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This trial balance of Cullumber Company does not balance. CULLUMBER COMPANY Trial Balance June 30, 2017 Debit Credit Cash $ 5,340 Accounts Receivable $ 5,440
This trial balance of Cullumber Company does not balance.
CULLUMBER COMPANY Trial Balance June 30, 2017 | ||||
Debit | Credit | |||
Cash | $ 5,340 | |||
Accounts Receivable | $ 5,440 | |||
Supplies | 2,100 | |||
Equipment | 5,250 | |||
Accounts Payable | 5,936 | |||
Unearned Service Revenue | 2,500 | |||
Common Stock | 11,250 | |||
Dividends | 800 | |||
Service Revenue | 5,730 | |||
Salaries and Wages Expense | 3,460 | |||
Utilities Expense | 980 | |||
$20,530 | $28,256 |
Each of the listed accounts has a normal balance per the general ledger. An examination of the ledger and journal reveals the following errors:
1. | Cash received from a customer on account was debited for $760, and Accounts Receivable was credited for the same amount. The actual collection was for $706. | |
2. | The purchase of a printer on account for $340 was recorded as a debit to Supplies for $340 and a credit to Accounts Payable for $340. | |
3. | Services were performed on account for a client for $900. Accounts Receivable was debited for $90 and Service Revenue was credited for $900. | |
4. | A debit posting to Salaries and Wages Expense of $770 was omitted. | |
5. | A payment on account for $206 was credited to Cash for $206 and credited to Accounts Payable for $260. | |
6. | Payment of a $600 cash dividend to Cullumber Company's stockholders was debited to Salaries and Wages Expense for $600 and credited to Cash for $600. |
Prepare the correct trial balance. (Hint: All accounts have normal balances.)
CULLUMBER COMPANY Trial Balance For the Month Ended June 30, 2017For the Year Ended June 30, 2017June 30, 2017 | ||
Debit | Credit | |
$ | $ | |
$ | $ |
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