Parrish 4-1 Pg. 95 Correcting Trial Balance George has prepared the following trial balance for Now What Coporation. Unfortunately, George has a problem because the debits and credits are not equal. Identify the problems and calculate the correct trial balance totals. Cash $470550 DR Accounts Receivable $41800 DR Land $170000 DR Building $360000 DR Trucks $232000 DR Accumulated Depreciation $100000 DR Accounts Payable $50750 CR Dividends Payable $8000 CR Mortgage Payable $298000 DR Common Stock $800000 CR Dividends $8000 CR Moving Service Revenue $78000 DR Salaries Expense $30650 DR Gasoline Expense $17500 CR Repairs Expense $1250 DR Interest Expense $3000 DR totals $1785250 CR totals $884250
Parrish 4-1 Pg. 95 Correcting Trial Balance George has prepared the following trial balance for Now What Coporation. Unfortunately, George has a problem because the debits and credits are not equal. Identify the problems and calculate the correct trial balance totals. Cash $470550 DR Accounts Receivable $41800 DR Land $170000 DR Building $360000 DR Trucks $232000 DR Accumulated Depreciation $100000 DR Accounts Payable $50750 CR Dividends Payable $8000 CR Mortgage Payable $298000 DR Common Stock $800000 CR Dividends $8000 CR Moving Service Revenue $78000 DR Salaries Expense $30650 DR Gasoline Expense $17500 CR Repairs Expense $1250 DR Interest Expense $3000 DR totals $1785250 CR totals $884250
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Parrish 4-1 Pg. 95 Correcting
George has prepared the following trial balance for Now What Coporation. Unfortunately, George has a problem because the debits and credits are not equal. Identify the problems and calculate the correct trial balance totals.
Cash $470550 DR
Land $170000 DR
Building $360000 DR
Trucks $232000 DR
Accounts Payable $50750 CR
Dividends Payable $8000 CR
Mortgage Payable $298000 DR
Common Stock $800000 CR
Dividends $8000 CR
Moving Service Revenue $78000 DR
Salaries Expense $30650 DR
Gasoline Expense $17500 CR
Repairs Expense $1250 DR
Interest Expense $3000
DR totals $1785250 CR totals $884250
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