The following trial balance of Blue Co. does not balance. BLUE CO. TRIAL BALANCE JUNE 30, 2020 Debit Credit Cash $3,307 Accounts Receivable $2,844 Supplies 1,237 Equipment 4,237 Accounts Payable 3,103 Unearned Service Revenue 1,637 Common Stock 6,437 Retained Earnings 3,437 Service Revenue 2,817 Salaries and Wages Expense 3,837 Office Expense 1,377 Totals $15,169 $19,101 Each of the listed accounts should have a normal balance per the general ledger. An examination of the ledger and journal reveals the following errors. 1. Cash received from a customer on account was debited for $570, and Accounts Receivable was credited for the same amount. The actual collection was for $750. 2. The purchase of a computer printer on account for $937 was recorded as a debit to Supplies for $937 and a credit to Accounts Payable for $937. 3. Services were performed on account for a client for $890. Accounts Receivable was debited for $890 and Service Revenue was credited for $89. 4. A payment of $90 for telephone charges was recorded as a debit to Office Expense for $90 and a debit to Cash for $90. 5. When the Unearned Service Revenue account was reviewed, it was found that service revenue amounting to $762 was performed prior to June 30 (related to Unearned Service Revenue). 6. A debit posting to Salaries and Wages Expense of $1,107 was omitted. 7. A payment on account for $206 was credited to Cash for $206 and credited to Accounts Payable for $260. 8. A dividend of $1,012 was debited to Salaries and Wages Expense for $1,012 and credited to Cash for $1,012. Prepare a correct trial balance. BLUE CO. Trial Balance choose the accounting period June 30, 2020Year Ended June 30, 2020Month Ended June 30, 2020 Debit Credit enter an account title $enter a debit balance $enter a credit balance enter an account title enter a debit balance enter a credit balance enter an account title enter a debit balance enter a credit balance enter an account title enter a debit balance enter a credit balance enter an account title enter a debit balance enter a credit balance enter an account title enter a debit balance enter a credit balance enter an account title enter a debit balance enter a credit balance enter an account title enter a debit balance enter a credit balance enter an account title enter a debit balance enter a credit balance enter an account title enter a debit balance enter a credit balance enter an account title enter a debit balance enter a credit balance enter an account title enter a debit balance enter a credit balance Totals $enter a total for the debit column $enter a total for the credit column

The following trial balance of Blue Co. does not balance. BLUE CO. TRIAL BALANCE JUNE 30, 2020 Debit Credit Cash $3,307 Accounts Receivable $2,844 Supplies 1,237 Equipment 4,237 Accounts Payable 3,103 Unearned Service Revenue 1,637 Common Stock 6,437 Retained Earnings 3,437 Service Revenue 2,817 Salaries and Wages Expense 3,837 Office Expense 1,377 Totals $15,169 $19,101 Each of the listed accounts should have a normal balance per the general ledger. An examination of the ledger and journal reveals the following errors. 1. Cash received from a customer on account was debited for $570, and Accounts Receivable was credited for the same amount. The actual collection was for $750. 2. The purchase of a computer printer on account for $937 was recorded as a debit to Supplies for $937 and a credit to Accounts Payable for $937. 3. Services were performed on account for a client for $890. Accounts Receivable was debited for $890 and Service Revenue was credited for $89. 4. A payment of $90 for telephone charges was recorded as a debit to Office Expense for $90 and a debit to Cash for $90. 5. When the Unearned Service Revenue account was reviewed, it was found that service revenue amounting to $762 was performed prior to June 30 (related to Unearned Service Revenue). 6. A debit posting to Salaries and Wages Expense of $1,107 was omitted. 7. A payment on account for $206 was credited to Cash for $206 and credited to Accounts Payable for $260. 8. A dividend of $1,012 was debited to Salaries and Wages Expense for $1,012 and credited to Cash for $1,012. Prepare a correct trial balance. BLUE CO. Trial Balance choose the accounting period June 30, 2020Year Ended June 30, 2020Month Ended June 30, 2020 Debit Credit enter an account title $enter a debit balance $enter a credit balance enter an account title enter a debit balance enter a credit balance enter an account title enter a debit balance enter a credit balance enter an account title enter a debit balance enter a credit balance enter an account title enter a debit balance enter a credit balance enter an account title enter a debit balance enter a credit balance enter an account title enter a debit balance enter a credit balance enter an account title enter a debit balance enter a credit balance enter an account title enter a debit balance enter a credit balance enter an account title enter a debit balance enter a credit balance enter an account title enter a debit balance enter a credit balance enter an account title enter a debit balance enter a credit balance Totals $enter a total for the debit column $enter a total for the credit column

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 following trial balance of Blue Co. does not balance.

BLUE CO. TRIAL BALANCE JUNE 30, 2020
	Debit	Credit
Cash			$3,307
Accounts Receivable	$2,844
Supplies	1,237
Equipment	4,237
Accounts Payable			3,103
Unearned Service Revenue	1,637
Common Stock			6,437
Retained Earnings			3,437
Service Revenue			2,817
Salaries and Wages Expense	3,837
Office Expense	1,377
Totals	$15,169		$19,101

Each of the listed accounts should have a normal balance per the general ledger. An examination of the ledger and journal reveals the following errors.

1.		Cash received from a customer on account was debited for $570, and Accounts Receivable was credited for the same amount. The actual collection was for $750.
2.		The purchase of a computer printer on account for $937 was recorded as a debit to Supplies for $937 and a credit to Accounts Payable for $937.
3.		Services were performed on account for a client for $890. Accounts Receivable was debited for $890 and Service Revenue was credited for $89.
4.		A payment of $90 for telephone charges was recorded as a debit to Office Expense for $90 and a debit to Cash for $90.
5.		When the Unearned Service Revenue account was reviewed, it was found that service revenue amounting to $762 was performed prior to June 30 (related to Unearned Service Revenue).
6.		A debit posting to Salaries and Wages Expense of $1,107 was omitted.
7.		A payment on account for $206 was credited to Cash for $206 and credited to Accounts Payable for $260.
8.		A dividend of $1,012 was debited to Salaries and Wages Expense for $1,012 and credited to Cash for $1,012.

Prepare a correct trial balance.

BLUE CO. Trial Balance choose the accounting period June 30, 2020Year Ended June 30, 2020Month Ended June 30, 2020
	Debit	Credit
enter an account title	$enter a debit balance	$enter a credit balance
enter an account title	enter a debit balance	enter a credit balance
enter an account title	enter a debit balance	enter a credit balance
enter an account title	enter a debit balance	enter a credit balance
enter an account title	enter a debit balance	enter a credit balance
enter an account title	enter a debit balance	enter a credit balance
enter an account title	enter a debit balance	enter a credit balance
enter an account title	enter a debit balance	enter a credit balance
enter an account title	enter a debit balance	enter a credit balance
enter an account title	enter a debit balance	enter a credit balance
enter an account title	enter a debit balance	enter a credit balance
enter an account title	enter a debit balance	enter a credit balance
Totals	$enter a total for the debit column	$enter a total for the credit column

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