I am a first year accounting student having trouble correcting entries on a trial balance. My book is no help and neither is my teacher.
Here is the Trial Balance
office sales Cr. 5720
Cash Dr. 3260
Accounts Rec. Dr. 5660
Equipment Dr. 8400
Accounts Pay Cr. 4160
Capital Cr. 11560
Withdrawals Cr. 700
Wage Expence Dr. 2600
Rent Expense Dr. 940
Utilities Expense Dr. 26
Office Supplies Dr. 120
Prepaid Rent Dr. 180
The Errors:
1. 200 debit to Withdrawals was posted as credit
2. Withdrawals was listed on the trial balance as a credit
3. A Note Payable Account with a credit balance of 2,400 was not listed on the trial balance.
4. The pencil footings for Accounts Payable were debits of 5,320 and credits of 8,800
5. A debit of 180 to prepaid rent was not posted
6. Office Supplies bought for 60 was posted as a credit to supplies.
7. A debit of 120 to accounts receivable was not posted
8. A cash payment of 420 was credited to cash for 240
9. The pencil footing of the credits to Cash was overstated by 400
10. The utilities expense of 260 was listed in the trial balance as 26.
I started working this out and I really need a explanation of what to do with each error.
Thanks
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