges was recorded as a debit to Office Expense for 575 and a debit to Cash for $75. When the Unearned Service Revenue account was reviewed, it was found that service revenue amounting to $794 was performed prior to June 30 (related to Unearned Service Revenue). 4. 5. 6. 7 A debit posting to Salaries and Wages Expense of $1,139 was omitted. A payment on account for $206 was credited to Cash for $206 and credited to Accounts Payable for $260. A dividend of $1.044 was debited to Salaries and Wages Expense for $1,044 and credited to Cash for $1,04 8. Prepare a correct trial balance SPLISH CO. Trial Balance Debit Credit $ Totals
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started