Prepare a Corrected Trial Balance for Howard Company

Essay

Prepare a corrected trial balance for Howard Company. All accounts should have a normal balance. $\begin{array}{c}\text { HOWARD COMPANY}\\\text { Trial Balance}\\\text { For the Quarter Ended 3/31/16}\\\\\begin{array}{lrr}&\text { Debit}&\text { Credit}\\\text { Cash } & \$ 13,000 & \\\text { Accounts Receivable } & &\$ 25,000 \\\text { Prepaid Insurance } & 2,500 & \\\text { Equipment } & 62,000 & \\\text { Accounts Payable } & &16,000 \\\text { Unearned Service Revenue } &12,000 & \\\text { Notes Payable } & & 25,000\\\text { Owner's Capital } & &40,000 \\\text { Owner's Drawings } & &1,500 \\\text { Service Revenue } & &40,000\\\text { Salaries and Wages Expense } &14,000 & \\\text { Utilities Expense } & 5,000 & \\\text { Rent Expense } &\underline{10,000} \\ \underline{\underline{\$ 118,500}} & \underline{\underline{\$ 147,500}}\end{array}\end{array}$