Correcting errors in a trial balance
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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