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Errors in trial balance The following preliminary unadjusted trial balance of Ranger Co., a sports ticket agency, does not balance: Ranger co. unadjusted Trail Balance August 31, 2019 Debit balances Credit Balances Cash 77,600 Accounts Receivable 37,750 Prepaid insurance 12,000 Equipment 19,000 Accounts payable 29,100 Unearned Rent 10,800 Carmen Meeks, Capital 110,000 Carmen Meeks, Drawing 13,000 Fees Earned 385,000 Wages Expense 213,000 Advertising Expense 16,350 Miscellaneous Expense 18,400 273,700 668,300 When the ledger and other records are reviewed, you discover the following: (1) the debits and credits in the cash account total $77,600 and $62,100, respectively; (2) a billing of $9,000 to a customer on account was not posted to the accounts receivable account; (3) a payment of $4,500 made to a creditor on account was not posted to the accounts payable account; (4) the balance of the unearned rent account is $5,400; (5) the correct balance of the equipment account is $190,000; and (6) each account has a normal balance. Prepare a corrected unadjusted trial balance.

BuyFind

Accounting (Text Only)

26th Edition
Carl Warren + 2 others
Publisher: Cengage Learning
ISBN: 9781285743615
BuyFind

Accounting (Text Only)

26th Edition
Carl Warren + 2 others
Publisher: Cengage Learning
ISBN: 9781285743615

Solutions

Chapter
Section
Chapter 2, Problem 2.18EX
Textbook Problem

Errors in trial balance

The following preliminary unadjusted trial balance of Ranger Co., a sports ticket agency, does not balance:

Ranger co.

unadjusted Trail Balance

August 31, 2019

  Debit balances Credit Balances
Cash 77,600  
Accounts Receivable 37,750  
Prepaid insurance   12,000
Equipment 19,000  
Accounts payable   29,100
Unearned Rent   10,800
Carmen Meeks, Capital 110,000  
Carmen Meeks, Drawing 13,000  
Fees Earned   385,000
Wages Expense   213,000
Advertising Expense 16,350  
Miscellaneous Expense   18,400
  273,700 668,300

When the ledger and other records are reviewed, you discover the following: (1) the debits and credits in the cash account total $77,600 and $62,100, respectively; (2) a billing of $9,000 to a customer on account was not posted to the accounts receivable account; (3) a payment of $4,500 made to a creditor on account was not posted to the accounts payable account; (4) the balance of the unearned rent account is $5,400; (5) the correct balance of the equipment account is $190,000; and (6) each account has a normal balance. Prepare a corrected unadjusted trial balance.

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Chapter 2 Solutions

Accounting (Text Only)
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