prepare a corrected unadjusted trial balance as of october 31 of the current year 551218 | Homework Solutions

PR 2-6B Corrected trial balance

Elite Video has the following unadjusted trial balance as of October 31, 2012.

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Elite Video

Unadjusted Trial Balance

October 31, 2012

Debit

Credit

Balances

Balances

Cash

11,100

Accounts Receivable

17,560

Supplies

2,520

Prepaid Insurance

1,840

Equipment

64,800

Notes Payable

31,600

Accounts Payable

6,160

Aimee Desanti, Capital

39,140

Aimee Desanti, Drawing

11,600

Fees Earned

213,600

Wages Expense

122,400

Rent Expense

25,020

Advertising Expense

13,140

Gas, Electricity, and Water Expense

6,800

276,780

290,500

The debit and credit totals are not equal as a result of the following errors:

a. The balance of cash was overstated by $7,500.

b. A cash receipt of $7,200 was posted as a debit to Cash of $2,700.

c. A debit of $5,000 to Accounts Receivable was not posted.

d. A return of $350 of defective supplies was erroneously posted as a $530 credit to Supplies.

e. An insurance policy acquired at a cost of $1,000 was posted as a credit to Prepaid Insurance.

f. The balance of Notes Payable was overstated by $10,000.

g. A credit of $500 in Accounts Payable was overlooked when the balance of the account was determined.

h. A debit of $4,000 for a withdrawal by the owner was posted as a debit to Aimee Desanti, Capital.

i. The balance of $11,340 in Advertising Expense was entered as $13,140 in the trial balance.

j. Miscellaneous Expense, with a balance of $1,840, was omitted from the trial balance. Instructions

1. Prepare a corrected unadjusted trial balance as of October 31 of the current year.

2. Does the fact that the unadjusted trial balance in (1) is balanced mean that there are no errors in the accounts? Explain.

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