This trial balance of Titus Co. does not balance. Each of the listed accounts has a normal

Question:

This trial balance of Titus Co. does not balance.


This trial balance of Titus Co. does not balance.


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 $590, and Accounts Receivable was credited for the same amount. The actual collection was for $950.
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 $800. Accounts Receivable was debited for $80 and Service Revenue was credited for $800.
4. A debit posting to Salaries Expense of $500 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 Titus's stockholders was debited to Salaries Expense for $600 and credited to Cash for $600.

Instructions
Prepare the correct trialbalance.

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Related Book For  book-img-for-question

Financial Accounting Tools for Business Decision Making

ISBN: 978-0470239803

5th Edition

Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso

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