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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

The bookkeeper for Nevado Company has prepared the following trial balance:

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The bookkeeper has asked for your help. In examining the company’s journal and ledger, you discover the following errors. Use this information to construct a corrected trial balance.

  1. a. The debits to the Cash account total $8,000, and the credits total $3,300.
  2. b. A $500 payment to a creditor was entered in the journal correctly but was not posted to the Accounts Payable account.
  3. c. The first two numbers in the balance of the Accounts Receivable account were transposed when the balance was copied from the ledger to the trial balance.
  4. d. The $1,500 amount withdrawn by the owner for personal use was debited to Miscellaneous Expense by mistake—it was correctly credited to Cash.

To determine

Prepare the trial balance for Company N as at June 30, 20--.

Explanation

Trial balance: Trial balance is a summary of all the asset, liability, and equity accounts and their balances.

Prepare the trial balance for Company N as at June 30, 20--.

Company N
Trial Balance
June 30, 20--
Account TitleDebit ($)Credit ($)
Cash$4,700 
Accounts Receivable3,800 
Supplies600 
Prepaid Insurance650 
Equipment15,300 
Accounts Payable $2,200
MN, Capital 12,500
MN, Drawing6,390 
Professional Fees 17,540
Rent Expense500 
Miscellaneous Expense300 
Total$32,240$32,240

Table (1)

Description:

a...

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