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Errors in trial balance Identify the errors in the following trial balance. All accounts have normal balances. Ensemble Co. Unadjusted Trial Balance For the Year Ending December 31, 20Y8 Debit Balances Credit Balances Cash 42,900 Accounts Receivable 123,500 Prepaid Insurance 27,000 Equipment 300,000 Accounts Payable 52,000 4,800 Salaries Payable Common Stock 40,000 Retained Earnings 137,200 Dividends 5,000 Service Revenue 1,216,000 Salary Expense 660,000 Advertising Expense 275,000 Miscellaneous Expense 16,600 1,801,500 1,801,500

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Corporate Financial Accounting

15th Edition
Carl Warren + 1 other
Publisher: Cengage Learning
ISBN: 9781337398169

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Chapter
Section
BuyFindarrow_forward

Corporate Financial Accounting

15th Edition
Carl Warren + 1 other
Publisher: Cengage Learning
ISBN: 9781337398169
Chapter 2, Problem 2.20EX
Textbook Problem
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Errors in trial balance

Identify the errors in the following trial balance. All accounts have normal balances.

Ensemble Co. Unadjusted Trial Balance For the Year Ending December 31, 20Y8

 

Debit

Balances

Credit

Balances

Cash

42,900

Accounts Receivable

 

123,500

Prepaid Insurance 27,000  
Equipment 300,000  

Accounts Payable

52,000

4,800

Salaries Payable  
Common Stock   40,000
Retained Earnings   137,200
Dividends   5,000
Service Revenue   1,216,000
Salary Expense 660,000

Advertising Expense   275,000
Miscellaneous Expense 16,600  
  1,801,500 1,801,500

To determine

To identify: The errors in the trial balance given.

Explanation of Solution

Trial balance: A trial balance is the summary of all the ledger accounts. The trial balance is prepared to check the total balance of the debit column with the total of the balance of the credit column, which must be equal. The trial balance is usually prepared to check accuracy of ledger balances, and before the preparation of financial statements.

The corrected trial balance of Company E for December 31, 20Y8 is as follows:

Company E

Unadjusted Trial Balance

For the Year Ending December 31, 20Y8

Particulars Debit ($) Credit ($)
Cash 42,900
Accounts receivable 123,500
Prepaid insurance 27,000
Equipment 300,000
Accounts payable 52,000
Salaries payable 4,800
Common stock 40,000
Retained earnings

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Chapter 2 Solutions

Corporate Financial Accounting
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