The trial balance of Roger’s Portrait as of January 31, 2019 is shown below. It does not balance because of a number of errors. DEBIT CREDIT CASH 14,200 ACCOUNTS RECEIVABLE 18,900 SUPPLIES 3,751 PREPAID INSURANCE 3,200 EQUIPMENT 57,380 ACCOUNTS PAYABLE 8,400 NOTES PAYABLE 6,000 ROGER TORRES, CAPITAL 52,000 ROGER TORRES, DRAWING 4,000 PHOTOGRAPHY REVENUE 114,760 WAGES EXPENSE 43,810 RENT EXPENSE 20,000 ADVERTISING EXPENSE 476 UTILITIES EXPENSE 7,240 TOTAL 172,957 181,160 A debit of Php 200 to Cash was posted as Php 2,000. A debit of Php 1,500 to Accounts Receivable was not posted. A return of Php 67 of defectives supplies was erroneously posted as a Php 76 credit to supplies. An insurance policy acquired at a cost of Php 1,080 was posted as a credit to Prepaid Insurance. The balance of Notes Payable was understated by Php 800. A credit of Php 600 to Accounts Payable was overlooked when the balance of the account was determined. A debit of Php 2,000 for a withdrawal by the owner was posted as a credit to capital account. The correct balance of Advertising Expense was Php 2,380. Miscellaneous Expense, with a balance of Php 1,830, was omitted from the trial balance. REQUIRED: Prepare a corrected trial balance as of January 31, 2019.

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 trial balance of Roger’s Portrait as of January 31, 2019 is shown below. It does not balance because of a number of errors.

	DEBIT	CREDIT
CASH	14,200
ACCOUNTS RECEIVABLE	18,900
SUPPLIES	3,751
PREPAID INSURANCE	3,200
EQUIPMENT	57,380
ACCOUNTS PAYABLE		8,400
NOTES PAYABLE		6,000
ROGER TORRES, CAPITAL		52,000
ROGER TORRES, DRAWING	4,000
PHOTOGRAPHY REVENUE		114,760
WAGES EXPENSE	43,810
RENT EXPENSE	20,000
ADVERTISING EXPENSE	476
UTILITIES EXPENSE	7,240
TOTAL	172,957	181,160

A debit of Php 200 to Cash was posted as Php 2,000.
A debit of Php 1,500 to Accounts Receivable was not posted.
A return of Php 67 of defectives supplies was erroneously posted as a Php 76 credit to supplies.
An insurance policy acquired at a cost of Php 1,080 was posted as a credit to Prepaid Insurance.
The balance of Notes Payable was understated by Php 800.
A credit of Php 600 to Accounts Payable was overlooked when the balance of the account was determined.
A debit of Php 2,000 for a withdrawal by the owner was posted as a credit to capital account.
The correct balance of Advertising Expense was Php 2,380.
Miscellaneous Expense, with a balance of Php 1,830, was omitted from the trial balance.

REQUIRED:

Prepare a corrected trial balance as of January 31, 2019.

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