The following trial balance of Cheyenne Corporation does not balance.CHEYENNE CORPORATIONTRIAL BALANCEJUNE 30, 2020 Debit CreditCash $7,249 Accounts Receivable 7,530 Supplies 3,721 Equipment 7,600 Accounts Payable $8,880 Common Stock 14,000 Retained Earnings 3,900 Service Revenue 1,550 Office Expense 4,120 $30,220 $28,330 An examination of the ledger shows these errors.1. Cash received from a customer on account was recorded (both debit and credit) as $1,470 instead of $1,740.2. The purchase on account of a computer costing $3,000 was recorded as a debit to Office Expense and a credit to Accounts Payable.3. Services were performed on account for a client, $1,900, for which Accounts Receivable was debited $1,900 and Service Revenue was credited $190.4. A payment of $60 for telephone charges was entered as a debit to Office Expense and a debit to Cash.5. The Service Revenue account was totaled at $5,500 instead of $5,560.From this information prepare a corrected trial balance.CHEYENNE CORPORATIONTRIAL BALANCEchoose the accounting period For the Year Ended June 30, 2020For the Quarter Ended June 30, 2020June 30, 2020 Debit Creditenter an account title $enter a debit balance $enter a credit balance enter an account title enter a debit balance enter a credit balanceenter an account title enter a debit balance enter a credit balanceenter an account title enter a debit balance enter a credit balanceenter an account title enter a debit balance enter a credit balanceenter an account title enter a debit balance enter a credit balanceenter an account title enter a debit balance enter a credit balanceenter an account title enter a debit balance enter a credit balanceenter an account title enter a debit balance enter a credit balance Totals $enter a total for the debit column $enter a total for the credit column

The trial balance shows the ledger account balances as on the account closing date.

Answered: CHEYENNE CORPORATION TRIAL BALANCE JUNE…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The following trial balance of Cheyenne Corporation does not balance.

CHEYENNE CORPORATION TRIAL BALANCE JUNE 30, 2020
	Debit		Credit
Cash		$7,249
Accounts Receivable		7,530
Supplies		3,721
Equipment		7,600
Accounts Payable				$8,880
Common Stock				14,000
Retained Earnings				3,900
Service Revenue				1,550
Office Expense		4,120
		$30,220		$28,330

An examination of the ledger shows these errors.

1.		Cash received from a customer on account was recorded (both debit and credit) as $1,470 instead of $1,740.
2.		The purchase on account of a computer costing $3,000 was recorded as a debit to Office Expense and a credit to Accounts Payable.
3.		Services were performed on account for a client, $1,900, for which Accounts Receivable was debited $1,900 and Service Revenue was credited $190.
4.		A payment of $60 for telephone charges was entered as a debit to Office Expense and a debit to Cash.
5.		The Service Revenue account was totaled at $5,500 instead of $5,560.

From this information prepare a corrected trial balance.

CHEYENNE CORPORATION TRIAL BALANCE choose the accounting period For the Year Ended June 30, 2020For the Quarter Ended June 30, 2020June 30, 2020
	Debit	Credit
enter an account title	$enter a debit balance	$enter a credit balance
enter an account title	enter a debit balance	enter a credit balance
enter an account title	enter a debit balance	enter a credit balance
enter an account title	enter a debit balance	enter a credit balance
enter an account title	enter a debit balance	enter a credit balance
enter an account title	enter a debit balance	enter a credit balance
enter an account title	enter a debit balance	enter a credit balance
enter an account title	enter a debit balance	enter a credit balance
enter an account title	enter a debit balance	enter a credit balance
Totals	$enter a total for the debit column	$enter a total for the credit column

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