Tech Support Services has the following unadjusted trial balance as of January 31, 2019:Tech Support ServicesUnadjusted Trial BalanceJanuary 31, 2019DebitBalancesCreditBalancesCash25,550Accounts Receivable.44,050Supplies...Prepaid InsuranceEquipment....Notes Payable..Accounts PayableThad Engelberg, CapitalThad Engelberg, DrawingFees Earned.....6,603,600162,00075,00013,200101,85033,000534,000Wages ExpenseRent ExpenseAdvertising Expense...Gas, Electricity, and Water Expense306,00062,55023,85017,000684,260724,050The debit and credit totals are not equal as a result of the following errors:a. The cash entered on the trial balance was overstated by $8,000.b. A cash receipt of $4,100 was posted as a debit to Cash of $1,400 c. A debit of $12,350 to Accounts Receivable was not posted.d. A return of $235 of defective supplies was erroneously posted as a $325 credit toSuppliese. An insurance policy acquired at a cost of $3,000 was posted as a credit to PrepaidInsurance.f. The balance of Notes Payable was overstated by $21,000.g. A credit of $3,450 in Accounts Payable was overlooked when the balance of the ac-count was determinedh. A debit of $6,000 for a withdrawal by the owner was posted as a debit to ThadEngelberg, Capitali. The balance of $28,350 in Advertising Expense was entered as $23,850 in the trialbalancej. Miscellaneous Expense, with a balance of $4,600, was omitted from the trial balanceInstructions1. Prepare a corrected unadjusted trial balance as of January 31, 2019.2there are no errors in the accounts? ExplainDoes the fact that the unadjusted trial balance in (1) is balanced mean that

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Asked Dec 4, 2019
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Tech Support Services has the following unadjusted trial balance as of January 31, 2019:
Tech Support Services
Unadjusted Trial Balance
January 31, 2019
Debit
Balances
Credit
Balances
Cash
25,550
Accounts Receivable.
44,050
Supplies...
Prepaid Insurance
Equipment....
Notes Payable..
Accounts Payable
Thad Engelberg, Capital
Thad Engelberg, Drawing
Fees Earned.....
6,60
3,600
162,000
75,000
13,200
101,850
33,000
534,000
Wages Expense
Rent Expense
Advertising Expense...
Gas, Electricity, and Water Expense
306,000
62,550
23,850
17,000
684,260
724,050
The debit and credit totals are not equal as a result of the following errors:
a. The cash entered on the trial balance was overstated by $8,000.
b. A cash receipt of $4,100 was posted as a debit to Cash of $1,400
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Tech Support Services has the following unadjusted trial balance as of January 31, 2019: Tech Support Services Unadjusted Trial Balance January 31, 2019 Debit Balances Credit Balances Cash 25,550 Accounts Receivable. 44,050 Supplies... Prepaid Insurance Equipment.... Notes Payable.. Accounts Payable Thad Engelberg, Capital Thad Engelberg, Drawing Fees Earned..... 6,60 3,600 162,000 75,000 13,200 101,850 33,000 534,000 Wages Expense Rent Expense Advertising Expense... Gas, Electricity, and Water Expense 306,000 62,550 23,850 17,000 684,260 724,050 The debit and credit totals are not equal as a result of the following errors: a. The cash entered on the trial balance was overstated by $8,000. b. A cash receipt of $4,100 was posted as a debit to Cash of $1,400

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c. A debit of $12,350 to Accounts Receivable was not posted.
d. A return of $235 of defective supplies was erroneously posted as a $325 credit to
Supplies
e. An insurance policy acquired at a cost of $3,000 was posted as a credit to Prepaid
Insurance.
f. The balance of Notes Payable was overstated by $21,000.
g. A credit of $3,450 in Accounts Payable was overlooked when the balance of the ac-
count was determined
h. A debit of $6,000 for a withdrawal by the owner was posted as a debit to Thad
Engelberg, Capital
i. The balance of $28,350 in Advertising Expense was entered as $23,850 in the trial
balance
j. Miscellaneous Expense, with a balance of $4,600, was omitted from the trial balance
Instructions
1. Prepare a corrected unadjusted trial balance as of January 31, 2019.
2
there are no errors in the accounts? Explain
Does the fact that the unadjusted trial balance in (1) is balanced mean that
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c. A debit of $12,350 to Accounts Receivable was not posted. d. A return of $235 of defective supplies was erroneously posted as a $325 credit to Supplies e. An insurance policy acquired at a cost of $3,000 was posted as a credit to Prepaid Insurance. f. The balance of Notes Payable was overstated by $21,000. g. A credit of $3,450 in Accounts Payable was overlooked when the balance of the ac- count was determined h. A debit of $6,000 for a withdrawal by the owner was posted as a debit to Thad Engelberg, Capital i. The balance of $28,350 in Advertising Expense was entered as $23,850 in the trial balance j. Miscellaneous Expense, with a balance of $4,600, was omitted from the trial balance Instructions 1. Prepare a corrected unadjusted trial balance as of January 31, 2019. 2 there are no errors in the accounts? Explain Does the fact that the unadjusted trial balance in (1) is balanced mean that

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Expert Answer

Step 1

A trial balance is prepared at the end of the accounting year. It is prepared to check the accuracy of all the posting made in the t shape accounts. A trial balance is matched when the total of credit and debit side is equal.

Step 2

1)

The correction effect of the errors will be as follows:

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Sr. Particular No. Cash was overstated by $8,000 Cash was debited with less amount Debit to account receivable was not posted. Debit ($) Account Credit ($) 8,000 Cash a Cash 2,700 12,350 Account receivable Supplies Return of supplies was over credited. (4325- $235) Insurance policy was wrongly credited instead of debit. ($3,000+$3,000) Notes payable balance was overstated. Credited to account payable was omitted to record. h 90 Prepaid insurance | Notes payable 21,000 Account 6,000 3,450 payable Drawing Debit of drawing wrongly entered in debit of capital. h 6,000 Debit of drawing wrongly entered in debit of capital. | Advertising expense balance was understated. Advertising (28,350-$23,850) Miscellaneous expense was omitted to record. Miscellaneous 6,000 4,500 expense 4,600 expense b0

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Step 3

Correct trial balance wi...

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Trial balance TE corporation Debit ($) 20,250 56,400 6,750 9,600 162,000 Credit ($) Account Cash Account receivable Supplies Prepaid insurance Equipment Notes payable Account payable TE, capital TE, drawing 54,000 16,650 107,850 39,000 Fees earned 534,000 Wages expenses Rent expenses Advertising expenses Gas, electricity & water expense Miscellaneous expense 306,000 62,550 28,350 17,000 4,600 Total 712,500 712,500

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