The trial balance of Building Blocks Child Care does not balance. Prepare the corrected trial balance as of August 31,2024. Journal entries not required. Trial balanceAugust 31, 2024BalanceAccount TitleDebitCreditCash8,420Accounts Receivable5,000Office Supplies1,200Prepaid Insurance1,400Equipment88,000Accounts Payable2,600Notes Payable47,000Tarrago, Capital52,300Tarrago, Withdrawals3,880Service Revenue11,800Salaries Expense3,8001,100Rent Expense$112,800 $113,700TotalPrintDone Errorsа.Cash is understated by $1,300.A $4,900 debit to Accounts Receivable was posted as a credit.A$1,300 purchase of office supplies on account was neither journalized nor posted.Equipment was incorrectly transferred from the ledger as $88,000. It should have beentransferred as $80,500.b.С.d.е.Salaries Expense is overstated by $300.f.A $400 cash payment for advertising expense was neither journalized nor posted.g. A$120 owner's withdrawal of cash was incorrectly journalized as $1,200.h.Service Revenue was understated by $4,400.A 12-month insurance policy was posted as a $1,000 credit to Prepaid Insurance. Cashwas posted correctly.i.PrintDone

The trial balance tells about the final balance of each account of the business. The trial balance…

August 31, 2024 Balance Account Title Debit Credit Cash 8,420 Accounts Receivable 5,000 Office Supplies 1,200 Prepaid Insurance 1,400 Equipment 88,000 Accounts Payable $ 2,600 Notes Payable 47,000 Tarrago, Capital 52,300 Tarrago, Withdrawals 3,880 Service Revenue 11,800 Salaries Expense 3,800 1,100 Rent Expense 112,800 $ 113,700 Total %24 %24

August 31, 2024 Balance Account Title Debit Credit Cash 8,420 Accounts Receivable 5,000 Office Supplies 1,200 Prepaid Insurance 1,400 Equipment 88,000 Accounts Payable $ 2,600 Notes Payable 47,000 Tarrago, Capital 52,300 Tarrago, Withdrawals 3,880 Service Revenue 11,800 Salaries Expense 3,800 1,100 Rent Expense 112,800 $ 113,700 Total %24 %24

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter1: Accounting And The Financial Statements

Section: Chapter Questions

Problem 50E: Exercise 1-50 Statement of Cash Flows OBJECTIVE o Walters Inc. began operations on January I. 2019....

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