Damascus Carpet has the following unadjusted trial balance as at August 31, 2015.

The debit and credit totals are not equal as a result of the following errors:
a. The balance of Cash was understated by $5,250.
b. A cash receipt of $3,600 was posted as a debit to Cash of $6,300.
c. A debit of $2,250 to Accounts Receivable was not posted.
d. The balance of Notes Payable was understated by $13,125.
e. A credit of $1,575 in Accounts Payable was overlooked when determining the balance of the account.
f. A debit of $6,125 for a withdrawal by the owner was posted as a credit to Isaiah
Betts, Capital.
g. The balance of $12,600 in Advertising Expense was entered as $1,260 in the trial balance.
h. Gas, Electricity, and Water Expense, with a balance of $12,075, was omitted from the trial balance.
Instructions
1. Prepare a corrected unadjusted trial balance as at August 31, 2015.
2. Does the fact that the unadjusted trial balance in (1) is balanced mean that there are no errors in the accounts? Explain.

Transcribed Image Text:

Damascus Carpet Unadjusted Trial Balance August 31, 2015 Debit Balances 8,650 21,760 .195 98,000 Credit Balances Cash Accounts Receivable Supplies Equipment Notes Payable Accounts Payable lsaiah Betts, Capital Isaiah Betts, Withdrawals Fees Earned Wages Expense Rent Expense Advertising Expense Miscellaneous Expense 45,675 13,825 67,200 25,375 212,395 122,500 29,050 1,260 2.540 313,330 339,275