There are two errors in the following trial balance: (1) one account has been placed in the wrong column, and (2) there is atransposition error in the balance of the L. Garcia, Capital account.CashGARCIA COMPANYTrial BalanceDecember 31, 2024Accounts receivablePrepaid insuranceAccounts payableUnearned revenueL. Garcia, capitalL. Garcia, drawingsService revenueRent expenseSalaries expenseTotalDebit$14,5401,5154,8802,28018,920CreditPrepare the correct trial balance.$3,8501,5302,29015,40027,665$42,135 $50,735

Trial Balance: Trial balance is a statement in which closing balance of all ledger accounts are…

There are two errors in the following trial balance: (1) one account has been placed in the wrong column, and (2) there is a transposition error in the balance of the L. Garcia, Capital account. GARCIA COMPANY Trial Balance December 31, 2024 Cash Accounts receivable Prepaid insurance Accounts payable Unearned revenue L. Garcia, capital L. Garcia, drawings Service revenue Rent expense Salaries expense Total Debit $14,540 1,515 4,880 Credit Prepare the correct trial balance. $3,850 1,530 2,290 15,400 27,665 2,280 18,920 $42,135 $50,735

There are two errors in the following trial balance: (1) one account has been placed in the wrong column, and (2) there is a transposition error in the balance of the L. Garcia, Capital account. GARCIA COMPANY Trial Balance December 31, 2024 Cash Accounts receivable Prepaid insurance Accounts payable Unearned revenue L. Garcia, capital L. Garcia, drawings Service revenue Rent expense Salaries expense Total Debit $14,540 1,515 4,880 Credit Prepare the correct trial balance. $3,850 1,530 2,290 15,400 27,665 2,280 18,920 $42,135 $50,735

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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