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Corrected Trial Balance The Colby Group has the following unadjusted trial balance as of August 31,...

Corrected Trial Balance

The Colby Group has the following unadjusted trial balance as of August 31, 2019.

The Colby Group

Unadjusted Trial Balance

August 31, 2019

Debit Balances Credit Balances

Cash 18,590

Accounts Receivable 33,280

Supplies 4,370

Prepaid Insurance 4,700

Equipment 106,000

Notes Payable 43,900

Accounts Payable 9,440

Terry Colby, Capital 67,850

Terry Colby, Drawing 23,100

Fees Earned 348,400

Wages Expense 205,925

Rent Expense 40,700

Advertising Expense 17,200

Miscellaneous Expense 11,200

465,065

469,590

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

a. The balance of cash was overstated by $10,000.

b. A cash receipt of $9,500 was posted as a debit to Cash of $5,900.

c. A debit of $3,400 to Accounts Receivable was not posted.

d. A return of $649 of defective supplies was erroneously posted as a $694 credit to Supplies.

e. An insurance policy acquired at a cost of $700 was posted as a credit to Prepaid Insurance.

f. The balance of Notes Payable was overstated by $9,000.

g. A credit of $1,410 in Accounts Payable was overlooked when determining the balance of the account.

Solutions

Expert Solution

ekkarill92 answered 1 year ago
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