Tech Support Services has the following unadjusted trial balance as of December 31, 2017 Cash 25,550 Accounts
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Question:
| Tech Support Services has the following unadjusted trial balance as of December 31, 2017 | ||||||||||
| Cash | 25,550 | |||||||||
| Accounts receivable | 44,050 | |||||||||
| Supplies | 6,660 | |||||||||
| Prepaid insurance | 3,600 | |||||||||
| Equipment | 162,000 | |||||||||
| Notes payable | 75,000 | |||||||||
| Accounts payable | 13,200 | |||||||||
| Johnny Tremain, Capital | 101,850 | |||||||||
| Johnny Tremain, Drawings | 33,000 | |||||||||
| Fee revenue | 534,000 | |||||||||
| Wages expense | 306,000 | |||||||||
| Rent expense | 62,550 | |||||||||
| Advertising expense | 23,850 | |||||||||
| Utilities expense | 17,000 | |||||||||
| 684,260 | 724,050 | |||||||||
| The following errors are reflected in the trial balance: | ||||||||||
| a) | The cash entered on the trial balance was overstated by $8,000. | |||||||||
| b) | A cash receipt of $4,100 was posted as a debit to Cash of $1,400. | |||||||||
| c) | A debit of $12,350 to Accounts Receivable was not posted. | |||||||||
| d) | A return of $235 of defective supplies was erroneously posted as a $325 credit to Supplies. | |||||||||
| e) | An insurance policy acquired at a cost of $3,000 was posted as a credit co Prepaid insurance. | |||||||||
| f) | The balance of Notes Payable was overstated by $21,000. | |||||||||
| g) | A credit of $3,450 in Accounts payable was overlooked when the balance of the account was determined. | |||||||||
| h) | A debit of $6,000 for a withdrawal by the owner was posted as a debit to the Capital account. | |||||||||
| i) | The balance of $28,350 in Advertising expense is entered as $23,850 in the trial balance. | |||||||||
| j) | Miscellaneous expense with a balance of $4,600 was omitted from the trial balance. | |||||||||
| Instructions: | ||||||||||
| Prepare a corrected unadjusted trial balance as of December 31, 2017. | ||||||||||
Expert Answer:
Tech Support services Unadjuste Trial Balance December 31st2017 Trial Balance Rectification Correct ... View the full answer
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