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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. Wilm's Window Washing Services Trial Balance January 31, 2023 Debit Credit Cash $ 12, 800 Accounts receivable 10, 440 Prepaid insurance 3, 600 Equipment 36,000 Accounts payable $ 12, 600 Wilm Schmidt, capital 57,000 Wilm Schmidt, withdrawals 10, 160 Service revenues 62,000 Salaries expense 33, 200 Insurance expense 6, 400 Maintenance expense 14, 200 Utilities expense 6, 400 Total $ 133,200 $ 131,600 The following errors were discovered: Schmidt did not post a $3, 100 purchase of equipment on credit. In posting a $2,000 collection from a credit customer, Schmidt debited Accounts Receivable and credited Cash. In posting a cash receipt, Schmidt correctly debited Cash for $2,690 but incorrectly credited Accounts Receivable for $9, 290. In posting a $8, 200 payment on account, Schmidt debited Accounts Payable but forgot to post the credit to Cash. In posting the entry for services of $3,000 performed for a customer on credit, Schmidt debited Accounts Receivable but credited Maintenance Expense. Required: Prepare a corrected trial balance.

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. Wilm's Window Washing Services Trial Balance January 31, 2023 Debit Credit Cash $ 12, 800 Accounts receivable 10, 440 Prepaid insurance 3, 600 Equipment 36,000 Accounts payable $ 12, 600 Wilm Schmidt, capital 57,000 Wilm Schmidt, withdrawals 10, 160 Service revenues 62,000 Salaries expense 33, 200 Insurance expense 6, 400 Maintenance expense 14, 200 Utilities expense 6, 400 Total $ 133,200 $ 131,600 The following errors were discovered: Schmidt did not post a $3, 100 purchase of equipment on credit. In posting a $2,000 collection from a credit customer, Schmidt debited Accounts Receivable and credited Cash. In posting a cash receipt, Schmidt correctly debited Cash for $2,690 but incorrectly credited Accounts Receivable for $9, 290. In posting a $8, 200 payment on account, Schmidt debited Accounts Payable but forgot to post the credit to Cash. In posting the entry for services of $3,000 performed for a customer on credit, Schmidt debited Accounts Receivable but credited Maintenance Expense. Required: Prepare a corrected trial balance.

College Accounting (Book Only): A Career Approach
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
ChapterB: Bad Debts
Section: Chapter Questions
Problem 3P: Nillsons Nursery uses the direct write-off method for recording bad debts. Required Journalize the...
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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. Wilm's Window Washing Services Trial Balance January 31, 2023 Debit Credit Cash $ 12, 800 Accounts receivable 10, 440 Prepaid insurance 3, 600 Equipment 36,000 Accounts payable $ 12, 600 Wilm Schmidt, capital 57,000 Wilm Schmidt, withdrawals 10, 160 Service revenues 62,000 Salaries expense 33, 200 Insurance expense 6, 400 Maintenance expense 14, 200 Utilities expense 6, 400 Total $ 133,200 $ 131,600 The following errors were discovered: Schmidt did not post a $3, 100 purchase of equipment on credit. In posting a $2,000 collection from a credit customer, Schmidt debited Accounts Receivable and credited Cash. In posting a cash receipt, Schmidt correctly debited Cash for $2,690 but incorrectly credited Accounts Receivable for $9, 290. In posting a $8, 200 payment on account, Schmidt debited Accounts Payable but forgot to post the credit to Cash. In posting the entry for services of $3,000 performed for a customer on credit, Schmidt debited Accounts Receivable but credited Maintenance Expense. Required: Prepare a corrected trial balance.
Transcribed Image Text: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. Wilm's Window Washing Services Trial Balance January 31, 2023 Debit Credit Cash $ 12, 800 Accounts receivable 10, 440 Prepaid insurance 3, 600 Equipment 36,000 Accounts payable $ 12, 600 Wilm Schmidt, capital 57,000 Wilm Schmidt, withdrawals 10, 160 Service revenues 62,000 Salaries expense 33, 200 Insurance expense 6, 400 Maintenance expense 14, 200 Utilities expense 6, 400 Total $ 133,200 $ 131,600 The following errors were discovered: Schmidt did not post a $3, 100 purchase of equipment on credit. In posting a $2,000 collection from a credit customer, Schmidt debited Accounts Receivable and credited Cash. In posting a cash receipt, Schmidt correctly debited Cash for $2,690 but incorrectly credited Accounts Receivable for $9, 290. In posting a $8, 200 payment on account, Schmidt debited Accounts Payable but forgot to post the credit to Cash. In posting the entry for services of $3,000 performed for a customer on credit, Schmidt debited Accounts Receivable but credited Maintenance Expense. Required: Prepare a corrected trial balance.
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