M Fri Jan 31My MessagesContaccoutmputLOOHR expe eunda credit to Accounts Payable.3. Services were performed on account for a client, $2,250, for which Accounts Receivable was debited$2,250 and Service Revenue was credited $225.4. A payment of $95 for telephone charges was entered as a debit to Office Expense and a debit to Cash.5. The Service Revenue account was totaled at $5,200 instead of $5,280.InstructionsFrom this information prepare a corrected trial balance.E3.4 (LO 2)(Corrected Trial Balance)The following trial balance of Watteau Co. does not balance.Watteau Co.Trial BalanceJune 30, 2020DebitCreditCash$ 2,870Accounts Receivable$ 3,231Supplies800The Accounting Information System3-56 CHAPTER 3DebitCredit$ 3,800EquipmentAccounts Payable$ 2,666Unearned Service Revenue1,2006,000Common Stock3,000Retained Earnings2,380Service Revenue3,400Salaries and Wages ExpenseOffice Expense940$16,916$13,371 59%My MessagesAccounts Payable$ 2,666Unearned Service Revenue1,2006,000Common StockRetained Earnings3,0002,380Service RevenueSalaries and Wages ExpenseOffice Expense3,400940$16,916$13,371Each of the listed accounts should have a normal balance per the general ledger. An examination of theledger and journal reveals the following errors.1. Cash received from a customer on account was debited for $570, and Accounts Receivable was cred-ited for the same amount. The actual collection was for $750.2. The purchase of a computer printer on account for $500 was recorded as a debit to Supplies for $500and a credit to Accounts Payable for $500.3. Services were performed on account for a client for $890. Accounts Receivable was debited for $890and Service Revenue was credited for $89.4. A payment of $65 for telephone charges was recorded as a debit to Office Expense for $65 anda debit to Cash for $65.5. When the Unearned Service Revenue account was reviewed, it was found that service revenuéamounting to $325 was performed prior to June 30 (related to Unearned Service Revenue).6. A debit posting to Salaries and Wages Expense of $670 was omitted.7. A payment on account for $206 was credited to Cash for $206 and credited to Accounts Payable for$260.8. A dividend of $575 was debited to Salaries and Wages Expense for $575 and credited to Cash for $575.InstructionPrepare a correct trial balance. (Note: It may be necessary to add one or more accounts to the trialbalance.)The ledger of Duggan Rental Agency on March 31 of theE3.5 (LO 3) Excelcurrent year includes the following selected accounts before adjusting entries have been prepared.(Adjusting Entries)CreditDebit$ 3,600Prepaid InsuranceSuppliesEquipment2,80025,000400FauinmentAccumulated Donociation

Question
Asked Feb 1, 2020
124 views

3.14

M Fri Jan 31
My Messages
Contaccout
mput
LOOHR expe eund
a credit to Accounts Payable.
3. Services were performed on account for a client, $2,250, for which Accounts Receivable was debited
$2,250 and Service Revenue was credited $225.
4. A payment of $95 for telephone charges was entered as a debit to Office Expense and a debit to Cash.
5. The Service Revenue account was totaled at $5,200 instead of $5,280.
Instructions
From this information prepare a corrected trial balance.
E3.4 (LO 2)
(Corrected Trial Balance)
The following trial balance of Watteau Co. does not balance.
Watteau Co.
Trial Balance
June 30, 2020
Debit
Credit
Cash
$ 2,870
Accounts Receivable
$ 3,231
Supplies
800
The Accounting Information System
3-56 CHAPTER 3
Debit
Credit
$ 3,800
Equipment
Accounts Payable
$ 2,666
Unearned Service Revenue
1,200
6,000
Common Stock
3,000
Retained Earnings
2,380
Service Revenue
3,400
Salaries and Wages Expense
Office Expense
940
$16,916
$13,371
help_outline

Image Transcriptionclose

M Fri Jan 31 My Messages Contaccout mput LOOHR expe eund a credit to Accounts Payable. 3. Services were performed on account for a client, $2,250, for which Accounts Receivable was debited $2,250 and Service Revenue was credited $225. 4. A payment of $95 for telephone charges was entered as a debit to Office Expense and a debit to Cash. 5. The Service Revenue account was totaled at $5,200 instead of $5,280. Instructions From this information prepare a corrected trial balance. E3.4 (LO 2) (Corrected Trial Balance) The following trial balance of Watteau Co. does not balance. Watteau Co. Trial Balance June 30, 2020 Debit Credit Cash $ 2,870 Accounts Receivable $ 3,231 Supplies 800 The Accounting Information System 3-56 CHAPTER 3 Debit Credit $ 3,800 Equipment Accounts Payable $ 2,666 Unearned Service Revenue 1,200 6,000 Common Stock 3,000 Retained Earnings 2,380 Service Revenue 3,400 Salaries and Wages Expense Office Expense 940 $16,916 $13,371

