This trial balance below has some errors. Correct the errors by preparing aCorrected Trial Balance for year ended 30 September 2021.DebitCredit$Inventory as at 1 October 2020Telephone expenseCommission received11,00028,00030,000Return Outwards53,00050,200PurchasesDiscount Received10,000Sales160,0008,000Returns InwardsShop lot: at costElectricity expenseMortgageMotor vehicle: at cost720,0005,00043,20040,0008,000Rental ReceivedСapitalCash in hand600,00020,00040,000Trade receivableTrade payableAdministrative expenses57,00019,000Drawings20,000961,200961,200

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This trial balance below has some errors. Correct the errors by preparing a Corrected Trial Balance for year ended 30 September 2021. Debit Credit $ Inventory as at 1 October 2020 Telephone expense Commission received 11,000 28,000 30,000 Return Outwards 53,000 50,200 Purchases Discount Received 10,000 160,000 8,000 Sales Returns Inwards 720,000 5,000 Shop lot: at cost Electricity expense Mortgage Motor vehicle: at cost 43,200 40,000 8,000 Rental Received Capital Cash in hand 600,000 20,000 Trade receivable 40,000 Trade payable Administrative expenses Drawings 57,000 19,000 20,000 961,200 961,200

This trial balance below has some errors. Correct the errors by preparing a Corrected Trial Balance for year ended 30 September 2021. Debit Credit $ Inventory as at 1 October 2020 Telephone expense Commission received 11,000 28,000 30,000 Return Outwards 53,000 50,200 Purchases Discount Received 10,000 160,000 8,000 Sales Returns Inwards 720,000 5,000 Shop lot: at cost Electricity expense Mortgage Motor vehicle: at cost 43,200 40,000 8,000 Rental Received Capital Cash in hand 600,000 20,000 Trade receivable 40,000 Trade payable Administrative expenses Drawings 57,000 19,000 20,000 961,200 961,200

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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