Question

Your review of the ledger reveals that each account has a normal balance. You also discover the following errors.

1. The totals of the debit sides of Prepaid Insurance, Accounts Payable, and Utilities Expense were each understated $100.

2. Transposition errors were made in Accounts Receivable and Service Revenue. Based on postings made, the correct balances were $2,570 and $8,960, respectively.

3. A debit posting to Salaries and Wages Expense of $200 was omitted. .

4. A $1,000 cash dividend was debited to Common Stock for $1,000 and credited to Cash for $1.000.

5. A $520 purchase of supplies on account was debited to Equipment for $520 and credited to Cash for $520.

6. A cash payment of $450 for advertising was debited to Advertising Expense for $45 and credited to Cash for $45.

7. A collection from a customer for $420 was debited to Cash for $420 and credited to Accounts Payable for $420.


Instructions:

Prepare a correct trial balance. Note that the chart of accounts includes the following: Dividends and Supplies.

Answer 1

Answer:

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Explanation:

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