Wilm Schmidt, the owner of Wilm's Window Washing Services, had difficulty getting the debits to equal credits on the January 31, 2023, trial balance. Wiln's Window Washing Services Trial Balance January 31, 2023 Cash Accounts receivable Prepaid insurance Equipment Accounts payable Wilm Schmidt, capital Wiln Schmidt, withdrawals Service revenues Salaries expense Insurance expense Maintenance expense Utilities expense Total Debit $ 12,300 9,940 3,100 31,000 9,660 32,700 5,900 Credit $ 9,600 52,000 61,500 13,700 5,900 $124,200 $123, 100 The following errors were discovered: a. Schmidt did not post a $4,700 purchase of equipment on credit. b. In posting a $1,750 collection from a credit customer, Schmidt debited Accounts Receivable and credited Cash. c. In posting a cash receipt, Schmidt correctly debited Cash for $2.390 but incorrectly credited Accounts Receivable for $9,390. d. In posting a $8,100 payment on account, Schmidt debited Accounts Payable but forgot to post the credit to Cash. e. In posting the entry for services of $4 200 per
Wilm Schmidt, the owner of Wilm's Window Washing Services, had difficulty getting the debits to equal credits on the January 31, 2023, trial balance. Wiln's Window Washing Services Trial Balance January 31, 2023 Cash Accounts receivable Prepaid insurance Equipment Accounts payable Wilm Schmidt, capital Wiln Schmidt, withdrawals Service revenues Salaries expense Insurance expense Maintenance expense Utilities expense Total Debit $ 12,300 9,940 3,100 31,000 9,660 32,700 5,900 Credit $ 9,600 52,000 61,500 13,700 5,900 $124,200 $123, 100 The following errors were discovered: a. Schmidt did not post a $4,700 purchase of equipment on credit. b. In posting a $1,750 collection from a credit customer, Schmidt debited Accounts Receivable and credited Cash. c. In posting a cash receipt, Schmidt correctly debited Cash for $2.390 but incorrectly credited Accounts Receivable for $9,390. d. In posting a $8,100 payment on account, Schmidt debited Accounts Payable but forgot to post the credit to Cash. e. In posting the entry for services of $4 200 per
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:4
#nt
Required:
Prepare a corrected trial balance.
Totals
WILM'S WINDOW WASHING SERVICES
Trial Balance
January 31, 2023
Account Titles
Debit
Credit

Transcribed Image Text:4
Wilm Schmidt, the owner of Wilm's Window Washing Services, had difficulty getting the debits to equal credits on the January 31,
2023, trial balance.
Wiln's Window Washing Services
Trial Balance
January 31, 2023
Cash
Accounts receivable
Prepaid insurance
Equipment
Accounts payable.
Wilm Schmidt, capital
Wilm Schmidt, withdrawals
Service revenues
Salaries expense
Insurance expense
Maintenance expense
Utilities expense
Total
Debit
$ 12,300
9,940
3,100
31,000
Credit
Required:
Prepare a corrected trial balance.
$ 9,600
52,000
9,660
32,700
5,900
13,700
5,900
$124,200 $123,100
61,500
The following errors were discovered:
a. Schmidt did not post a $4,700 purchase of equipment on credit.
b. In posting a $1,750 collection from a credit customer, Schmidt debited Accounts Receivable and credited Cash.
c. In posting a cash receipt, Schmidt correctly debited Cash for $2,390 but incorrectly credited Accounts Receivable for $9,390.
d. In posting a $8,100 payment on account, Schmidt debited Accounts Payable but forgot to post the credit to Cash.
e. In posting the entry for services of $4,300 performed for a customer on credit, Schmidt debited Accounts Receivable but credited
Maintenance Expense.
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