Homework Help is Here – Start Your Trial Now!
Business
Accounting
Correcting Trial BalancesExample: George has prepared the following Trial Balance. However the debits and credits are not equal. (Identify the problem(s) and calculate the corrected Trial Balance.Cash $470,550 DRAccounts Receivable $41,800 DRLand $170,000 DRBuilding $360,000 DRTrucks $232,000 DRAccumulated Depreciation $100,000 DRAccounts Payable $50,750 CRDividends Payable $8,000 CRMortgage Payable $298,000 DRCommon Stock $800,000 CRDividends $8,000 CRMoving Service Revenue $78,000 DRSalaries Expense $30,650Gasoline Expense $17,500 CRRepairs Expense $1,250 DRInterest Expense $3,000Totals $1,785,250 DR $884,250 CR

Correcting Trial BalancesExample: George has prepared the following Trial Balance. However the debits and credits are not equal. (Identify the problem(s) and calculate the corrected Trial Balance.Cash $470,550 DRAccounts Receivable $41,800 DRLand $170,000 DRBuilding $360,000 DRTrucks $232,000 DRAccumulated Depreciation $100,000 DRAccounts Payable $50,750 CRDividends Payable $8,000 CRMortgage Payable $298,000 DRCommon Stock $800,000 CRDividends $8,000 CRMoving Service Revenue $78,000 DRSalaries Expense $30,650Gasoline Expense $17,500 CRRepairs Expense $1,250 DRInterest Expense $3,000Totals $1,785,250 DR $884,250 CR

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question

Correcting Trial Balances

Example: George has prepared the following Trial Balance. However the debits and credits are not equal. (Identify the problem(s) and calculate the corrected Trial Balance.

Cash $470,550 DR
Accounts Receivable $41,800 DR
Land $170,000 DR
Building $360,000 DR
Trucks $232,000 DR

Accumulated Depreciation $100,000 DR

Accounts Payable $50,750 CR

Dividends Payable $8,000 CR

Mortgage Payable $298,000 DR

Common Stock $800,000 CR

Dividends $8,000 CR
Moving Service Revenue $78,000 DR
Salaries Expense $30,650
Gasoline Expense $17,500 CR
Repairs Expense $1,250 DR
Interest Expense $3,000
Totals $1,785,250 DR $884,250 CR

Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps with 2 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Accounting Changes and Error Analysis
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS