The following trial balance of Joy McDowell Tutoring Service as of May 31, 2015, does not balance.

Question:

JOY MCDOWELL TUTORING SERVICE Trial Balance May 31, 2015 Balance Account Title Debit Credit Cash $ 3,000 Accounts Recelvatie 2,000 orfice Suppiles 600 Computer Equipment 15,800 Accounts Payable $ 11,100 UNities Payable 300 Common Stock 11,600 spuaDINa 10,000 Servike Revenue 9,800 Salarles Expense 1,700 Rent Expenses UNitiles Experse 700 50

Investigation of the accounting records reveals that the bookkeeper:

a. Recorded a $ 500 cash revenue transaction by debiting Accounts Receivable. The credit entry was correct.

b. Posted a $ 1,000 credit to Accounts Payable as $ 100.

c. Did not record Utilities Expense or the related Utilities Payable in the amount of $ 400.

d. Understated Common Stock by $ 600.

Prepare the corrected trial balance as of May 31, 2015, complete with a heading; journal entries are not required.

Common Stock
Common stock is an equity component that represents the worth of stock owned by the shareholders of the company. The common stock represents the par value of the shares outstanding at a balance sheet date. Public companies can trade their stocks on... Accounts Payable
Accounts payable (AP) are bills to be paid as part of the normal course of business.This is a standard accounting term, one of the most common liabilities, which normally appears in the balance sheet listing of liabilities. Businesses receive...