The April 30 2014 trial balance below of Many Happy
The April 30, 2014 trial balance below of Many Happy Returns Company, a sole proprietorship, does not balance. Your review of the ledger reveals the following:
1. Each account has a normal balance.
2. The debit footings (totals) in Prepaid Insurance, Accounts Payable, and Property Tax Expense were each understated by $200.
3. Transposition errors were made in Accounts Receivable and Service Revenue, and the correct balances are $3,290 and $8,860, respectively.
4. A debit posting to Advertising Expense of $300 was omitted.
5. A $1,500 cash drawing by the owner was debited to Happy Tremblay's Owner's Capital, and credited to Cash.
Prepare a correct trial balance.
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