The trial balance that follows for Shawnee Slopes Company does not balance:

Your review of the ledger reveals that each account has a normal balance. You also discover the following errors:
1. Property Tax Expense was understated by $500 and Property Tax Payable was overstated by $500.
2. A $650 credit to Service Revenue was incorrectly posted as a $560 credit.
3. A debit posting to Salaries Expense of $350 was not done.
4. A $750 cash withdrawal by the owner was debited to A. Shawnee, Capital, for $750 and credited to Cash for $750.
5. A $650 purchase of supplies on account was debited to Equipment for $650 and credited to Cash for $650.
6. A cash payment of $120 for advertising was debited to Advertising Expense for $210 and credited to Cash for $210.
7. A $385 collection from a customer was debited to Cash for $385 and debited to Accounts Receivable for $385.
8. A cash payment on account for $165 was recorded as a $165 credit to Cash and a $165 credit to Accounts Payable.
9. A $2,000 note payable was issued to purchase equipment. Th e transaction was neither journalized nor posted.
Instructions
Prepare a correct trial balance. (Note: You may need to add new accounts.)
TAKING IT FURTHER After the trial balance is corrected for the above errors, could there still be errors?
Explain why or why not.

Transcribed Image Text:

SHAWNEE SLOPES COMPANY Trial Balance June 30, 2014 Debit 5,875 Credit Cash Accounts receivable Equipment Accounts payable Property taxes payable A. Shawnee, capital Service revenue Advertising expense Property tax expense Salaries expense Totals 3,620 14,020 5,290 500 17,900 7,027 1,132 1,100 4,150 $37,462 $23,12