The Following Trial Balance of Lazy Corporation Dated December 31

Essay

The following trial balance of Lazy Corporation dated December 31, 20X1, developed by a clerk, contains errors. $\begin{array}{|l|r|r|}\hline&\text { Trial Balance }\\\hline \text { Accounts } & \text { Debits } & \text { Credits } \\\hline \text { Cash } & \$ 4,700 &\\\hline \text { Trade receivables } & & \$ 3,500 \\ \hline \text { Machine } & 8,300 & \\\hline \text { Accumulated depreciation, machine } & 500 & \\\hline \text { Trade payables } & 3,000 \\\hline \text { Share capital }&& 10,000 \\\hline \text { Retained earnings } & & 3,000\\\hline\text { Totals }& \$ 16.500 & \$ 16,500\\\hline\end{array}$
Prepare a corrected Trial Balance. $$\begin{array} { | l | l | l | } \hline & \text { Trial Balance } \\\hline \text { Accounts } & \text { Debits } & \text { Credits } \\\hline \text { Cash } & \$ & \$ \\\hline \text { Trade receivables } & & \\\hline \text { Machine } & & \\\hline \text { Accumulated depreciation, machine } & & \\\hline \text { Trade payables } & & \\\hline \text { Share capital } & & \\\hline \text { Retained earnings } & &\\\hline \text { Totals } & \$ & \$ \\\hline\end{array}$$