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The trial balance of Watteau Co. does not balance. WATTEAU CO. TRIAL BALANCE JUNE 30, 2014...

The trial balance of Watteau Co. does not balance.

WATTEAU CO.
TRIAL BALANCE
JUNE 30, 2014

Debit

Credit
Cash $3,036
Accounts Receivable $3,397
Supplies 966
Equipment 3,966
Accounts Payable 2,832
Unearned Service Revenue 1,366
Common Stock 6,166
Retained Earnings 3,166
Service Revenue 2,546
Salaries and Wages Expense 3,566
Office Expense 1,106
Totals

$14,367

$17,746


Each of the listed accounts should have a normal balance per the general ledger. An examination of the ledger and journal reveals the following errors.

1. Cash received from a customer on account was debited for $570, and Accounts Receivable was credited for the same amount. The actual collection was for $750.
2. The purchase of a computer printer on account for $666 was recorded as a debit to Supplies for $666 and a credit to Accounts Payable for $666.
3. Services were performed on account for a client for $890. Accounts Receivable was debited for $890 and Service Revenue was credited for $89.
4. A payment of $231 for telephone charges was recorded as a debit to Office Expense for $231 and a debit to Cash for $231.
5. When the Unearned Service Revenue account was reviewed, it was found that service revenue amounting to $491 was performed prior to June 30 (related to Unearned Service Revenue).
6. A debit posting to Salaries and Wages Expense of $836 was omitted.
7. A payment on account for $206 was credited to Cash for $206 and credited to Accounts Payable for $260.
8. A dividend of $741 was debited to Salaries and Wages Expense for $741 and credited to Cash for $741.

Solutions

Expert Solution

WATTEAU CO.
CORRECTED TRIAL BALANCE
JUNE 30, 2014
Cash
($3,036 + $750 - $570 - $231 - $231)		            2,754
Accounts Receivable
($3,397 - $180)		            3,217
Supplies
($966 - $666)		                300
Equipment
($3,966 + $666)		            4,632
Accounts Payable
($2,832- $206 - $260)		            2,366
Unearned Service Revenue
($1,366 - $491)		                875
Common Stock            6,166
Dividends                741
Retained Earnings            3,166
Service Revenue
($2,546 + $491 + $890-89)		            3,838
Wages Expense
($3,566+ $836 - $741)		            3,661
Office Expense            1,106
         16,411          16,411

ekkarill92 answered 1 year ago
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