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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
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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

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