The Colby group has the following unadjusted trial balance as of August 31st 2019. Debit balances Cash $25,460 Accounts receivable $45,570 Supplies $5,980 Prepaid insurance $6,440 Equipment $145,000 Terry Colby, drawing $31,600 Wages expense $286, 004 Rent expense $45,800 Advertise expense $15,300 Miscellaneous expense $15,300 Total $632,454 Credit balances Notes payable $60, 100 Accounts payable $12,930 Terry Colby, capital $92,930 Fees earned $477,100 Total $643,060 The debit and credit totals are not equal as a result of the following errors: A. The balance of cash was overstated by 13,000. B. A cash receipt of $8,300 was posted as a debit to cash of $3,800. C. A debit of $4,700 to accounts receivable was not posted. D.a return of $315 of defective supplies was erroneously posted as $351 credit to supplies. E. Insurance policy acquired at a cost of $1,000 was supposed to as a credit to prepaid insurance. F. The balance of notes payable was overstated by 12,000. G. A credit of $1,930 in accounts payable was overlooked when determining the balance of account. H. A debit of $3,404 withdrawal by the owner was supposed to as a debit to Terry Colby, capital. I. the balance of $13,500 in advertising expense was entered as $15,300 in the trial balance. J. Gas, electricity, and water expense, with a balance of $4,100 was omitted from The trial balance. Required: 1.prepare a corrected unadjusted trial balance as of August 31st 2019. 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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The Colby group has the following unadjusted trial balance as of August 31st 2019.

Debit balances

Cash $25,460

Accounts receivable $45,570

Supplies $5,980

Prepaid insurance $6,440

Equipment $145,000

Terry Colby, drawing $31,600

Wages expense $286, 004

Rent expense $45,800

Advertise expense $15,300

Miscellaneous expense $15,300

Total $632,454

Credit balances

Notes payable $60, 100

Accounts payable $12,930

Terry Colby, capital $92,930

Fees earned $477,100

Total $643,060

The debit and credit totals are not equal as a result of the following errors:

A. The balance of cash was overstated by 13,000.

B. A cash receipt of $8,300 was posted as a debit to cash of $3,800.

C. A debit of $4,700 to accounts receivable was not posted.

D.a return of $315 of defective supplies was erroneously posted as $351 credit to supplies.

E. Insurance policy acquired at a cost of $1,000 was supposed to as a credit to prepaid insurance.

F. The balance of notes payable was overstated by 12,000.

G. A credit of $1,930 in accounts payable was overlooked when determining the balance of account.

H. A debit of $3,404 withdrawal by the owner was supposed to as a debit to Terry Colby, capital.

I. the balance of $13,500 in advertising expense was entered as $15,300 in the trial balance.

J. Gas, electricity, and water expense, with a balance of $4,100 was omitted from The trial balance.

Required:

1.prepare a corrected unadjusted trial balance as of August 31st 2019. For those boxes in which no entry is required leave the box blank.

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