JOY MCDOWELL TUTORING SERVICE Trial Balance May 31, 2018 Balance Account Title Debit Credit Cash $ 2,800 Accounts Receivable 2,000 Office Supplies 600 Computer Equipment 15,800 Accounts Payable $ 11,100 Utilities Payable 800 Common Stock 11,600 Dividends 10,400 Service Revenue 9,600 Salaries Expense 1,900 Rent Expense 800 Utilities Expense 700 Total $ 35,000 $ 33,100
JOY MCDOWELL TUTORING SERVICE Trial Balance May 31, 2018 Balance Account Title Debit Credit Cash $ 2,800 Accounts Receivable 2,000 Office Supplies 600 Computer Equipment 15,800 Accounts Payable $ 11,100 Utilities Payable 800 Common Stock 11,600 Dividends 10,400 Service Revenue 9,600 Salaries Expense 1,900 Rent Expense 800 Utilities Expense 700 Total $ 35,000 $ 33,100
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Correcting errors in a
The following trial balance of Joy McDowell Tutoring Service as of May 31, 2018, does not balance.
Investigation of the accounting records reveals that the bookkeeper:
a. Recorded a $400 cash revenue transaction by debiting
b. Posted a $2,000 credit to Accounts Payable as $200.
c. Did not record Utilities Expense or the related Utilities Payable in the amount of $300.
d. Understated Common Stock by $100.
Prepare the corrected trial balance as of May 31, 2018, complete with a heading;
Transcribed Image Text:JOY MCDOWELL TUTORING SERVICE
Trial Balance
May 31, 2018
Balance
Account Title
Debit
Credit
Cash
$ 2,800
Accounts Receivable
2,000
Office Supplies
600
Computer Equipment
15,800
Accounts Payable
$ 11,100
Utilities Payable
800
Common Stock
11,600
Dividends
10,400
Service Revenue
9,600
Salaries Expense
1,900
Rent Expense
800
Utilities Expense
700
Total
$ 35,000
$ 33,100
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 2 images
Knowledge Booster
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.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education