PARRISH 4-1 CORRECTING TRIAL BALANCE.Please correct the following Trial Balance and show me how you did so."George has prepared the following trial balance for Now What Corp. Unfortunately George has a problem because the debits and credits are not equal.  Identify the problem(s) and calculate the corrected trial balanceDebitsCash $470,550AR $41,800Land $170,000Building $360,000Trucks $360,000Accumulated Depr. $100,000Mortgage Payable $298,000Moving Service Revenue $78,000Salaries Expense $1,250Interest Expense $3,000Total $1,785,250 CreditsAccounts Payable $50,750Dividends Payable $8,000Common Stock $800,000Dividends $8,000Gasoline Expense $17,500Total $884,250

Question
Asked Jan 30, 2020
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PARRISH 4-1 CORRECTING TRIAL BALANCE.

Please correct the following Trial Balance and show me how you did so.

"George has prepared the following trial balance for Now What Corp. Unfortunately George has a problem because the debits and credits are not equal.  Identify the problem(s) and calculate the corrected trial balance

Debits

Cash $470,550

AR $41,800

Land $170,000

Building $360,000

Trucks $360,000

Accumulated Depr. $100,000

Mortgage Payable $298,000

Moving Service Revenue $78,000

Salaries Expense $1,250

Interest Expense $3,000

Total $1,785,250

 

Credits

Accounts Payable $50,750

Dividends Payable $8,000

Common Stock $800,000

Dividends $8,000

Gasoline Expense $17,500

Total $884,250

 

 

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Trial balance: A financial statement which integrates all the balance of ledger accounts is termed as a trial balance. The to...

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