The following trial balance of Joy McDowell Tutoring Service as of May 31, 2024, does not balance.

Investigation of the accounting records reveals that the bookkeeper: 

a. Recorded a $400 cash revenue transaction by debiting Accounts Receivable. The credit entry was correct.

b. Posted a $2,000 credit to Accounts Payable as $200. 

c. Did not record Utilities Expense or the related Utilities Payable in the amount of $300. 

d. Understated McDowell, Capital by $100.

Prepare the corrected trial balance as of May 31, 2024, complete with a heading; journal entries are not required.

Transcribed Image Text:

JOY MCDOWELL TUTORING SERVICE Trial Balance May 31, 2024 Account Title Cash Accounts Receivable Office Supplies Computer Equipment Accounts Payable Utilities Payable McDowell, Capital McDowell, Withdrawals Service Revenue Salaries Expense Rent Expense Utilities Expense Total Balance Debit $ 2,800 2,000 600 15,800 10,400 1,900 800 700 $ 35,000 Credit $ 11,100 800 11,600 9,600 $ 33,100