fullscreen
59%
My Messages
Accounts Payable
$ 2,666
Unearned Service Revenue
1,200
6,000
Common Stock
Retained Earnings
3,000
2,380
Service Revenue
Salaries and Wages Expense
Office Expense
3,400
940
$16,916
$13,371
Each of the listed accounts should have a normal balance per the general ledger. An examination of the
ledger and journal reveals the following errors.
1. Cash received from a customer on account was debited for $570, and Accounts Receivable was cred-
ited for the same amount. The actual collection was for $750.
2. The purchase of a computer printer on account for $500 was recorded as a debit to Supplies for $500
and a credit to Accounts Payable for $500.
3. Services were performed on account for a client for $890. Accounts Receivable was debited for $890
and Service Revenue was credited for $89.
4. A payment of $65 for telephone charges was recorded as a debit to Office Expense for $65 and
a debit to Cash for $65.
5. When the Unearned Service Revenue account was reviewed, it was found that service revenué
amounting to $325 was performed prior to June 30 (related to Unearned Service Revenue).
6. A debit posting to Salaries and Wages Expense of $670 was omitted.
7. A payment on account for $206 was credited to Cash for $206 and credited to Accounts Payable for
$260.
8. A dividend of $575 was debited to Salaries and Wages Expense for $575 and credited to Cash for $575.
Instruction
Prepare a correct trial balance. (Note: It may be necessary to add one or more accounts to the trial
balance.)
The ledger of Duggan Rental Agency on March 31 of the
E3.5 (LO 3) Excel
current year includes the following selected accounts before adjusting entries have been prepared.
(Adjusting Entries)
Credit
Debit
$ 3,600
Prepaid Insurance
Supplies
Equipment
2,800
25,000
400
Fauinment
Accumulated Donociation
help_outline

Image Transcriptionclose

59% My Messages Accounts Payable $ 2,666 Unearned Service Revenue 1,200 6,000 Common Stock Retained Earnings 3,000 2,380 Service Revenue Salaries and Wages Expense Office Expense 3,400 940 $16,916 $13,371 Each of the listed accounts should have a normal balance per the general ledger. An examination of the ledger and journal reveals the following errors. 1. Cash received from a customer on account was debited for $570, and Accounts Receivable was cred- ited for the same amount. The actual collection was for $750. 2. The purchase of a computer printer on account for $500 was recorded as a debit to Supplies for $500 and a credit to Accounts Payable for $500. 3. Services were performed on account for a client for $890. Accounts Receivable was debited for $890 and Service Revenue was credited for $89. 4. A payment of $65 for telephone charges was recorded as a debit to Office Expense for $65 and a debit to Cash for $65. 5. When the Unearned Service Revenue account was reviewed, it was found that service revenué amounting to $325 was performed prior to June 30 (related to Unearned Service Revenue). 6. A debit posting to Salaries and Wages Expense of $670 was omitted. 7. A payment on account for $206 was credited to Cash for $206 and credited to Accounts Payable for $260. 8. A dividend of $575 was debited to Salaries and Wages Expense for $575 and credited to Cash for $575. Instruction Prepare a correct trial balance. (Note: It may be necessary to add one or more accounts to the trial balance.) The ledger of Duggan Rental Agency on March 31 of the E3.5 (LO 3) Excel current year includes the following selected accounts before adjusting entries have been prepared. (Adjusting Entries) Credit Debit $ 3,600 Prepaid Insurance Supplies Equipment 2,800 25,000 400 Fauinment Accumulated Donociation

fullscreen
check_circle

Expert Answer

Step 1

Corrected trial balance is prepared as follows:

 

Accounting homework question answer, step 1, image 1

...

Want to see the full answer?

See Solution

Check out a sample Q&A here.

Want to see this answer and more?

Solutions are written by subject experts who are available 24/7. Questions are typically answered within 1 hour.*

See Solution
*Response times may vary by subject and question.
Tagged in

Business

Accounting

Related Accounting Q&A

Find answers to questions asked by student like you
Show more Q&A
add
question_answer

Q: A company reports merchandise inventory on December 31 at $250,000 but LCM applied to items is $200,...

A: In the given situation, the rectification entry needs to be passed as the company seems to follow th...

question_answer

Q: Under IFRS, when a company chooses the revaluation model as its accounting policy for measuring prop...

A: As per International Financial Reporting Standards (IFRS), the company values the property, plant an...

question_answer

Q: Describe major challenges in the financial reporting environment.

A: Financial reporting environment: Financial reporting is the procedure used to communicate the inform...

question_answer

Q: Why do most academics and financial executives regard the NPV as being the single best criterion and...

A: NPV is better than IRR and is a single best criterion for capital budgeting decisions because this i...

question_answer

Q: A lease agreement calls for quarterly lease payments of $5,376 over a 10-year lease term, with the f...

A: Click to see the answer

question_answer

Q: Prior to recording adjusting entries, the Office Supplies account had a $393 debit balance. A physic...

A: Adjusting entries are the journal entries passed at the end of the financial year to close all the t...

question_answer

Q: Bandung Corporation began 2020 with a $46,000 balance in the ­Deferred Tax Liability account. At the...

A: a. Compute income taxes payable.

question_answer

Q: Initial direct costs incurred by the lessor under a sales-type lease should be a. Deferred and alloc...

A: Initial direct cost refers to the cost that Related directly with the completing a lease agreementIm...

question_answer

Q: TY

A: Click to see the answer