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College Accounting (Book Only): A ...

13th Edition
Scott + 1 other
ISBN: 9781337280570

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BuyFindarrow_forward

College Accounting (Book Only): A ...

13th Edition
Scott + 1 other
ISBN: 9781337280570
Textbook Problem

Speedy Sewing Services, owned by T. Nguyen, hired a new bookkeeper who is not entirely familiar with the process of preparing a trial balance. All of the accounts have normal balances. Find the errors and prepare a corrected trial balance for December 31 of this year.

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To determine

Prepare a corrected trial balance for December 31.

Explanation

Trial balance:

Trial balance is the summary of accounts, and their debit and credit balances at a given time.  It is usually prepared at end of the accounting period.  Debit balances are listed in left   column and credit balances are listed in right column.  The totals of debit and credit column should be equal.  Trial balance is useful in the preparation of the financial statements.

Corrected trial balance is prepared as follows:

Company S
Trial Balance
December 31
Account NameDebit ($)Credit ($)
Cash3,200 
Accounts Receivables10,700 

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