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The following trial balance was prepared from the ledger accounts of Ricardo Company. When the trial balance failed to balance, the accountant reviewed the records
The following trial balance was prepared from the ledger accounts of Ricardo Company. When the trial balance failed to balance, the accountant reviewed the records and discovered the following errors: 1. The company received $570 as payment for services rendered. The credit to Service Revenue was recorded correctly, but the debit to Cash was recorded as $690. 2. A $1,000 receipt of cash that was received from a customer on accounts receivable was not recorded. 3. A $760 purchase of supplies on account was properly recorded as a debit to the Supplies account. However, the credit to Accounts Payable was not recorded. 4. Land valued at $11,500 was contributed to the business in exchange for common stock. The entry to record the transaction was recorded as a $11,500 credit to both the Land account and the Common Stock account. 5. A $600 rent payment was properly recorded as a credit to Cash. However, the Salaries Expense account was incorrectly debited for $600. Required Prepare a corrected trial balance for Ricardo Company
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