Correcting errors in a trial balance
The trial balance of Building Blocks Child Care does not balance.
| BUILDING BLOCKS CHILD CARE Trial Balance 31-May-12 | ||
| Account | Debit | Credit |
| Cash | $ 6,300 | |
| Accounts receivable | 3,000 | |
| Supplies | 700 | |
| Equipment | 88,000 | |
| Accounts payable | 57,000 | |
| Estella, capital | 50,400 | |
| Estella, drawing | 2,600 | |
| Service revenue | 4,700 | |
| Salary expense | 3,200 | |
| Rent expense | 700 | |
| Total | $104,500 | $112,100 |
The following errors are detected:
a. Cash is understated by $4,000.
b. A $2,000 debit to Accounts receivable was posted as a credit.
c. A $1,200 purchase of supplies on account was neither journalized nor posted.
d. Equipment”s cost is $87,700, not $88,000.
e. Salary expense is overstated by $100.
Requirement
1. Prepare the corrected trial balance at May 31, 2012. Journal entries are not required.
Economic Debate- Progressive Income Tax For this Economic Debate, we are going to discuss the…
TOPIC: Going Global Discussion Thread 1 (initial post due Wednesday for full credit) Please note:…
Assignment Topic This week will culminate in the creation of a narrated PowerPoint to create…
The Assignment must be submitted on Blackboard (WORD format only) via allocated folder. Assignments submitted…
you need to post your 2-page information flier to share with your Final Project Group.…
discussion: Discuss the methods used at your company to measure and ensure quality products and…