The bookkeeper for Nevado Company has prepared the following trial balance: Nevado Company Trial Balance June 30, 20- Account Name Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accounts Payable M. Nevado, Capital M. Nevado, Drawing Professional Fees Rent Expense Miscellaneous Expense Debit 8,300 600 650 15,300 4,890 500 1,800 32,040 Credit DEBIT CREDIT 2,500 2,700 12,500 17,540 35,240 The bookkeeper has asked for your help. In examining the company's journal and ledger, you discover the following errors. Use this information to construct a corrected trial balance. a. The debits to the Cash account total $8,000, and the credits total $3,300. b. A $500 payment to a creditor was entered in the journal correctly but was not posted to the Accounts Payable account. c. The first two numbers in the balance of the Accounts Receivable account were transposed when the balance was copied from the ledger to the trial balance. d. The $1,500 amount withdrawn by the owner for personal use was debited to Miscellaneous Expense by mistake - it was correctly credited to Cash. List all the accounts in the proper order as described in the textbook. If no amount is required, leave the entry box blank. Nevado Company Trial Balance June 30, 20---
The bookkeeper for Nevado Company has prepared the following trial balance: Nevado Company Trial Balance June 30, 20- Account Name Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accounts Payable M. Nevado, Capital M. Nevado, Drawing Professional Fees Rent Expense Miscellaneous Expense Debit 8,300 600 650 15,300 4,890 500 1,800 32,040 Credit DEBIT CREDIT 2,500 2,700 12,500 17,540 35,240 The bookkeeper has asked for your help. In examining the company's journal and ledger, you discover the following errors. Use this information to construct a corrected trial balance. a. The debits to the Cash account total $8,000, and the credits total $3,300. b. A $500 payment to a creditor was entered in the journal correctly but was not posted to the Accounts Payable account. c. The first two numbers in the balance of the Accounts Receivable account were transposed when the balance was copied from the ledger to the trial balance. d. The $1,500 amount withdrawn by the owner for personal use was debited to Miscellaneous Expense by mistake - it was correctly credited to Cash. List all the accounts in the proper order as described in the textbook. If no amount is required, leave the entry box blank. Nevado Company Trial Balance June 30, 20---
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:The bookkeeper for Nevado Company has prepared the following trial balance:
Nevado Company
Trial Balance
June 30, 20--
Account Name
Cash
Accounts Receivable
Supplies
Prepaid Insurance
Equipment
Accounts Payable
M. Nevado, Capital
M. Nevado, Drawing
Professional Fees
Rent Expense
Miscellaneous Expense
Debit
8,300
600
650
15,300
DEBIT
4,890
500
1,800
32,040
Credit
CREDIT
2,500
35,240
The bookkeeper has asked for your help. In examining the company's journal and ledger, you discover the following errors. Use this information to construct a corrected trial balance.
a. The debits to the Cash account total $8,000, and the credits total $3,300.
b. A $500 payment to a creditor was entered in the journal correctly but was not posted to the Accounts Payable account.
c. The first two numbers in the balance of the Accounts Receivable account were transposed when the balance was copied from the ledger to the trial balance.
d. The $1,500 amount withdrawn by the owner for personal use was debited to Miscellaneous Expense by mistake - it was correctly credited to Cash.
100
2,700
12,500
List all the accounts in the proper order as described in the textbook. If no amount is required, leave the entry box blank.
Nevado Company
Trial Balance
June 30, 20--
17,540
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