(Corrected Trial Balance) The following trial balance of Wanda Landowska Company does not balance. Your review...

(Corrected Trial Balance) The following trial balance of Wanda Landowska Company does not balance. Your review of the ledger reveals the following. (a) Each account had a normal balance. (b) The debit footings in Prepaid Insurance, Accounts Payable, and Property Tax Expense were each understated $100. (c) A transposition error was made in Accounts Receivable and Service Revenue; the correct balances for Accounts Receivable and Service Revenue are $2,750 and $6,690, respectively. (d) A debit posting to Advertising Expense of $300 was omitted. (e) A $1,500 cash drawing by the owner was debited to Owner’s Capital and credited to Cash.

Wanda Landowska Company Trial Balance April 30, 2020
	Debit	Credit
Cash	$ 4,800
Accounts Receivable	2,570
Prepaid Insurance	700
Equipment		$ 8,000
Accounts Payable		4,500
Property Taxes Payable	560
Owner’s Capital		11,200
Service Revenue	6,960
Salaries and Wages Expense	4,200
Advertising Expense	1,100
Property Tax Expense		800
	$20,890	$24,500

Instructions

Prepare a correct trial balance. Please give explanation

Expert Solution

	Debit	Credit
Cash	$ 4,800
Accounts Receivable	$ 2,750
Prepaid Insurance	$ 800		=700+100
Equipment	$ 8,000
Accounts Payable		$ 4,400	=4500-100
Property Taxes Payable		$ 560
Owner’s Capital		$ 11,200
Service Revenue		$ 6,690
Salaries and Wages Expense	$ 4,200
Advertising Expense	$ 1,400		=1100+300
Property Tax Expense	$ 900		=800+100
Totals	$ 22,850	$ 22,850

1. Accounts have normal balances, so Equipment will have debit balance, Property Taxes Payable will have credit balance, Property Tax expense will have debit balance.

2. The adjustments have been shown above

3. A $1,500 cash drawing by the owner was debited to Owner’s Capital and credited to Cash. is correct entry, so no adjustment

ekkarill92 answered 2 years ago

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