Answered step by step
Verified Expert Solution
Question
1 Approved Answer
The following trial balance of Vaughn Traveler Corporation does not balance. Vaughn Traveler Corporation Trial Balance April 30, 2020 Debit Credit Cash $6112 Accounts Receivable
The following trial balance of Vaughn Traveler Corporation does not balance. Vaughn Traveler Corporation Trial Balance April 30, 2020 Debit Credit Cash $6112 Accounts Receivable 5340 Supplies 3067 Equipment 6200 Accounts Payable $7144 Common Stock 8100 Retained Earnings 2100 Service Revenue 5300 Office Expense 4420 $25139 $22644 An examination of the ledger shows these errors. 1. Cash received from a customer on account was recorded (both debit and credit) as $1680 Instead of $1950. 2. The purchase on account of a computer costing $3203 was recorded as a debit to Office Expense and a credit to Accounts Payable. 3. Services were performed on account for a client, $2350, for which Accounts Receivable was debited $2350 and Service Revenue was credited $325. 4. A payment of $195 for telephone charges was entered as a debit to Office Expense and a debit to Cash 5. The Service Revenue account was totaled at $5300 instead of $5380. From this information prepare a corrected trial balance. VAUGHN TRAVELER CORPORATION Trial Balance April 30, 2020 Debit Credit Totals e Textbook and Media
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