The following trial balance of Joy McDowell Tutoring Service, Inc., at May 31, 2012, does not balance:

Investigation of the accounting records reveals that the bookkeeper:
a. Recorded a $500 cash revenue transaction by debiting Accounts receivable. The credit entry was correct.
b. Posted a $1,000 credit to Accounts payable as $100.
c. Did not record utilities expense or the related account payable in the amount of $400.
d. Understated Common stock by $600.
Requirement
1. Prepare the corrected trial balance at May 31, 2012, complete with a heading; journal entries are notrequired.

Transcribed Image Text:

JOY MCDOWELL TUTORING SERVICE, INC. Trial Balance May 31, 2012 Debit $ 3,000 Credit Account Cash Accounts receivable Supplies Computer equipment Accounts payable 2,000 600 25,800 $ 11,400 Common stock 11,600 Service revenue Salary expense Rent expense 9,800 1,700 700 Utilities expense 500 Total S 34,300 $ 32,800