the trial balance for treasure hunt exploration company does not balance 538343
Correcting errors in a trial balance
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The trial balance for Treasure Hunt Exploration Company does not balance.
|
TREASURE HUNT EXPLORATION COMPANY Trial Balance 31-Jul-12 |
||
|
Account |
Debit |
Credit |
|
Cash |
$ 6,600 |
|
|
Accounts receivable |
9,000 |
|
|
Supplies |
200 |
|
|
Exploration equipment |
22,600 |
|
|
Computers |
46,000 |
|
|
Accounts payable |
2,900 |
|
|
Note payable |
18,900 |
|
|
Indiana, capital |
50,100 |
|
|
Indiana, drawing |
1,000 |
|
|
Service revenue |
4,900 |
|
|
Salary expense |
$1,800 |
|
|
Rent expense |
100 |
|
|
Advertising expense |
100 |
|
|
Utilities expense |
700 |
|
|
Total |
$88,100 |
$76,800 |
2 5
The following errors were detected:
a. The cash balance is overstated by $1,000.
b. Rent expense of $300 was erroneously posted as a credit rather than a debit.
c. $6,000 credit to Service revenue was not posted.
d. A $500 debit to Accounts receivable was posted as $50.
e. The balance of Utilities expense is understated by $90.
f. A $600 purchase of supplies on account was neither journalized nor posted.
g. Exploration equipment should be $17,160.
Requirement
1. Prepare the corrected trial balance at July 31, 2012. Journal entries are not required.
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