Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The trial balance of Syed Moiz Co, shown below does not balance. SYED MOIZ CO. Trial Balance June 30, 2019 Debit Credit Cash $6,340

image text in transcribed

The trial balance of Syed Moiz Co, shown below does not balance. SYED MOIZ CO. Trial Balance June 30, 2019 Debit Credit Cash $6,340 Accounts Receivable $2,731 Supplies 1,200 Equipment 2,600 Accounts Payable 4,720 Accumulated of dep 200 Unearned Revenue 2,100 S. Moiz, Capital 8,300 S. Moiz, Drawing 1,800 Good Will 5,000 Mortgage notes payable (3000$ within one year) 7,000 Service Revenue 2,781 Prepaid insurance 500 Salaries Expense 3,900 Office Expense 1,030 $22,561 $27,641 Each of the listed accounts has a normal balance per the general ledger. Ai examination of the ledger and journal reveals the following errors. 1. Cash received from a customer in payment of its account was debited for $480, and Accounts Receivable was credited for the same amount. The actual collection was for $840. 2. The purchase of a computer on account for $620 was recorded as a debit to Supplies for $620 and a credit to Accounts Payable for $620. 3. The withdrawal of $600 cash for Moiz's personal use was debited to Salaries Expense for $60 and credited to Cash for $60. Instructions a) Prepare a 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

Step: 3

blur-text-image

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

Financial Accounting in an Economic Context

Authors: Jamie Pratt

8th Edition

9781118139424, 9781118139431, 470635290, 1118139429, 1118139437, 978-0470635292

More Books

Students also viewed these Accounting questions