I. Mr. J. Strom is the owner of a hardware store in Shelburne, Nova Scotia. At the end of the year, he attempted to prepare a trial balance of the accounts in the general ledger. The trial balance appears below. The balances them- selves are correct but Mr. Strom has no knowledge of double-entry book- keeping so he has made many errors in listing the balances. J. STROM TRIAL BALANCE DECEMBER 31, 20- Debit Credit Bank 3 000 Land 250 000 A/R - Jones Supplies Office Equipment 10 940 3 400 15 350 Automobile 21 200 Building A/P - Smith 240 000 5 160 Bank Loan 52 000 J. Strom, Capital Mortgage Payable 208 230 278 500 570 870 516 910 Find the errors and prepare a corrected trial balance. Assume that no exceptional balances exist from overpayments.

I. Mr. J. Strom is the owner of a hardware store in Shelburne, Nova Scotia. At the end of the year, he attempted to prepare a trial balance of the accounts in the general ledger. The trial balance appears below. The balances them- selves are correct but Mr. Strom has no knowledge of double-entry book- keeping so he has made many errors in listing the balances. J. STROM TRIAL BALANCE DECEMBER 31, 20- Debit Credit Bank 3 000 Land 250 000 A/R - Jones Supplies Office Equipment 10 940 3 400 15 350 Automobile 21 200 Building A/P - Smith 240 000 5 160 Bank Loan 52 000 J. Strom, Capital Mortgage Payable 208 230 278 500 570 870 516 910 Find the errors and prepare a corrected trial balance. Assume that no exceptional balances exist from overpayments.

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter2: T Accounts, Debits And Credits, Trial Balance, And Financial Statements

Section: Chapter Questions

Problem 5E: Speedy Sewing Services, owned by T. Nguyen, hired a new bookkeeper who is not entirely familiar with...

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