Essay
The following trial balance is prepared from the general ledger of HG's Auto Maintenance. Because the trial balance did not balance,you decided to examine the accounting records.You found that the following errors had been made:
1.A purchase of supplies on account for $245 was posted as a debit to Supplies and as a debit to Accounts Payable.
2.An investment of $500 cash by the owner was debited to Hal Griffin,Capital and credited to Cash.
3.In computing the balance of the Accounts Receivable account,a debit of $600 was omitted from the computation.
4.One debit of $300 to the Hal Griffin,Withdrawals account was posted as a credit.
5.Office equipment purchased for $800 was posted to the Shop Equipment account.
6.One entire entry was not posted to the general ledger.The transaction involved the receipt of $125 cash for repair services performed for cash.
Prepare a corrected trial balance for the HG's Auto Maintenance as of October 31.
Correct Answer:

Verified
aCash: Balance $1,975 + $1,000(#2)+ 125(...View Answer
Unlock this answer now
Get Access to more Verified Answers free of charge
Correct Answer:
Verified
View Answer
Unlock this answer now
Get Access to more Verified Answers free of charge
Q15: If a company is highly leveraged, this
Q139: Preparation of a trial balance is the
Q150: Cash withdrawn by the owner of a
Q158: A _ is a list of all
Q168: Geraldine Parker,the owner of Gi Gi's Dance
Q169: At the beginning of January of the
Q171: A company's formal promise to pay (in
Q172: Identify the account below that is classified
Q174: For each of the following accounts,identify whether
Q177: Asset accounts are normally decreased by debits.