Identify the errors in the following trial balance. All accounts have normal balances. Mascot Co. Unadjusted Trial Balance For the Month Ending July 31, 2016 Debit Credit Balances Balances Cash 36,000 Accounts Receivable 112,600 Prepaid Insurance 18,000 Equipment 375,000 Accounts Payable 53,300 Salaries Payable 7,500 Samuel Parson, Capital 297,200 Samuel Parson, Drawing 17,000 Service Revenue 682,000 Salary Expense 396,800 Advertising Expense 73,000 Miscellaneous Expense 11,600 1,189,300 1,189,300 After identifying the errors, prepare a corrected unadjusted trial balance. For those boxes in which no entry is required, leave the box blank.

Identify the errors in the following trial balance. All accounts have normal balances. Mascot Co. Unadjusted Trial Balance For the Month Ending July 31, 2016 Debit Credit Balances Balances Cash 36,000 Accounts Receivable 112,600 Prepaid Insurance 18,000 Equipment 375,000 Accounts Payable 53,300 Salaries Payable 7,500 Samuel Parson, Capital 297,200 Samuel Parson, Drawing 17,000 Service Revenue 682,000 Salary Expense 396,800 Advertising Expense 73,000 Miscellaneous Expense 11,600 1,189,300 1,189,300 After identifying the errors, prepare a corrected unadjusted trial balance. For those boxes in which no entry is required, leave the box blank.

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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