The trial balance of 3PT, Inc., at October 31, 2014, does not balance.

Requirements
1. Prepare a trial balance for the ledger accounts of 3PT, Inc., as of October 31, 2014.
2. Determine the out-of-balance amount. The error lies in the Accounts Receivable account. Add the out-of-balance amount to, or subtract it from, Accounts Receivable to determine the correct balance of Accounts Receivable. After correcting Accounts Receivable, advise the top management of 3PT, Inc., on the company’s
a. Total assets.
b. Total liabilities.
c. Net income or net loss forOctober.

Transcribed Image Text:

Accounts receivable Land Accounts payable Note payable.. 3,900 Common stock.... $20,100 7,500 34,400 ice revenue 9,500 3,300 nse..1,100 .7 Retained earnings. 6,000 Salary expense 5,500 Advertising expe ..6